ETH trend is healthier than BTC
In the previous article, we have mentioned that the weekly TF of BTC is constructing a W bottom formation.
The neckline is located at the Fibonacci 0.5-0.618 retracement level (11500-13480),
Retest the neckline is the entry point for long orders.
Back to the chart,
The chart shows the weekly TF of ETH,
You can find that ETH has completed the neckline retrace at W formation at weekly TF, and it has supported and bounced back to the current price 465.
The key resistance above is at the price of 800-874 at the turning structure of the weekly TF.
Here is also the Fibonacci 0.618 level.
From the weekly viewl, we can take profit from at that level.
In the future, BTC will have the opportunity to copy the trend of ETH.
After completing the back testing at the W bottom neckline, BTC will continue to move forward.
The principle of trading in the bull market, is buying dips after back testing key supports.
Rather than guessing the top to short or chase long.
There are not many right roads in trading, mostly wrong roads.
For most people, it is not simple to admit that their judgment is wrong.
However, it is not a simple matter to be able to stick to your own plan consistently.
Look back at the past articles, you can find that
I have never been bearish on this market, and I believe that a new bull rally has already started without the participation of retail traders.
Are you ready for bull rally?
The neckline is located at the Fibonacci 0.5-0.618 retracement level (11500-13480),
Retest the neckline is the entry point for long orders.
Back to the chart,
The chart shows the weekly TF of ETH,
You can find that ETH has completed the neckline retrace at W formation at weekly TF, and it has supported and bounced back to the current price 465.
The key resistance above is at the price of 800-874 at the turning structure of the weekly TF.
Here is also the Fibonacci 0.618 level.
From the weekly viewl, we can take profit from at that level.
In the future, BTC will have the opportunity to copy the trend of ETH.
After completing the back testing at the W bottom neckline, BTC will continue to move forward.
The principle of trading in the bull market, is buying dips after back testing key supports.
Rather than guessing the top to short or chase long.
There are not many right roads in trading, mostly wrong roads.
For most people, it is not simple to admit that their judgment is wrong.
However, it is not a simple matter to be able to stick to your own plan consistently.
Look back at the past articles, you can find that
I have never been bearish on this market, and I believe that a new bull rally has already started without the participation of retail traders.
Are you ready for bull rally?
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