ETH.USDT (Y20.P4.E9).Looking to go long
Updated
Hi All,
Another continuation post from the previous, as the link is supplied below.
KEY POINTS TO TAKE AWAY:
> Looking at the weekly, its at a fine edge to know if it will break this resistance lead in trend line.
> Note: A key element is that we must hold the $400 to have a chance on this.
> Looking at the BTC dominance chart, BTC has approached another key level with resistance. Refer to my previous post update or link below.
> Looking at the DAILY ETH chart, we can see on the chart below, its very close to breaking it and its bullish on the daily indicators, + the candle stick combination.
> Looking at the weekly ETH.BTC pairing, ETH still has more downward pressure. However on the 8 hlry to the daily, upward pressure still there with this bounce.
SUMMARY:
In conclusion, we have a 60% chance that we can break this resistance trend line and then retest it as the above observations (key points) seem to fall into place, the narrative I just outlined.
It also slides into place with the ALTs, some ALTS are holding a range for a reversal soon, as BTC dominance pressure is upwards however its reaching some key levels of resistance, as per chart below.
ETH Daily chart: We got the bounce but can it hold $400.
ETH.BTC weekly chart: Against BTC, ETH has still downward pressure:
z.chart
BTC Dominance Chart: Weekly. As you can see, there is a few macro structures that can play the resistance level. (channel or widening wedge)
BTC chart on the 4 hourly: As BTC approaches resistance, it will give the others ALTs to gain higher positions. I don't expect BTC to do a large pullback but a ranging price for the time being, once it hits the top of its resistance.
We are almost there. Look for my next BTC post to explain what scenarios I see coming.
Please give me a like or tick for this post:
Regards,
S.SAri
Another continuation post from the previous, as the link is supplied below.
KEY POINTS TO TAKE AWAY:
> Looking at the weekly, its at a fine edge to know if it will break this resistance lead in trend line.
> Note: A key element is that we must hold the $400 to have a chance on this.
> Looking at the BTC dominance chart, BTC has approached another key level with resistance. Refer to my previous post update or link below.
> Looking at the DAILY ETH chart, we can see on the chart below, its very close to breaking it and its bullish on the daily indicators, + the candle stick combination.
> Looking at the weekly ETH.BTC pairing, ETH still has more downward pressure. However on the 8 hlry to the daily, upward pressure still there with this bounce.
SUMMARY:
In conclusion, we have a 60% chance that we can break this resistance trend line and then retest it as the above observations (key points) seem to fall into place, the narrative I just outlined.
It also slides into place with the ALTs, some ALTS are holding a range for a reversal soon, as BTC dominance pressure is upwards however its reaching some key levels of resistance, as per chart below.
ETH Daily chart: We got the bounce but can it hold $400.
ETH.BTC weekly chart: Against BTC, ETH has still downward pressure:
z.chart
BTC Dominance Chart: Weekly. As you can see, there is a few macro structures that can play the resistance level. (channel or widening wedge)
BTC chart on the 4 hourly: As BTC approaches resistance, it will give the others ALTs to gain higher positions. I don't expect BTC to do a large pullback but a ranging price for the time being, once it hits the top of its resistance.
We are almost there. Look for my next BTC post to explain what scenarios I see coming.
Please give me a like or tick for this post:
Regards,
S.SAri
Comment
4 hrly chartComment
Eth fractal looks like BTC macro formation last year.Comment
9 hours later, still holding..just above the critical line. Next major hurdle, 420.Comment
BTC dominance is close to topping out for the short term. On the weekly I still have it with upward pressure. So on the daily, first touch to the resistance means the ALTs will bounce. I know ETH has shown signs of this. It broke an 1 key level but we need ETH to break another 445 and on the pairing, it means breaking 0.028775. We need the horizontal level of $445 to be support and hold. Not there yet as this is significant. So be patient.Note the ETH.BTC pairing chart, that black trend line is still acting as strong support. It might retest once more but if it brakes the current level and tests it as support, then its worth going long with ETH.
BTC Dominance chart.
Comment
Back to the original chart, some additional relevant information and why its a strong resistance.Trade active
micro level to watch.Did not break the key resistance trend line
Comment
ETH price did break the lead in trend line however it did not hold it, as support, more than a day. This reflects the same with BTC at 16k, broke it, but not decisively to make it a support level. BTC pullback to 15300 range will reflect ETH pullback as for the chart below on the CPR level.
BTC
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