ETH.BTC (Y20.P4.E2).Macro.Next Phase
Updated
Hi All,
This is revisiting the overall macro structure of ETH against BTC, and how we are tracking.
OBSERVATIONS:
====================================================================
> So far, all key levels (aligned with the Fib levels) are respected;
> 7 months of a falling wedge has its breakout;
> 0.236 fib is acting at the main resistance, a strong resistance;
> Like BTC, we expected this pullback aligned to some fib level where it also found a strong resistance and now support;
> ETH.BTC already found the strong rally at the 0.382 level on the micro level;
Note: I'm using ETH\XBT chart as it seems to be better aligned with the fib levels;
THOUGHTS:
====================================================================
> Patience and timing is required;
> Wedge strategy > with the bottom found after many months testing it, we have 3 months of bullish MACD or RSI divergence;
> SP500 seems to be holding;
> BTC is still expected to hold the 10k with a possible spike for a CME gap closure as its a strong buy zone, a expected one (me included);
If this is the case, ETH will continue above this initial wick level;
> Hence ETH.BTC is likely to hold this level which equates to BTC's weekly 21 EMA level;
BEARISH SCENARIO:
===================================================================
> SP500 support collapses and hence BTC breaks down as well; Its possible so caution must be made; tight stops;
> On the weekly, if this happens on the RSI, breaks that weekly trend, then we have a trend reversal; bearish;
Please give me a like or tick for this post;
Cheers,
S.SAri
Weekly Chart:
====================================================================
PREVIOUS POST and set target reached;
PREVIOUS POSTS
===================================================================
ETH.BTC hit target
ETH.USDT hit target
This is revisiting the overall macro structure of ETH against BTC, and how we are tracking.
OBSERVATIONS:
====================================================================
> So far, all key levels (aligned with the Fib levels) are respected;
> 7 months of a falling wedge has its breakout;
> 0.236 fib is acting at the main resistance, a strong resistance;
> Like BTC, we expected this pullback aligned to some fib level where it also found a strong resistance and now support;
> ETH.BTC already found the strong rally at the 0.382 level on the micro level;
Note: I'm using ETH\XBT chart as it seems to be better aligned with the fib levels;
THOUGHTS:
====================================================================
> Patience and timing is required;
> Wedge strategy > with the bottom found after many months testing it, we have 3 months of bullish MACD or RSI divergence;
> SP500 seems to be holding;
> BTC is still expected to hold the 10k with a possible spike for a CME gap closure as its a strong buy zone, a expected one (me included);
If this is the case, ETH will continue above this initial wick level;
> Hence ETH.BTC is likely to hold this level which equates to BTC's weekly 21 EMA level;
BEARISH SCENARIO:
===================================================================
> SP500 support collapses and hence BTC breaks down as well; Its possible so caution must be made; tight stops;
> On the weekly, if this happens on the RSI, breaks that weekly trend, then we have a trend reversal; bearish;
Please give me a like or tick for this post;
Cheers,
S.SAri
Weekly Chart:
====================================================================
PREVIOUS POST and set target reached;
PREVIOUS POSTS
===================================================================
ETH.BTC hit target
ETH.USDT hit target
Comment
Short term.Comment
Weekly chart update; looking like a support level
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.