ETH/BTC Cautious LongQuick Take!
ETH approaching possible reversal and hovering above support with bullish divergence although a bit overbought for my taste.
I think I'd hold out for a bit to see where this one really starts moving.
As always; minimum 3:1, trail, and keep stops tight!📈📉
bitcoin100k #XRP #BTC #Ripple #ETH
ETHBTC trade ideas
ETHBTC - 0.618 Strong Recovery PointThis 0.618 fib is a good spot for a recovery for ETHBTC out of this long bear market
ETH to me right now is extremely undervalued in comparison to BTC and I think the recovery and disparity will change at this Fib line. Letting ETH move ahead of BTC, which is also a strong sign of an altcoin season.
Bearish until .618.
ETH could reach the 0.048 - 0.052 region for 1BTC (37%)The monthly timeframe for ETHBTC seems to have found a strong support at the 0.035 region with some signs of a possible pullback that could reach the 0.048 to 0.052 region for 1 bitcoin.
That region has several confluences between fibonacci levels, strong resistance and the value area low from the broke trend since sep 2023 to now.
ETH BTC monthly reveral and pivot is inAfter underperforming BTC for 3 years, the monthly candle closing indicates a pivot and reversal. Key levels for ETHBTC are marked. Safe assumption to go until 0.1 BTC per ETH. Assuming Bitcoin price remains around 100k range, ETH has a pathway of least resistance to reach 5 figures.
ETH BTC Pair Minimum TargetLet's say ETH BTC already topped in this cycle
the current ETH BTC pair upside move is corrective, even in this case ETH BTC price will be .05-.06 BTC.
If BTC top is around 130k, ETH should be 7500-7800 I know it is too optimistic
Separately I am targetting ETH price ~ 6500
ETH/BTC Yet to BreakoutIn the extreme bullish scenario once we see ETH BTC price breakout
ETH BTC should be close to ~.08 BTC to .1BTC
Let's Say BTC top is around 120k Ideally ETH should be close 9.6k-13k
Seems unrealistic but not impossible. Based on ETH wave analysis I am targetting ETH to hit 6500k.
Never the less the ETH BTC pair breakout yet to be confirmed.
ETH/BTC bottom is...I firmly believe the BOTTOM is in for ETH/BTC the Daily TF has printed a HUGE Bullish Divergence and the momentum waves are moving up with the RSI just barely below overbought. This coupled with the STEADY increase in Average daily Volume, ETH is baked and ready to come out of the oven with some fresh hot green to the upper range 0.04814 - 0.05118
If it can break the yellow trigger line then I expect a swift return back to 0.07901-0.08490
God Speed out there folks! NFA
Looking at ETHBTC's RSI The RSI on the Monthly for this chart is nearly in the oversold zone
This oversold zone is where I expect a strong recovery to form the right side of a W pattern on the RSI itself.
Right now ETH is underperforming compared to BTC and is a great choice for the alt season run.
The sloped green line is where the RSI line will find support.
ETHBTC Bottoming - Maybe? Hitting a few possible resistance points here, could ETH be finally bottoming against BTC? Only time will tell.
Some good capitulation but not heaps of volume.
Bullish divergence on RSI which is good.
But it could go lower, lets hope not but you can see the next support right there down lower
ETH/BTC Weekly Closing Above 0.702 Fibonacci - A Bullish Signal
The recent weekly close of ETH/BTC above the 0.702 Fibonacci retracement level is a significant bullish indicator. Here's why:
Morning Star Pattern: The formation of a "Morning Star" candlestick pattern on the weekly chart suggests a potential reversal of the prior downtrend. This pattern typically occurs after a period of declining prices and signals rising buying pressure.
Fibonacci Retracement: Fibonacci retracement levels are key technical analysis tools used to identify potential support and resistance zones. The 0.702 level is not a standard Fibonacci retracement level (which are typically 23.6%, 38.2%, 50%, 61.8%, and 100%). However, traders sometimes use more precise Fibonacci calculations, and 0.702 could represent a significant level within the current ETH/BTC price structure.
Confirmation of Trend Reversal: Closing above this 0.702 Fibonacci level confirms the bullish sentiment suggested by the Morning Star pattern. This indicates that buyers are gaining control and that the price could potentially continue to rise.
In simpler terms:
Imagine ETH/BTC was in a downtrend, like a ball rolling down a hill. The Morning Star pattern is like the ball suddenly stopping and starting to roll back up. The 0.702 Fibonacci level acted as a hurdle or a resistance point. ETH/BTC jumping over this hurdle is a strong sign that it has enough momentum to continue moving upwards.
Mega confirmation would be this weekly candle close above 0.04 Say
Important Note: While this is a positive sign, it's crucial to remember that no technical indicator guarantees future price movements. Always combine this information with other analysis tools and risk management strategies.