Bearish Flag Against Resistance SHORT ETHBTC
Point : Since late October, Ether prices have recovered against Bitcoin. However, this price action appears to be a bearish flag against the resistance trendline. If you look at the chart below in the comments, you will see ETHBTCLong positions are near all time highs, so this helps my theory as a contrarian indicator. I do believe that if .04 doesn't hold, .012 will be reached and perhaps very fast, as there was little price action in that zone going up (a gap trade). Depending on how the market reacts, .012 could break (still a good first target) and we could end up at .002. Many people will say this isn't possible (see record high long positions) but that is exactly why it is possible.
Counter Point : Ethereum is breaking out to all time highs against the USD so the rally in BTC should follow. RSI is fighting off the 40 level and the MACD histogram is starting a bullish retreat, sort of. It's hard to make the bullish case here tbh.
A weekly close above the trendline will probably be my stoploss but we will see about that. Good luck.
Counter Point : Ethereum is breaking out to all time highs against the USD so the rally in BTC should follow. RSI is fighting off the 40 level and the MACD histogram is starting a bullish retreat, sort of. It's hard to make the bullish case here tbh.
A weekly close above the trendline will probably be my stoploss but we will see about that. Good luck.
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