ETHBTC drawing a bullish divergence on rsi on the 2h chart.
The first bounce had solid volume, it will test now the low again and should rebound after. There is a good chance for trend reversal here as people sit on high profits in btc which will be diversified in the other top cryptos.
Kommentar
⋅
Bottom catched, rebound in progress
Kommentar
⋅
this is it gentlemen :-)
Kommentar
⋅
rebound seems like its over for now and should consolidate in this area now while bitcoin is doing its next leg up
Kommentar
⋅
Kommentar
⋅
switching to the daily candlestick chart now, for the trend reversal price must leave the downtrend (blue line). we might need consolidation in this area first before the real rally can start.
Kommentar
⋅
I think we can switch to the weekly and monthly chart now. The December monthly closed as bullish hammer so we can expect another green candle for January 2018.
Kommentar
⋅
Kommentar
⋅
There is some panic dumping going on because btc is rising but at the end of the day eth will be up more than btc and the bullish case for eth has not changed. People will still use eth three times more often than bitcoin (in this phase) and btc fee will still be around 7$ tomorrow. As long the whole market is growing eth and btc can go up together. Patience!
Kommentar
⋅
There is some resistance in this area again, not sure if it can already break out. Daytraders might take some profit. But I keep holding on longs from 0.026.
So you think the general trend has reversed already ? not another low ?
koryu
⋅
@FFS, I read the rebound as a ABC correction up from the general downtrend in ethbtc. And now i am looking for a consolidation in this price region, after that we can watch for the real trend reversal. this should confirm if it makes a new high above 0.045. So for now the trend reversal is likely but not guaranteed.
ffs_retired
⋅
@koryu, thank you for sharing your thoughts, appreciated.