As LTC, BTC , and DASH put in huge moves over the last few weeks, Ethereum sat on its hands and refused to make a run for the sky.
The good news is that Ethereum broke out of its base against the USD, holding that 400 $ number.
But as we can see here, it has been a complete and utter underperformer against Bitcoin .
So is Ethereum dead in the water?
Well, I think this chart of Ethereum priced in Bitcoin gives us the answer.
Right now ETH is testing that bottom support which takes us all the way back to 2016. Overall, Ethereum seems to be in a very clearly
defined upward sloping trending channel.
If we can hold this lower support, then we should see a bounce in ETHBTC, and also finally get that break out and run we've been waiting for
in ETH priced in USD.
This ETHBTC chart gives us a clue that the breakout could be around the corner.
THAT SAID, if ETH ends up breaking down below this lower channel support, then that would be a very bad sign and we would probably also see Bitcoin priced in dollars fail it's breakout and fall below 400.
Keep an eye out for this one.
Please message me with your questions or thoughts.
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, .
Successful trading means proper risk sizing and trading small so you can stay in the game.
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