Todays market outlook;
$ETH | Ethereum
Doesn't look great.
USD pair:
1 - Rejection at HTF key resistance
2 - Deviated at this level
3 - Breaking trendline
4 - Lower lows and lower high, bearish market structure
5 - Merge done
1/5
$ETH | Ethereum
Doesn't look great.
USD pair:
1 - Rejection at HTF key resistance
2 - Deviated at this level
3 - Breaking trendline
4 - Lower lows and lower high, bearish market structure
5 - Merge done
1/5
ETH | BTC pair:
1 - Range high deviation
2 - Harsh rejection after the close back in
Looks like it's heading for a lower low.
To become medium-term bullish again:
- The USD pair needs to reclaim this key level
- BTC pair needs to get back above the range high
2/5
1 - Range high deviation
2 - Harsh rejection after the close back in
Looks like it's heading for a lower low.
To become medium-term bullish again:
- The USD pair needs to reclaim this key level
- BTC pair needs to get back above the range high
2/5
Could see a short-term bounce though on Ethereum, but IMO it's solely depending on Bitcoin here.
Need to, and could see, a short-term bounce here after this three tap into the support.
3/5
Need to, and could see, a short-term bounce here after this three tap into the support.
3/5
But even if we get that bounce, I'd rather play it on Bitcoin as ETHBTC looks weak.
Also, the Bitcoin Dominance chart is looking like a 'long' here at the range low support.
- Range low support
- Deviation
- Trendline break out
- Lower time frame higher high
4/5
Also, the Bitcoin Dominance chart is looking like a 'long' here at the range low support.
- Range low support
- Deviation
- Trendline break out
- Lower time frame higher high
4/5
And if you want to play an Altcoin instead of Bitcoin on a potential relief bounce, I rather would look at $SOL.
Stopped out yesterday but keeping an eye on it as long as the $SOL | $ETH chart is looking this bullish.
5/5
Stopped out yesterday but keeping an eye on it as long as the $SOL | $ETH chart is looking this bullish.
5/5
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