ETH/BTC analysis: The future is decided in the backrooms 02/07/2019
|- ETH/BTC faces an impossible tangle of lines.
- A breach of 0.0318 BTC/ETH would result in a bullish explosion.
The ETH/BTC pair should have a special place in the analysis monitors of any trader or investor in cryptocurrencies. If you want to know where the crypto market is headed, this pair is the most useful tool out there.
What information does the ETH/BTC provide? This pair indicates when the market gives more priority to profitability and when it prefers security. The typical "Risk On/Risk Off" but in the cryptocurrencies sector.
ETH/BTC 240 Minute Chart
In this chart, I have added the lines of support and resistance by congestion of the price to those previously drawn, that are the bullish parallel lines that lead the movement of the price from early December.
Joining both structures, we clearly see how the ETH/BTC pair is moving between both structures and how both are helping to define the price path.
The ETH/BTC pair needs to break above the 0.0318 BTC/ETH price level to enter bullish mode again. On the downside, the price level of 0.030 BTC/ETH would not indicate a worsening of the sector and the search for relative safety in the Bitcoin.
The MACD at 240 Minutes shows us how the last bullish cross confirms a divergence from the minimum price reached.
The DMI at 240 Minutes shows us how the bulls have taken the leadership in the last hours, but without the necessary intensity to start the market, at least for now.
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