Bitcoin's little brother Ethereum has found some support. Analyzing ETH priced in BTC allows us to see which trend may be stronger.
If ETHBTC is rising, then ETH is getting stronger than BTC. This could be the result of:
ETHBTC bounced at the 61.8% retracement level of the previous uptrend. This is creating a higher low in the exchange rate.
Additionally, the upward sloping trend line intersected near 0.03 where the fib retracement level was residing.
Therefore, ETHBTC is respecting this level of support near 0.03. If ETHBTC can punch above the 38% fibonacci retracement level, then a higher high coupled with a higher low is creating suggesting the start of a new uptrend.
Even though you might not trade the ETHBTC exchange rate, cross market analysis like this can help you determine which trend is stronger.
If ETHBTC is rising, then ETH is getting stronger than BTC. This could be the result of:
- If BTC is in an uptrend, then ETH is in a strong uptrend
If BTC is in a downtrend, then ETH's downtrend is not as strong OR ETH is in an uptrend
ETHBTC bounced at the 61.8% retracement level of the previous uptrend. This is creating a higher low in the exchange rate.
Additionally, the upward sloping trend line intersected near 0.03 where the fib retracement level was residing.
Therefore, ETHBTC is respecting this level of support near 0.03. If ETHBTC can punch above the 38% fibonacci retracement level, then a higher high coupled with a higher low is creating suggesting the start of a new uptrend.
Even though you might not trade the ETHBTC exchange rate, cross market analysis like this can help you determine which trend is stronger.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
