ETHBTC Momentum Picking up
We underestimated ETHBTC last week when we called for .133/.14. Pair traded all the way to .153, exceeding our measured targets, before pausing for a shallow correction.
This is a very good sign: it means momentum is actually picking up. The last leg up far exceeded the prior two, in both price and percentage terms.
We've been waiting for a deeper correction to the .12 zone, but this is not looking likely at this stage: pair appears to be accumulating in preparation for the next leg higher. Have entered long again at .143 (.01 disadvantage vs last week's .133 exit) in line with this view.
Pair could easily hit .2 bitcoin this week if the last leg is anything to go by - equal legs would take us to just above there.
Initial resistance is the .146 - .153 zone, marked by last week's record high. A break above there would target .2 and above. Initial support is the .1285 - .137 zone, marked by a series of daily lows. Further support below there around .12 and .11 ... it would take a big development at this stage to negate our bullish bias.
This is a very good sign: it means momentum is actually picking up. The last leg up far exceeded the prior two, in both price and percentage terms.
We've been waiting for a deeper correction to the .12 zone, but this is not looking likely at this stage: pair appears to be accumulating in preparation for the next leg higher. Have entered long again at .143 (.01 disadvantage vs last week's .133 exit) in line with this view.
Pair could easily hit .2 bitcoin this week if the last leg is anything to go by - equal legs would take us to just above there.
Initial resistance is the .146 - .153 zone, marked by last week's record high. A break above there would target .2 and above. Initial support is the .1285 - .137 zone, marked by a series of daily lows. Further support below there around .12 and .11 ... it would take a big development at this stage to negate our bullish bias.
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