ETH/BTC Potential Support and Resistance on a Higher Timeframe
Looking at ETH/BTC for potential support and resistance levels on the weekly timeframe. The goal will be to define the current range and to see what a breakout or breakdown from the current range might look like.
First, let’s look at the current range. The current range has been established between the order blocks at S1 and R1 as illustrated by our Order block Mapping indicator.
If we break above the top of the current range as defined by R1, then we can look to the bearish order blocks at R2 and R3 to act as resistance.
If we break below S1, we can look at the bullish order block at S2 to act as support.
There is, of course, the order block at S3 as well, but retesting this would represent a drastic drop in ETH’s price compared to BTC (nearly a 90% drop from S1).
With that covered, we currently have a “short / take profit on long” signal from our Bull/Bear Indicator as represented by the red arrow.
As you can see on the chart, although we aren’t looking at many instances of the red and green arrows created from Bull/Bear, we can see that most of them have been accurate at indicating the direction with a few even picking near-perfect tops and bottoms.
It is worth noting that although Bull/Bear is currently short, the recent down and up moves haven’t been as long-lived as they were from 2015 - 2018. Thus, we may look for the series of higher lows represented by yellows “V”s on the chart to hold and for us to find support at S1. Here we might look for a green Bull/Bear arrow to appear to confirm a continuation of the uptrend resulting in at least a retest of R1.
First, let’s look at the current range. The current range has been established between the order blocks at S1 and R1 as illustrated by our Order block Mapping indicator.
If we break above the top of the current range as defined by R1, then we can look to the bearish order blocks at R2 and R3 to act as resistance.
If we break below S1, we can look at the bullish order block at S2 to act as support.
There is, of course, the order block at S3 as well, but retesting this would represent a drastic drop in ETH’s price compared to BTC (nearly a 90% drop from S1).
With that covered, we currently have a “short / take profit on long” signal from our Bull/Bear Indicator as represented by the red arrow.
As you can see on the chart, although we aren’t looking at many instances of the red and green arrows created from Bull/Bear, we can see that most of them have been accurate at indicating the direction with a few even picking near-perfect tops and bottoms.
It is worth noting that although Bull/Bear is currently short, the recent down and up moves haven’t been as long-lived as they were from 2015 - 2018. Thus, we may look for the series of higher lows represented by yellows “V”s on the chart to hold and for us to find support at S1. Here we might look for a green Bull/Bear arrow to appear to confirm a continuation of the uptrend resulting in at least a retest of R1.