I had these channels on for months and ETHBTC was following them nicely down. Broke down from a triangle. dropped out of the big rising channel, even broke down from the smaller descending channel. There was no bullish divergences on the higher time frame and the strong change of direction was unexpected. This reminds me of the XI pump, where technically, BTC price should have continued to drop, as there was a breakdown from a head and shoulders, only to reverse direction midway and pump hard.
Technically price is bearish because it is still below the 4H 200ema. The 4h 200ema is very relevant as ETHBTC has reacted to it for a long time. The contradicting part is that on the USD pair, price has broken out bullishly of some structures, so it is hard to tell if ETHBTC will continue to rise or reverse at the midchannel or the 4H 200ema.
My personal opinion is that no bullish divergences was formed and this pump just gives room for the RSI to drop further, which translates into a very deep drop in price. So I will cautiously be bearish on ETHBTC at the moment until price action clarifies the situation.
Technically price is bearish because it is still below the 4H 200ema. The 4h 200ema is very relevant as ETHBTC has reacted to it for a long time. The contradicting part is that on the USD pair, price has broken out bullishly of some structures, so it is hard to tell if ETHBTC will continue to rise or reverse at the midchannel or the 4H 200ema.
My personal opinion is that no bullish divergences was formed and this pump just gives room for the RSI to drop further, which translates into a very deep drop in price. So I will cautiously be bearish on ETHBTC at the moment until price action clarifies the situation.
