We have an excellent setup now looking at the ETHBTC ratio. Falling wedge pattern indicates a potential incoming breakout with a solid bottoming pattern on the monthly. Clear swing failures below the .028 level with long wicks indicating heavy buying potential in those areas. ETH tends to follow or lag BTC's moves, and as we know BTC has broken from it's own falling wedge in recent months. On the downside, if we see one more swing lower, we're looking at a bottom around 0.02. It's likely going to depend on how BTC performs in the coming week(s), whether it tops out and money moves into alts or it continues to rally hard back to 20k and beyond.
Solid place for a long, looking to pickup any swings below .028. July seems poised to be a profitable month for the longs trading the ETHBTC ratio.
Solid place for a long, looking to pickup any swings below .028. July seems poised to be a profitable month for the longs trading the ETHBTC ratio.
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