Whats up traders, I hope you are all having a good weekend.
Want to start by congratulating anyone who followed by BTC/USD trading idea that I posted yesterday. We successfully got a 1300 move from the idea. I have also posted many other BTC/USD ideas recently that have all profited too. I recommend taking a look at my previous Crypto currency analysis to keep up to date.
Here we have ETH/BTC on the 2H chart.
Price has recently moving to the downside. Price recently tried to recover from a correction after a bullish impulse leg, but has stalled under bearish pressure at 0.040970. Since then price has been breaking down to the downside.
When it began breaking down, I began analyzing the ETH/USD chart, to find some good buy opportunities.
Upon analyzing Eth/USD on the 2H chart, I discovered there is a potential Bullish Gartley Pattern in play. As it stands, price looks like it has completed the C leg at 0.040970, and has began falling.
In order for this pattern to complete, we need to see a final down move to the D leg. Once we have a move to the D leg, the Gartley pattern completes and we will have a buy opportunity.
I am expecting a down move to continue from the completion of the C leg, down to the D leg at 0.03050. After this, I will be looking for the buy opportunities.
Hi Tom, what do you think of this: CME futures launch in BTC which might pump the price to 21K-24k for ethbtc to reach that .0305 area; then btcusd comes back down to 20k area that might be the head completed in btcusd, then long wicks down for shorts being setup (down to 12.5k area) and a quick recovery of people "buying the dip", then a slow accellerating bleed on the right shoulder down to 8k range.
Kainzo
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So what do you think is the usd buy in?
MS3IV
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Any analysis on the eth usd chart? With btc breaking out it kind of distorts the eth/btc pair to a degree I'd say?
Thanks for your work!
TomProTrader
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@MS3IV, I will likely make a post regarding ETH/BTC in the near future. :)
bedarija
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@MS3IV, but, but that is the point. when BTC breaks out you see ETH/BTC pair to fall in value and jsut like ETH/USD it will bounce from a support and start climbing with BTC. never look just at one pair. ETH/USD might give you a sign for buying but ETH/BTC will have strong bearish sign, and if BTC falls than ETH will also, regardless of anything else
MS3IV
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@bedarija, yeah the eth/btc pair was looking potentially oversold
TomProTrader
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@MS3IV, Guys, it's simpler to just look at BTC when looking at any ***/BTC pairs.
If you want to long NEO/BTC when BTC is rallying, then you don't do it. Because you're placing bets on both sides of a massive volatile table. Makes no sense.
If anything buy BTC/USD then some other ***/USD pairs (Even if values seem off Dollar index will carry the trades). This is how you hedge properly.
elicoin
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thanks a lot ..you are really the best analysis i have ever seen in my life ..