Ethereum (ETH) vs. Bitcoin (BTC): Probe for Stops?
We examined Ethereum (ETH) vs. Bitcoin (BTC) at a very granular level by taking a look at an 89-minute chart. We use 89-minute charts because 89 is a number in the Fibonacci series.
We noticed a trend line that dates back to October 27. That was the start of a significant rally in ETHBTC. It seems that ETHBTC tends to drop quickly below this trend line and then turn around and bounce back. So, it would seem that weak longs get stopped out periodically, and then stronger hands come in and buy.
Bottom Line: Given that the crypto market is weak, we would be ready for a dip in ETHBTC below .2158. If that dip happens and ETHBTC recovers back above the trend line, that would be the chance to try and buy.
We noticed a trend line that dates back to October 27. That was the start of a significant rally in ETHBTC. It seems that ETHBTC tends to drop quickly below this trend line and then turn around and bounce back. So, it would seem that weak longs get stopped out periodically, and then stronger hands come in and buy.
Bottom Line: Given that the crypto market is weak, we would be ready for a dip in ETHBTC below .2158. If that dip happens and ETHBTC recovers back above the trend line, that would be the chance to try and buy.
