I am having a look at Ethereum vs Bitcoin today, it is important in these kind of market conditions to stay on track with trends vs BTC.
Even though we are still bearish on the longer term, as well as new short term bearish signals, I would just like to point out the possibility of a massive cup and handle.
Like I always state, no formation has a 100% success rate and no trade is risk free.
With that said we can also see what might be a bullish pennant on the handle of the cup, another bull signal on the longer term.
On the flip side the bears are still in control and we might take a massive dip, what to look out for.
The Cup and the Pennant trade idea will be void should prices fall below the handle, or the pennant.
This is at 0.074, I would like to extent that zone to just below the 200 MA on the 1 Day chart, which is around 0.07 btc.
This is also my support zone for the short term on the market, 0.07btc – 0.074btc.
There is a possibility of a breakout should prices consolidate above 0.084.
Please note breakout levels are not set in stone and change regularly.
Feel free to discuss this trade idea with me in Discord. Safe trades.