Taking a quick look at Ethereum vs Bitcoin on the 1 Day candle chart.
Since my last report we can see that the price has been rejected by the 20 MA and we continue to trade in a bearish channel vs Bitcoin. There has been some great volatility in the market, as well as excellent trading volume, considering the market we currently find ourselves in.
As we can see the top of our channel has been tested a few time and the Stochtastic indicator is giving me hope that we could get some quick gains again on the market. Notice that there is a tight trading range between 0.070 btc and 0.071 btc at this point in time.
This is also my support and resistance zones going into the weekend and next week. I am looking for a break above the 20 MA to signal a charge for the top of the channel. There could be a nice little long here for the higher risk traders.
On the flip side, remember we are currently in a bearish channel vs Bitcoin, this mean lower prices should be expected, keep an eye on the price zones to catch all the action. Safe trades.
- This reply was modified 11 months, 1 week ago by margincall. Reason: grammar