ETH/BTC. Approximate movement of the exchange rate and identification of the minimum price (bottom level)

Hello, gentlemen..

The price of bitcoin began to slowly decline, which means that the price of the bulk of altcoins will also go down.
Once or twice a week we consider the main currency pairs in my opinion, where the basic cryptocurrencies such as ETH and BTS are traded.

Today ETH/BTC.
Let me remind you of the General exchange chart of the coin for the last year.
Bitfenix exchange, 1 day timeframe.

Lines 1 and 2 are the main support and resistance lines. 4 and 3-local. Here it is necessary to understand the situation - the fall in the price of bitcoin weakens each time. The lower the price, the more new investors are interested in buying it. So the estimated price of its bottom will be at $2800 - 3000. The ETH token will have the minimum price at the level of the support line (1), which is approximately equal to 0.025 BTC. Thus, this line on this currency pair is a line of bullish trend.

Consider the yellow rectangle

Now the price of ETH will fall to the local support line (4, to about 0.032 BTC (this line is similar to bitcoin's $3500+ support line). Then the price will rise slightly and by the end of this month will be around 0.034 BTC, when it rests against a strong resistance line (2). Further, the price movement of the token will depend entirely on the movement of BTC. There are two options, but with any of them, the price of the asset should fall to the level of 0.025 BTC and this coincides with the last decline in the price of bitcoin.

Thus, around the price of 0.025 - 0.03 BTC there will be a phase of consolidation of funds for the ETH token

Good luck!

The @upvoteinvest team

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