ETHBTC to new record highs following wedge break

in #ethereum7 years ago (edited)

Ethereum has surged higher against Bitcoin following the wedge break we posted yesterday. ETHBTC traded as high as 0.122 in early Asia, before finishing the day and week at 0.1165; up 17.5% on the day, 20.2% for the week, 153.4% so far in Q2 and a whopping 1297% year to date!

The break to new record highs opens up the path to the 0.1333 - 0.14 zone where we have a bunch of interesting measured levels: 0.1333 is the point where this latest leg is equal to the last two legs up (see chart), 0.1398 is the point where the rally from the May lows is double the Initial December - March rally, and 0.1405 is the 200% extension of the recent wedge correction.

We've said this twice already, but it warrants reiteration: we are charting the uncharted here and anything is possible; we could top before that zone, in that zone or shoot straight through. Having said that, we think a repeat of the temporary top --> consolidation --> continuation scenario is most likely. As such, we'll close most of our margin longs at .1333 and prepare to re-enter lower. The great thing about crypto is when you go flat on margin, you still have "physical" exposure to extremely volatile assets!

Initial support is the former resistance zone stretching from 0.1058 to 0.113, which is currently being re-tested now. Though the hourly chart is looking a little toppy , this is textbook breakout stuff and nothing to worry about at this point in time. Below that initial zone, we have another former resistance zone between 0.968 and key psychological level 0.1 - this was already re-tested and is marked by yesterday's low. There's a bunch of support below there too and .81 remains key for us longer term, with only a break below there invalidating our bigger-picture bullish bias.

We compared transaction fees on a small Bitcoin purchase and a small Ethereum purchase last week and found the Ethereum transaction to be 10x cheaper and nearly 6x faster ... Combine that with interest from some of the world's biggest investment banks and tech corporations, and is it any wonder Ethereum has been surging higher against Bitcoin?

Sort:  

Welcome to Steemit :)
I follow u, follow me back if u want lot of fun and amazing picture every day.

Thanks for the welcome and now following!

Congratulations @bulleth! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You made your First Comment

Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Coin Marketplace

STEEM 0.16
TRX 0.16
JST 0.031
BTC 58999.04
ETH 2518.40
USDT 1.00
SBD 2.46