Tentative Double Bottom on ETHBTC--Possible Market Confidence
Tentative Double-Bottom on ETHBTC
If we can somehow hold this level and break the downwards sloping (and then the upwards sloping) trendline, as well as several levels of EMA resistance (that have held for several weeks), then this may indicate a short-term trend reversal. In other words--ETH may no longer depreciate faster in dumps (or appreciate slower in pumps).
This typically indicates that buyers have begun buying/selling ETH at a rate equal to that of Bitcoin, and this has shown (but not always) to represent increasing confidence in the market.
If we can somehow hold this level and break the downwards sloping (and then the upwards sloping) trendline, as well as several levels of EMA resistance (that have held for several weeks), then this may indicate a short-term trend reversal. In other words--ETH may no longer depreciate faster in dumps (or appreciate slower in pumps).
This typically indicates that buyers have begun buying/selling ETH at a rate equal to that of Bitcoin, and this has shown (but not always) to represent increasing confidence in the market.