ETH weakness- Head & Shoulders reversal
Hellooo friends, ETH is not looking good due to fundamentals (news came out that a hedge fund is dumping ETH for BTC).
We have an Hourly and 4H Head & Shoulders reversal, which just got confirmed and may lead to further downside, if big brother BTC chooses to consolidate longer.
The weakness compared to BTC is very clear looking at 4H EMAs: While Bitcoin is not even touching the 12, ETH has no broken underneath both 12 & 26.
In the direct correlation of ETH/BTC, we have clearly broken the support zone of 0.07 bearish, and are now on our way towards building a Higher Low on the Daily above 0.055, in our huge Daily/Weekly equilibrium that is building for over a year now.
So, for short-term crypto bulls, that candidate of choice is clear: Grandpa Bitcoin, esp. with the fundamental news of a potential ETF coming up in August. I wish you a good trading! ;)
If you had some value from my analysis, please like & subscribe so you don't miss it next time! ;)
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
We have an Hourly and 4H Head & Shoulders reversal, which just got confirmed and may lead to further downside, if big brother BTC chooses to consolidate longer.
The weakness compared to BTC is very clear looking at 4H EMAs: While Bitcoin is not even touching the 12, ETH has no broken underneath both 12 & 26.
In the direct correlation of ETH/BTC, we have clearly broken the support zone of 0.07 bearish, and are now on our way towards building a Higher Low on the Daily above 0.055, in our huge Daily/Weekly equilibrium that is building for over a year now.
So, for short-term crypto bulls, that candidate of choice is clear: Grandpa Bitcoin, esp. with the fundamental news of a potential ETF coming up in August. I wish you a good trading! ;)
If you had some value from my analysis, please like & subscribe so you don't miss it next time! ;)
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
Feragatname
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