Ethereum VS Bitcoin
Ethereum / Bitcoin BITSTAMP:ETHBTC
If you are a fan of collecting coins and increasing their numbers in your pocket, this market overview is for you.
The main thing we have to note now, the market was bearish and Bitcoin was stronger than Ethereum . But when the price broke SMA100 which acts as the main trend line , a trend reversal was confirmed. After that, the market moved sideways forming a triangle chart pattern. The direction of a breakout will confirm further market movement.
If the price breaks the upper line of the triangle, it will be a signal for buying. Moving above 0.040000 will be an additional signal confirming the strength of the bulls.
If the price breaks the support line, the downtrend will be continued. But for this, the downward movement must be really strong as we have the support zone formed by SMA50, SMA100 and the line of the triangle. For such falling there must be solid reasons and fundamental factors supporting BTC or acting against Ethereum .
Let’s look at the indicators:
– RSI is at 50 level. There is a balance in the market
– MACD lines and histogram move in different directions. It tells us that there is no strong momentum
– DMI confirms range market conditions.
The market does not provide any trading opportunities now. But they can be formed at the support zone for buying based on reversal signals. As a variant, we can wait for breakout signals and join to those movements.
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Source: TW DLavrov