Spark on a Smokey Start
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Recap: ETH broke down through the previous analysis’ Decision 2 but did not reach Red 1. It recovered to now being above that Decision 1, contradicting BTC, but needs a spark. The upwards sloping long term trendline has only just been breached, but volume indicates that price finds it difficult to move beyond it. This struggling, in Money Man’s opinion, combined with the contradictions in movement to BTC, makes movement beyond Green 1 to the upside more probable, and strengthens the confluence supports below.
Conclusion: ETH to BTC is clearly showing how ETH has strengthened and still shows potential for more of the same. Money Man recons that any sign of strength in BTC’s supports would allow ETH to move North. On balance, ETH is looking for any spark that could let it out of this area on the chart, indicated by Decision 1 and 2. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
Conclusion: ETH to BTC is clearly showing how ETH has strengthened and still shows potential for more of the same. Money Man recons that any sign of strength in BTC’s supports would allow ETH to move North. On balance, ETH is looking for any spark that could let it out of this area on the chart, indicated by Decision 1 and 2. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
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