Technical Analysis for ETHBTC for 6th February 2023
ETH Bulls Firm, But Will ETHBTC Slow Down at 0.072 BTC?
Past Performance of ETHBTC
The uptrend remains valid, but ETH buyers have been flowing back. In a retest of the previous support line, buyers found resistance at 0.072BTC. There is a double bar formation signaling weakness. For ETH buyers to take over, there must be strong reversals of yesterday's losses with rising volumes. In that case, ETH will snap back to trend, qualifying the recent bear breakout below the wedge as a bear trap.
ETHBTC Technical Analysis
The bear bar of January 24 defines the current formation, placing BTC buyers in the picture. After a 5% gain in the past two weeks, ETH found resistance at 0.072 BTC. If the uptrend is to continue, reversing losses of January 24 and canceling out sellers of late January, the breakout back to the rising wedge ought to be with expanding volumes. Buyers would, should this happen, set sights on 0.078BTC or January highs. Conversely, confirmation of yesterday's losses may trigger more sell-off, triggering BTC demand. In that likelihood, bears may ride the emerging trend, targeting 0.065BTC and confirming sellers of January 24.
What to Expect from ETHBTC
At the present formation, sellers are in control in the short term, syncing with the bear candlestick of January 24. Conservative traders can wait for losses below 0.065BTC before adding to their shorts. Any surge above 0.072BTC will invalidate the bear breakout and likely form the base for a leg up to the January high.
Resistance level to watch: 0.072 BTC
Support level to watch: 0.065 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.