Technical Analysis for ETHBTC for 6th February 2023
ETH Bulls Firm, But Will ETHBTC Slow Down at 0.072 BTC?
Past Performance of ETHBTC
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
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