Technical Analysis for ETHBTC for 22nd October 2021
Ethereum Bulls Light Up, Expands 2% Versus BTC, is the ETH Bear Run Over?
Past Performance of ETH/BTC
There are flashes of strength for ETH bulls versus Bitcoin.
After the invalidation of the three-bar bullish reversal pattern of mid-October 2021, ETH bulls are firm.
ETH is up three percent against the BTC, backed by rising trading volumes suggesting shifting sentiments.
What to Expect of ETH/BTC
There is a three-bar bullish reversal pattern from around the July to August trade range's 78.6 percent Fibonacci retracement level.
This flashes with the 0.060 BTC—critical support in the immediate term.
A close above 0.067 BTC and the middle BB may set the tone for possible higher highs towards October 2021 highs of 0.070 BTC in buy trend resumption.
ETH/BTC Technical Analysis
There is a bullish divergence pattern between October 11 and 22.
ETH/BTC prices are falling with rising trading volumes in the daily chart. The bullish reversal pattern of the last three days seems to confirm the presence of buyers.
As per the candlestick arrangement in the daily chart, ETH buyers may search for entries, aiming for 0.065 BTC and later 0.070 BTC in a buy trend resumption pattern. The upswing will be accelerated if trading volumes are above average.
On the other hand, losses below 0.060 BTC rewinding gains of October 20 and 21 cancel the uptrend.
Resistance level to watch: 0.065 BTC
Support level to watch: 0.060 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.