Technical Analysis for ETHBTC for 24th January 2023
Bitcoin Bulls Firm, ETHBTC May Break Below Rising Wedge
Past Performance of ETHBTC
After weeks of higher highs favoring Ethereum, the pendulum is swinging. Bitcoin buyers are taking charge, pressing lower as demand picks up. Overall, price action is confirmed within a rising wedge, technically in a bullish pattern. Even so, as long as prices are capped below 0.077 BTC, Bitcoin bulls have the upper hand.
ETHBTC Technical Analysis
Roughly ten days ago, a bearish engulfing bar printed on January 12. The bar reversed ETH gains and was with high trading volumes. It set the trend of what is today. Selling momentum is also developing as prices break below the primary support trend line of the rising wedge. If the bar has equally high trading volumes, BTC bulls can double down, targeting 0.068 BTC, or lower in the days ahead. This level coincides with the 50 percent Fibonacci retracement line of the H2 2022 trade range. Any surge above 0.077 BTC or the 23.6 percent Fibonacci retracement will cancel this bearish outlook, swinging prices in favor of ETH bulls.
What to Expect from ETHBTC
ETH buyers are in charge in the higher time frame as prices increase inside a wedge. Presently, BTC bulls are cranking up demand. Subsequently, prices may fall lower toward immediate support levels.
Resistance level to watch: 0.077 BTC
Support level to watch: 0.068 BTC
Disclaimer: Opinions expressed are not investment advice. Do your research.
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