Is ETHBTC Pair Turning Bullish?
We talked about ETHBTC pair back on May 14th, where we mentioned and highlighted the completion of an (A)-(B)-(C) corrective setback with the wedge pattern within wave 5 of (C). CLICK HERE
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As you can see today on July 05, ETHBTC pair bounced from projected 0.045 support area, which can be signal that it’s turning back to bullish mode, especially if breaks back above 0.061 region.
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Regarding dominance in the Crypto market, we still believe that ALTcoin dominance may kick in soon and new ALTseason could be around the corner. One of the reasons for this view is also ETHBTC chart, which can be already turning bullish, but for now we are observing a minimum three-wave A/1-B/2-C/3 rally. If we take a closer look in the 4-hour chart, we can now see it finishing an a-b-c pullback in wave B/2 after recent sharp and impulsive rebound into wave A/1, so it can find the support around 0.50 area, from where we will expect further rally within wave C or 3, which might actually be the ALTseason.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.