ETH AND BTC CORRELATION
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Above you can see a clear chart without the Fibs.
Currently we are at resistance, so if we reject the golden ratio of the Fibonacci Retracement and the resistance from our Fib Speed, we will go to 0.06 and 0.055 then we may see ETH Drop a little, as ETH is currently facing the 2.9k Daily Resistance. However, if we break to the upside, this is an advantage to us and we may see ETH break 2.9k.
Keep in mind this this chart involves ETH and BTC at the same time, both change the chart, usually when you look at ETH/USDT, you mainly see what is happening with ETH and not USDT (USD-DXY...)v
That is why a push to the upside in this chart could mean that BTC is dropping and ETH is not going up. However, to track all of this you can look at BTC/USDT and at the Bitcoin dominance and how it is affecting Atls, then you will have a better idea of what is happening here.
Link below to Bitcoin dominance analysis.
...................................................................................................................................................................................
What do you think?
Good luck traders,
Not financial advice
Manage risk and leverage
DYOR
NajjarTrading
WHY FOLLOW?
• 4 Years of experience
• Daily trades
• Daily updates
• Best Entry Points
• Important Zones
• TP/SL
...................................................................................................................................................................................
Above you can see a clear chart without the Fibs.
Currently we are at resistance, so if we reject the golden ratio of the Fibonacci Retracement and the resistance from our Fib Speed, we will go to 0.06 and 0.055 then we may see ETH Drop a little, as ETH is currently facing the 2.9k Daily Resistance. However, if we break to the upside, this is an advantage to us and we may see ETH break 2.9k.
Keep in mind this this chart involves ETH and BTC at the same time, both change the chart, usually when you look at ETH/USDT, you mainly see what is happening with ETH and not USDT (USD-DXY...)v
That is why a push to the upside in this chart could mean that BTC is dropping and ETH is not going up. However, to track all of this you can look at BTC/USDT and at the Bitcoin dominance and how it is affecting Atls, then you will have a better idea of what is happening here.
Link below to Bitcoin dominance analysis.
...................................................................................................................................................................................
What do you think?
Good luck traders,
Not financial advice
Manage risk and leverage
DYOR
NajjarTrading
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