ETHBTC 1W lost key fib support - Bearish Scenario
Bearish divergence is building between price and the MACD for the ETHBTC pair and BTC.D dominance has been holding
strong at strong support around 39-40% (a large part of alt dominance is of course ETH). Volumes for the pair have been
steadily dropping off on most exchanges. I'm looking to sell ETH for BTC in the following 3 scenarios:
1) Falling straight from here through 0.07 and confirmed close below
2) (yellow) Bounce to make a HL but confirmed rejection off the underside of 0.5 Fib level and MACD confirms negative
3) (light blue) Bounce out of diagonal support channel but rejection off 2 point short term trendline. Invalidation of this
scenario if MACD signifies returning momentum by printing a HH and ideally volumes increase
Looking to scale back in to ETH from BTC at 0.06, 0.056, 0.05, 0.042, and 0.035
strong at strong support around 39-40% (a large part of alt dominance is of course ETH). Volumes for the pair have been
steadily dropping off on most exchanges. I'm looking to sell ETH for BTC in the following 3 scenarios:
1) Falling straight from here through 0.07 and confirmed close below
2) (yellow) Bounce to make a HL but confirmed rejection off the underside of 0.5 Fib level and MACD confirms negative
3) (light blue) Bounce out of diagonal support channel but rejection off 2 point short term trendline. Invalidation of this
scenario if MACD signifies returning momentum by printing a HH and ideally volumes increase
Looking to scale back in to ETH from BTC at 0.06, 0.056, 0.05, 0.042, and 0.035
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