ETH/BTC - The fastest horse in the race

٨ نوفمبر ٢٠٢٤

While I recently laid out why I think ETHUSD has a bullish setup brewing, I want to turn attention to ETHBTC . While I think both BTC and ETH have bullish setups, a case can be made that ETH is about to begin outperforming BTC and we'll likely see a period of outperformance for ETH.

Currently forming on the ETHBTC weekly candlestick chart is a bullish engulfing setup coming off of an RSI divergence. These types of setups can be quite explosive once price breaks above the weekly candle high and starts moving. If this pattern plays out then the next major overhead resistance is in the 0.54-0.56 region. Beyond that the next major resistance is just below 0.08. As always, we need to practice proper risk management, so for this setup the invalidation level is around 0.0345.

Also keep in mind that the weekly candle has not yet closed so we are simply watchin for the potential at this point. For a good, solid setup we'd want to see very little upper wick when this weekly candle closes.

١٥ نوفمبر ٢٠٢٤

أغلقت الصفقة: تم الوصول لوقف الخسارة

With the invalidation level hit it's a watch and wait game now for a new setup. This could end up just being a whipsaw, but there's no way to know until we get a new setup. As of right now BTC is looking pretty strong vs USD and gold, so we could see BTC outperform for a bit longer.