$ETHBTC Monthly/Weekly/Daily Analysis
Monthly
Over the last 600 days, ETHBTC has been bleeding with zero reaction at all on the monthly chart. Everyone thinks ETH, ETH coins, and altcoins are done.
I was also very bearish on the ETHBTC chart when it was around 0.08, targeting 0.04-0.03. However, when we came to 0.045-0.05, I leaned towards the bullish side. Why? Why didn't I wait for a perfect retest to 0.03 or something similar? Because it was meaningless. I can accept staying in a 20-30% loss, but I can't accept missing all the upside potential here.
If you look at altcoins, most of them have dropped significantly below their levels when BTC was at 30k. Most gainers like INJ, FET, or SOL are at the same price as when BTC was at 40-45k. So, altcoins have already melted down so much. The reason I am saying this is because, in my opinion, we haven't seen anything yet in altcoins. They are not strong at all, but soon they will be. They won't move weak like this in the coming months, in my opinion. Why?
When you look at the monthly chart, we swept the low, made a retest of Monthly demand and made really good monthly closes with ETH ETF news coming. In my opinion, the monthly close is the first bullish monthly close, so I am bullish and think the bottom is in.
Why? I will explain.
Weekly
I really think ETHBTC has bottomed already and is looking good for upside moves. When I look at the chart, we did a three-dive bottom formation below 0.05 and made a significant weekly reaction to the upside, breaking the weekly EMA21. This was very important.
Throughout the downtrend, the price often rejected from the weekly EMA21 or deviated above it, but for the first time in the last three weeks, the price has been holding above the weekly EMA21. This probably indicates a change in trend. You can clearly see the last three weeks' prices closing above the EMA21, which hasn't happened during the entire downtrend—something is changing.
I also remember posting about the aggressive weekly sell orders (red bubbles), and you can see we bottomed similarly after seeing red bubbles in September 2020. So, I assume we have many reasons to think ETHBTC has bottomed, especially with the ETH ETF news coming.
However, in terms of price action, we still haven't made a higher high. Breaking 0.06 will be the last confirmation, and then we will just run up, in my opinion.
What is the Target?
You know I always have realistic targets; I don't believe in x100. I prefer to sell early in the upcoming bull run because if you get stuck and never sell, hoping to sell on the next bounce, you might lose all your money.
In my opinion, when you see weekly weakness, you should just sell and not look back.
For ETHBTC, my target is 0.1-0.12. I really don't know what the top will be—maybe we'll run to 0.15? I don't know, but when I see a breakdown below the weekly EMA21 or some important S/R level, I will sell and never look back. Let's say I sell at 0.12 and it pumps to 0.14; I won't care or buy back after selling. I just focus on leverage trading.
As you know, I trade with less leverage in a bull market and just buy spot, but in a bear market, the old followers know, I really like to trade leverage 24/7.
So what I am saying is, for now, I don't have a stop loss for my spot bags. We ride them zero or hero but when we are above the 0.10-0.12 level, I will sell everything if they lose their weekly trends or daily trends.
Daily
I think we have another bullish catalyst here. As you can see, the daily EMA50 and EMA200 made a bearish cross at jan 23, and since January 2023, we never had a bullish cross. Instead, we kept deviating above the daily EMA200 and then making new lows.
I believe this has changed. We saw a manipulation green box below 0.05. Everyone was bearish in green box, was depressed. However, with just the ETH ETF news, everything changed with one candle.
Now we are above an important Daily S/R level and holding above the daily EMA50 and EMA200. I believe we will see the next leg up from here. The first target is 0.065, and maybe from there, we could see a retrace. I don't think we will go below 0.05 anymore. If we do, I think we are all done, and there won't be a bull market at all.
Major Targets
0.065
0.08
0.1-0.12
These are my major targets where we might see a retrace. Other than that, I am very bullish on ETHBTC for the upcoming 6-8 months.
Thanks for reading, i do these writings mostly in my telegram group about btc, eth and hyped altcoins because people won't read in twitter too much long text.
if you wanna join here is link, it is free
https://t.co/0b3xtvI6OZ
1/ I found evidence that FTX might have provided a massive bailout for Alameda in Q2 which now came back to haunt them.
40 days ago, 173 million FTT tokens worth over 4B USD became active on-chain.
A rabbit hole appeared 🧵👇
BTC.D (Bitcoin dominance)
Currently at support. Alts/btc still look bearish to me, and they should dump more than BTC. When they reach support (and BTC.D reaches resistance at around 50%), we could see the local bottom on the entire market.