Best Ethereum/Bitcoin prediction: Bitcoin and Ethereum meet in the thin red line
- ETH/BTC 0.0338, this number separates heaven from hell.
- In the medium term, charts are very positive for cryptocurrencies.
Do you want to know more about my technical setup?
Bitcoin and Ethereum are holding a hard fight at the relative price level of 0.0338 BTC/ETH. Below this price level, the downfall is set to return and probably some new historic low, perhaps in the XRP.
However, above this magic number, 0.0338 on Bitcoin/Etehreum, the market will enter a new phase of consistent and generalized increases.
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At this point in time, it is still hard to know if the worst of this bearish market has passed in its more than twelve months of duration. However, if we look at the indicators in a 1-week time frame, the MACD is crossed up in its initial phases. It has room to travel until it reaches the first obstacle in the zero lines, an area entirely coincident with the one that has the price until its severe first obstacle in the price level of 0.055.
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The DMI, also in the weekly range, shows a structure more likely to develop a bullish move than a bearish one since bears have a downward trajectory, although still dominant, while bulls have a rising path.
Halfway to the 0.055 BTC/ETH medium-term objective, the pair should be above the 23.6% level of the Fibonacci retracement system since the February 2018 highs. This retracement level coincides with 0.048.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
