ETH/BTC is rising fast in a matter of hour just about 5 % and currently is testing it's resistance. see a chart for more detail.
There's a following up trendline that must hold in order to continue it's impulse movement. also a down trendline looming since June 2019.. it's consider a short downtrend in compare toward higher timeframe since it's downfall from 2017. See the yellow line in the chart.
- ETH/BTC caught me off guard as it's rising the dominance quite fast compare to top 10 marketcap coin. some arent being listed on tradingview yet. Although it's to early to says a bullish trend for eth but it's a good early sign to know there's a struggle from ethereum to fight against bitcoin dominance.
- ETH/BTC indicator start to look bullish.
Indicators on 4 hours :
DMI : +DI (buyer power) is rising. but ADX (momentum strength) is still weak. i expect a consolidation toward the fibonacci line/up trendline before it's had enough momentum to continue it's impulse movement.
RSI : it's in bullish trend on RSI. it's currently rising and expect to hit a resistance that i listed on the indicator bar before start it's consolidation.
MACD : buyer histogram is show a positive sign to continue it's bullish trend and the macd line is ready to cross create a bullish cross on macd. early sign of bullish trend forming.
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion,
and please feel free to share what your thought on comment section.
peace.
