Today I am going to detail my Technical Analysis on ETHEREUM and BITCOIN pair. As you all know that I usually do technical analysis by pairing any digital currency with usd but for a change i am doing with a pair of digital currency only.
Lets take a quick note on chart above which is ETHEREUM/BITCOIN paired and in this chart one can notice after surging against bitcoin for quite sometime, after hitting a high of 0.1748 Satoshi, ethereum is retreating its upmove and continuously trading sideways to negative for last three to four days.
Now i want you to take note of a DIAGONAL PARALLEL LINES which is signifying a uptrend of this script against bitcoin. You can also notice how after breaking the upper trendline of this channel Ethereum hit a new high and then corrected to touch SUPPORT 1 on multiple occasion but never closed in this said channel, which also was providing some support to this script.
But today this script has broken its trendline support and continuously trading inside of rising trendline of said channel. Now this script has a high chance of testing its 10 Days EMA(Wavy Red Line) and if this moving average failed to support then next logical support gonna be SUPPORT 1.
Lastly Rsi indicator at bottom of chart is also dipping which is in pair with current down move in this script, its trading at 70level but can dip towards 60 level and may found support there.
In conclusion I am recommending to short this pair with a stop loss of 0.143 and a targets of 0.1293 and 0.1223.
(same above chart i am pasting below for easy reference)
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