Impressive pump on ETHUSD and a strong candle on ETHBTC. Is it alts season? It is if there is follow through, yes. Currently ETHBTC broke over the 4H 200ema but must sustain itself above it to maintain the bullish stand. It is now forming a large rejection wick and by appearance it looks like a retest of the large rising channel.
My opinion is that this pump was due to ETHBTC forming very large bullish divergences after dropping out of the rising channel. This bullish divergence has been consumed. The question remains if there is bullish follow through, the ETH weekly candle on the USD pair is unmatched since 2017. It will be clear in a few days, and especially after the dollar and cme market opens because a dump in BTC will entail a bigger dump in Alts.
My opinion is that this pump was due to ETHBTC forming very large bullish divergences after dropping out of the rising channel. This bullish divergence has been consumed. The question remains if there is bullish follow through, the ETH weekly candle on the USD pair is unmatched since 2017. It will be clear in a few days, and especially after the dollar and cme market opens because a dump in BTC will entail a bigger dump in Alts.
Commentaire:
BTC dumped, Alts dumped less. Change in paradigm. Keep watching BTC.d.
