Elliott Wave Analysis: ETHBTC Turning Bearish!?

Hello Crypto traders!

Today we will talk about ETHBTC cryptocurrency pair in which we see quite clear Elliott Wave pattern.

Well, ETHBTC turned down from the highs with five waves which suggest at least a temporary top, so we labeled it as a first leg A/1. Well, after recent three-wave a-b-c corrective rise in wave B/2 with nice resistance around 78,6% Fibonacci retracement, we can now see it sharply down that can be indicating further weakness within wave C with room at least down to the previous lows and 0.055 area or in case of wave 3 much much lower.

What we want to say is that seems like ETH is losing it dominance, while BTC.Dominance can be kicking back and it may easily stay here for a while, so watch out for more downside pressure on ETHBTC pair.

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