ETH sideways movement after breakout
It is shown on the chart that the ETHBTC dominance is stabilizing between the 0.618 and 0.5 fib retracement levels. This is a sign of strength in my opinion and there is currently no major benefit to holding ETH as opposed to BTC at the moment.
I will be waiting for something from a fundamental aspect to be a catalyst for determining the direction of the next move.
If we do break down out of this horizontal chanel we can expect support at the 0.382 before either a reversal or continuation lower.
If we can get above the 0.618 and retest it as support there will be less resistance until the 0.786. The resistance levels expected are shown as blue horizontal lines between the 0.618 and 0.786.
I will be waiting for something from a fundamental aspect to be a catalyst for determining the direction of the next move.
If we do break down out of this horizontal chanel we can expect support at the 0.382 before either a reversal or continuation lower.
If we can get above the 0.618 and retest it as support there will be less resistance until the 0.786. The resistance levels expected are shown as blue horizontal lines between the 0.618 and 0.786.
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