ETHBTC has been respecting it's upward trendline and trading comfortably above the 200SMA and 200EMA on the 2H timeframe.
ETHBTC has now retraced back to the 0.618 Fibonacci level, almost touching it's bottom trendline and meeting the 200SMA and 200EMA.
This is an important level with a number of major support levels all in alignment. We could potentially take a long position here with a stoploss just below the 0.618 Fib level.
But if we see a break of this Fib level, we will also be seeing a break below the trendline and the moving averages as well, showing significant weakness and we would expect a strong move to the downside.
ETHBTC has now retraced back to the 0.618 Fibonacci level, almost touching it's bottom trendline and meeting the 200SMA and 200EMA.
This is an important level with a number of major support levels all in alignment. We could potentially take a long position here with a stoploss just below the 0.618 Fib level.
But if we see a break of this Fib level, we will also be seeing a break below the trendline and the moving averages as well, showing significant weakness and we would expect a strong move to the downside.
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