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Ethereum to the $1500-1600s amidst Bitcoin capitulation fakeout
As I just mentioned here on TradingView, Bitcoin faces an increasingly high probability of having bottomed out in this seemingly accumulation, yet with a final textbook fakeout down towards the 27 000s.
Naturally, this would in turn bring Ethereum and every other alt coin down with it. When looking at Ethereum, though, it makes perfect sense. We're talking a drop down towards the diagonal support line which nicely coincides with the 0,618 fib. With that said, we may need to expect a temporary over-reaction upon any such capitulation fakeout - we're talking down into the 1500-1600s. This can be further supported by the continuously weakening ETH/BTC chart where alt season is clearly over for now (although I expect it to rally later in this mark-up regardless, so don't worry).
Naturally, this would in turn bring Ethereum and every other alt coin down with it. When looking at Ethereum, though, it makes perfect sense. We're talking a drop down towards the diagonal support line which nicely coincides with the 0,618 fib. With that said, we may need to expect a temporary over-reaction upon any such capitulation fakeout - we're talking down into the 1500-1600s. This can be further supported by the continuously weakening ETH/BTC chart where alt season is clearly over for now (although I expect it to rally later in this mark-up regardless, so don't worry).
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