Earlier today Bitcoin (BTC) seemed ready to take another leg up in its LTF uptrend, but at time of writing the leading crypto has faked-out to the downside. This is casting Ethereum (ETH) in a more bearish light, as the leading altcoin is having trouble showing much strength on the charts.
On the daily ETH/Dollar chart, we see that Ethereum has already put in 70% of gains on the relief rally from regional lows. The formation could easily be a bear flag, though, and the Mar 12-13 dump never really looked like a bottom.
We could be much more comfortable seeing a higher low on the RSI. The histogram is looking a bit bearish also, although there isn’t enough of a profile yet to call it.
On the 2-day ETH/Bitcoin chart, we don’t see much bullish indication either. The 2019 ‘Capitulation Line’ looks to be well lost by now, without even another attempt at retaking it. We could easily see Ethereum keep descending to the next major support level.
The RSI is looking flaccid, with no upward intentions visible. The histogram, instead, is in fact starting to swing to the upside for a bullish contraction; but this movement has just begun and we can’t expect it to translate into upward price movement soon.
Finally, zooming into the ETH/Dollar chart, we are seeing what is looking like a consolidation on the MTF. Price is contracting, along with the indicators, suggesting that we may see a price movement before the week is out.
And going back to the first chart, looking like a bear flag, which might expect this movement to be down – if the Bitcoin rejection holds up.
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