Note : This post is only look at technical chart perspective
ETH/BTC Daily Chart. Data source:CEX.io
The ETH/BTC market is still laboring to recover and now contesting the November 2016 zone.
There were few sharp dumps in the year 2016 based on the above daily chart. ETH price dragged down to new base price in the start of the year before rebound tagging on the BTC rally.
Noteworthy ETH/BTC Price Levels,
Year High 0.01263 January 12 2017
Year Low 0.007823 January 2 2017
Volume is still lackluster yet we saw steady growing hoarding activities in some exchanges namely Poloniex and Hit BTC.
The price was steady up, pulled back out of double bottom from two layers on the 15min time chart. The condense of the consolidation channel is getting narrower. Therefore, a sharp breakaway is just matter of time.
Some Critical Price Levels for the Immediate Term
Important Resistance Levels
Crucial Support Levels
0.01126180 – immediate support level
I looking for further breakout from the channel. So, we could look at another few days for visible trend.
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Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from Poloniex and CEX.io.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.