Trouble Ahead For ETH/BTC?

Trouble Ahead For ETH/BTC?
Ethereum / Bitcoin BINANCE:ETHBTC
smaniscalco

Hey Friends!

Ethereum has been pretty stable over the past month, following a minor increase of 1.5%.
However, things might get a bit rocky over the next few days for Ethereum if it breaks beneath the current short term ascending price channel .

Looking at the ETH/BTC 1-day chart:
Against BTC , ETH has continued to trade sideways along the 100-days EMA around 0.021485 BTC .
The coin is secured from above by resistance at 0.02183 BTC and has been unable to rise above during September and October.

Higher above:
Next resistance levels lie at 0.02232 BTC ( bearish .382 Fibonacci Retracement level), 0.02295 BTC (1.272 Fib Extension), 0.02326 BTC , 0.02369 BTC (1.414 Fibonacci Extension ), and 0.02423 BTC ( bearish .5 Fibonacci Retracement ). Significant higher resistance is then expected at the 200-days EMA at 0.02495 BTC .

From below:
The nearest level of support lies at 0.021 BTC . Beneath this, support lies at 0.020429 BTC , and 0.020 BTC .
Lower support is found at 0.01963 BTC (.382 Fib Retracement), 0.01918 BTC , and 0.01839 BTC (.618 Fib Retracement).

The trading volume of ETH/BTC has dropped significantly during October.

The RSI remains above the 50 level which shows that the buyers are still in control over the market momentum, however, this seems to be very weak.
If we want to break above the 100-days EMA , we would need to see the RSI rise higher from the 50 levels.

Stay ahead of the masses,

Seth Maniscalco
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management LP

www.CryptoWealthCoach.com/VIP