Here we see that ETHBTC hit the top of its channel since the low a full year ago in September 2019.
On the Weekly chart, price action currently sits directly above the tinken-san line on the Ichimoku indicator and also just a little above the middle-line (dotted blue) of the trending channel (pink area).
What leans us towards a continued consolidation phase or decline in ETH vs BTC is the MACD now dropping below the 0 level into red.
Perhaps we'l see another few weeks of similar % gains and losses for both BTC and ETH before one of them emerges as favoured by the market for an acceleration.
Overall the ETHBTC weekly chart is a little more bullish for ETH given the tinken-san kijun-san crossover and entrance into the cloud. Typically price will move to the other side of the cloud once enterred. But this could take a long time with a windy road to get there.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
On the Weekly chart, price action currently sits directly above the tinken-san line on the Ichimoku indicator and also just a little above the middle-line (dotted blue) of the trending channel (pink area).
What leans us towards a continued consolidation phase or decline in ETH vs BTC is the MACD now dropping below the 0 level into red.
Perhaps we'l see another few weeks of similar % gains and losses for both BTC and ETH before one of them emerges as favoured by the market for an acceleration.
Overall the ETHBTC weekly chart is a little more bullish for ETH given the tinken-san kijun-san crossover and entrance into the cloud. Typically price will move to the other side of the cloud once enterred. But this could take a long time with a windy road to get there.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
