Technical Analysis

Is ETHBTC Pair Turning Bullish?Jul 5, 2024

ETHBTC pair can be turning bullish, as we see strong rebound after a completed corrective decline by Elliott wave theory.

We talked about ETHBTC pair back on May 14th, where we mentioned and highlighted the completion of an (A)-(B)-(C) corrective setback with the wedge pattern within wave 5 of (C). CLICK HERE

Is ETHBTC Pair Turning Bullish? ETHBTC Daily Chart From May 14 2024
ETHBTC Daily Chart From May 14 2024

As you can see today on July 05, ETHBTC pair bounced from projected 0.045 support area, which can be signal that it’s turning back to bullish mode, especially if breaks back above 0.061 region.

Is ETHBTC Pair Turning Bullish? ETHBTC Daily Chart From July 05 2024
ETHBTC Daily Chart From July 05 2024

Regarding dominance in the Crypto market, we still believe that ALTcoin dominance may kick in soon and new ALTseason could be around the corner. One of the reasons for this view is also ETHBTC chart, which can be already turning bullish, but for now we are observing a minimum three-wave A/1-B/2-C/3 rally. If we take a closer look in the 4-hour chart, we can now see it finishing an a-b-c pullback in wave B/2 after recent sharp and impulsive rebound into wave A/1, so it can find the support around 0.50 area, from where we will expect further rally within wave C or 3, which might actually be the ALTseason.

Is ETHBTC Pair Turning Bullish? ETHBTC 4H Chart July 05 2024
ETHBTC 4H Chart July 05 2024

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