Bottoming action on ETHBTC (and other ALT/BTC pairs) continues. The daily bullish engulfing confirmed, and now we're well on our way to a three white soldiers formation. The weekly chart now shows a bullish engulfing and hammer reversal candle. This is a clear rejection of attempts to sell below this bull trend:
https://i.imgur.com/44pWI2I.png
https://i.imgur.com/44pWI2I.png
Beautiful follow through on ETH. Confirmed outside bar reversal on the weekly makes this bottom look very solid:
https://i.imgur.com/wupUwtD.png
Entering a resistance zone now, but it sure looks like dip buying season for ETHBTC.
BTCUSD looks like it might want to form a higher low off $18K on the 4-hour but......not sure yet. Still on the sidelines, no position here. It doesn't feel quite ready to dump yet.
Binance funding rates have been getting pretty high though, bouncing around in the 0.05-0.1+ % range. The greed is real!
Looking forward to buying the ETH/BTC dip again
Soon I hope...