ETHXBT Price Technical Analysis – Ready for Another Breakout? ETHXBT has formed higher lows and lower highs, consolidating again inside a symmetrical triangle pattern visible on its 1-hour chart. Price is approaching the peak of the formation could a breakout could be due anytime soon. An upside breakout could lead to a move of up to 0.02240 or the top of the triangle while a downside breakout could lead to a drop to the lows at 0.02080. The moving averages are oscillating as the consolidation progresses, barely providing strong directional clues at the moment. Still, it’s worth noting that the 100 SMA is below the longer-term 200 SMA so the path of least resistance could be to the downside. The oscillators aren’t of much help for now either, as both stochastic and RSI are on middle ground. Stochastic seems to be on its way down to suggest that sellers are in control of price action but RSI is on the move up to show that bullish momentum is present. Bitcoin has been consolidating across the board itself, although it appears to be on a short-term climb against the dollar, allowing it to take advantage of upside pressure against ethereum. Still, liquidity appears to be thin in the cryptocurrency arena these days and investors are busier in other financial markets, such as equities and commodities. News of the OPEC agreement has inspired volatility in crude oil, allowing the commodity to advance in anticipation of an actual output deal in November. Meanwhile, the Deutsche Bank news has led traders to pay closer attention to equities in Europe, as reports that hedge funds clients are reducing their holdings with the German bank has taken its toll on stock markets in the region. Escalating fears of a banking crisis in Europe could still […]
