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jamyr

BTC ETH prices related?

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Anybody here who have any idea why whenever btc price soars, eth do the same?

 

(http://www.newsbtc.com/2017/05/05/ethereum-price-technical-analysis-100-ethusd-point-away/)

 

In yesterday’s analysis, we noticed that the overall trend remains bullish in ETH price as long as the price is above $80 against the US Dollar. The price continued to gain momentum, as it moved above the $86.00 high. The upside surged as nasty, as the price even broke the $98 level, and almost tested the $100 level. There was a high formed at $99.59 (data feed via SimpleFX) before the price started correcting lower.

 

It is currently correcting lower, and may soon test the 23.6% Fib retracement level of the last wave from the $88.48 low to $99.59 high. There are many supports on the downside, including $96.00. There are also two important bullish trend lines with support at $92 formed on the hourly chart. The most important support could be near the 50% Fib retracement level of the last wave from the $88.48 low to $99.59 high at $94.00.

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