Chart of the Day – 11 December 2019 ETH/ BTC – Weekly

In this Weekly chart of Ethereum/ Bitcoin (ETH/ BTC), there is an appreciating range from 0.01614 to 0.02304.

We can see the market then depreciated to the 0.01891 level (identified by the first blue up arrow), just above the 0.018766 area that represents the 61.8% retracement of the appreciating range.

The market then appreciated to the 0.02182 area (identified by the red down arrow), just above the 0.021412 level that represents the 23.6% retracement of the appreciating range.

The market then depreciated to the 0.01953 level (identified by the second blue up arrow), just below the 0.01959 level that represents the 50% retracement of the appreciating range.  

Using RSI, we can observe the slopes of both RSI (14) and RSI Average (3) remain negative, indicating the depreciation in price may continue.

Using Slow Stochastics, we can see the slope of Stochastics K remains negative, and that Stochastics D just crossed above Stochastics K, a bearish development that may indication additional depreciation.

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