What do you think? Is the bottom in for ETH/BTC? Either it is or we're in for a scary ride down potentially to 0.007 BTC to test the all time low (ATL) as support. Let's take a look at the weekly chart. 

You can see here on this downtrend while forming lower highs, ETH/BTC found support at ~0.025 BTC multiple times over 2018-2019. On the far left  you can actually see this area was originally a major resistance point in 2016 before ETH/BTC had it first parabolic run. Many people may have seen these bounces (the second and third specifically) and perhaps thought those were the bottom and great entries for a long position. They would've been for a swing trade, but not for finding the bottom. After multiple touches on support one would assume that means it's a strong support, and while there is merit to that thought, every touch to that support in fact weakens it. When attempting a 4th bounce on the ~0.025 BTC support, this time it broke through and found new support around 0.016k BTC, around another 33% drop. 

Let's have a look at the BTC weekly.

Look familiar? Here we can see BTC had 4 previous touches in the low $6k's which had many people shouting that the bottom was in, but alas, there would be one more drop and in BTC's case it was another (close to) 50%. We know what BTC has done since then. A nice recovery with the usual, wild BTC variance. 

Now, the real question, is the bottom for ETH/BTC in? Judging by the chart itself, I would be led to believe that this is where ETH/BTC begins curling up and beginning a new uptrend. That being said, we are in the midst of a major catalyst in the crypto space with the impending BTC halving. BTC dominance is still very high around 67.5% and if it goes on a parabolic run of its own prior to the halving, every coin and token in the market will go for a ride in Satoshis, and it's not a good one.  

That's the only way I see ETH/BTC breaking below this new support, but it's definitely not out of the realm of possibilities. If you're in a position, I'd be using a tight stop. The power BTC has over the entire market when it makes massive moves is quite absurd, but it's the market we're in and we have to be prepared for anything.  

What do you think, is this the bottom? Do you agree or disagree? Let me know! 

Thanks for taking the time to read, and enjoy the rest of your weekend!