D4rkEnergY is back with one if his VERY sharp TA-analysis. I'm working day and night to monitor the market to help you guys to become better at trading and TA, and basically make some money!
I have found a really interesting correlation between B.itcoin and E.thereum, which I think, everyone should know about. So let's jump in.
We are here taking a look, at the Weekly ETHBTC Chart.
I've used LOG-scale to make this chart, and it's pretty clear to see, what's going on. First of all we are in an up-trending channel. We are going back and forward, from upper to the support line. E.thereum was on it's All Time High June 12th 2017.
Since January 29th 2018 B.itcoin has fared better than E.thereum. BUT, according to my chart, it will soon have an ending for several reasons:
- Please pay attention to the bars. It's clear how the is decreasing in height.
- Also is showing us, that the bears (B.itcoin) are losing momentum.
- Take notice of the lows on the and the price (red circles). It also indicates, we soon will have a reversal.
So WHEN will E.thereum start kicking B.itcoins behind?
Please look at the , and the longest node (black line) we call this P.O.C. or Point of Control, which means, that most trades has been made at this price point in the past, why we can assume, that this is also a strong . On top of that, you can see on the chart, there has been a lot of at this level.
Ladies and Gentleman, when we take all the above mentioned things into consideration, we can expect a reversal, and a STRONGER E.thereum than B.itcoin from 28th of May 2018, since the P.O.C are crossing the at this point!
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