The terms Bitfinex published for the upcoming B2X fork, may have started a chain reaction that is putting pressure in all coins that are paired against BTC, as people borrowing BTC, will also owe B2X tokens after the Nov. Fork. Pair this with a lack of liquidity in BTC from people withdrawing to receive the Bitcoin gold airdrop, and you have an explosive catalyst for a short squeeze in everything against BTC. If I'm right, ETHBTC -and everything */BTC- will melt down, and BTCUSD could reach heights between 6300 and 9700 quickly, leading to an spectacular blow off top by Nov. 18th, as people return to exchanges to drop thier B2X and chaos breaks loose, with not 1, but 3 BTC forks in existence competing for the top dog spot.
Miners will be severely divided by then, and I think the outcome could have disastrous consequences in the short and intermediate term, but, after the bear market ends, we might resume the uptrends in these instruments. Best of luck if shorting here, keep a tight stop and let it cruise. At least, swap alts for BTC and wait for BTC top if long crypto.
Cheers,
Ivan Labrie.
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This is shaping up like the previous fork, post DAO debacle in ETHBTC We had a support tested multiple times then...
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The uptrend in the ratio vs BTC runs out of time in the monthly this month...this is an ominous signal, paired with the weekly breakout. I aim for the 0.0151 zone.
ETHBTC might have bottomed today, I covered my shorts in profit and went long ETHUSD with margin (my spot holdings are still in BTC).
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Watching...holding ethusd margin longs only, but interesting to see where ETHBTC tops.
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Back to this scenario...I'm flat ETH, but it looks bad.
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It seems like going long ETHBTC could be attempted in a few weeks, but price likely will fall more first
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Since we hit target #1 it could bottom here, I'm wathching, to see how fundamentals evolve here. I don't yet reccomend buying but also don't reccomend shorting anymore.
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I caught close to the bottom, and went long, closed near the top, down in USD but won 60% more BTC. Now it might go down once again:
You was so bullish on ETH, what makes you think ETH/BTC will tank?
Upcoming rally where bitcoin outperform altcoins significantly?
JRFreeze
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@sergionero, I feel Bitcoin has the brand, which in harder crypto times could see it good but personally am long both
IvanLabrie
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@sergionero, I was and sold when it topped against BTC. Took a drawdown in USD only, but gained in BTC. I think the chart is very clearly bearish for ETHBTC...maybe the upcoming upgrades BTC will receive will make altcoins suffer, maybe SEC regulating ICOs might hurt ETH, maybe PoS has a flaw or it simply scares investors as it is essentially unproven tech...
ltc-joe
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Agreed! Love the objective analysis, excellent work keep it up, thanks.
ETH is fighting back against BTC. For a moment I thought it was a goner. I don't know if it will hold or not but the massive support around 0.0656 is still alive for now.
Upcoming rally where bitcoin outperform altcoins significantly?