There is potential building (as often against a significant level of resistance) in the cryptosphere. Money Man has been putting all these levels on the chart begrudgingly as this crowds it, but what can he do? – They are there and simply putting his own bias on there would destroy the continuity that he is trying to create. In the related BTC chart (attached below) it is noted that this would legitimize any old fake out, but also that there are two locations on the chart that stand out.
These locations are translated into ETH. Comparing them to BTC, it becomes clear that ETH has a closer Decision Box 1, than BTC. This is as ETH stalled here and the anticipation is that it would drift up to Green Target 1 if BTC can sustain its current levels for some time. Further that ETH’s Decision Box 1 is discretionary. Money Man does not like putting such a seemingly unworthy block on the chart, but sees it justified as he has explained it.
He has also had somebody tell him that his charts are occasionally too crowded with lines. These trendlines he tries to make dim but find it hard to remove. The idea is that the trendlines are taking the price to the boxes. The further the carving into the trend, the more likely it is to fail.
Conclusion: There is a real chance that ETH suffer some on a BTC breakout and then follow later, but this is not to worry about until the trend is broken. Also, if you want to simplify the chart more then the least important are the trendlines, they tell a story, but the boxes are the plots and climaxes. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
These locations are translated into ETH. Comparing them to BTC, it becomes clear that ETH has a closer Decision Box 1, than BTC. This is as ETH stalled here and the anticipation is that it would drift up to Green Target 1 if BTC can sustain its current levels for some time. Further that ETH’s Decision Box 1 is discretionary. Money Man does not like putting such a seemingly unworthy block on the chart, but sees it justified as he has explained it.
He has also had somebody tell him that his charts are occasionally too crowded with lines. These trendlines he tries to make dim but find it hard to remove. The idea is that the trendlines are taking the price to the boxes. The further the carving into the trend, the more likely it is to fail.
Conclusion: There is a real chance that ETH suffer some on a BTC breakout and then follow later, but this is not to worry about until the trend is broken. Also, if you want to simplify the chart more then the least important are the trendlines, they tell a story, but the boxes are the plots and climaxes. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
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Related BTC contribution
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Previous ETH contribution
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BTC could change very quickly now so keep an eye on the BTC chart linked above. All the best.
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Next ETH contribution
