ETHBTC vs BTCUSDT Inverse Correlation Tracking (Poloniex)
Updated
Hello everyone. First let me start off by saying that this is my first idea here on Trading View. As I am a relatively new trader, I would not recommend making any trades simply based off my ideas. Feel free to take what I post into consideration, but this idea is mainly for personal analysis. So far I've mainly been trading ETH and BTC so I thought it would be interesting to study this inverse correlation that has been occurring between the two. Just in case it gets confusing, ETHBTC is the blue/orange (left axis) and BTCUSDT is the green/red (right axis).
Lately, I've seen BTC in a short-to-mid-term downtrend (possibly because of LTC pump), but I don't think that will last. I believe ETH may be in a really short downtrend, but the mid-to-long-term trend looks up to me. I'm currently holding ETH while I wait to see where the two coins are headed. Later, when I get a chance, I'll post a more in-depth analysis with trend lines and resistance/support levels.
Lately, I've seen BTC in a short-to-mid-term downtrend (possibly because of LTC pump), but I don't think that will last. I believe ETH may be in a really short downtrend, but the mid-to-long-term trend looks up to me. I'm currently holding ETH while I wait to see where the two coins are headed. Later, when I get a chance, I'll post a more in-depth analysis with trend lines and resistance/support levels.
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Wow this inverse correlation is really interesting to watch play out.. I'm currently longing BTC in Bitfinex. Looks to me like the trends for these two are about to be set. If BTC breaks that resistance upward around 1065, it could go on to test 1120. If the correlation holds, that means ETH could break support downward around .045. Supposedly the Koreans are dumping it since its the end of the month haha.. could be true, ETH looks pretty overbought on the Weekly RSI.. time will tell.Trade closed manually
Ah.. forgot to update some of these ideas. I closed my BTC long a while ago. Currently longing LTC for the time-being.Note
This is so cool to watch. I believe ETH is dumping and BTC is pumping. 
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