ETHBTC still some way to go
Updated
• ETHBTC has been in an upward parallel channel since early 2020.
• ETHBTC temporarily broke out of this channel during Phase 1 of this bullrun.
• Cup and handle being formed, lining up nicely with 1) ETHBTC as at peak of 2017 bullrun, 2) ETHBTC peak during Phase 1 of this bullrun, and ETHBTC phase during the mid-cycle consolidation phase.
• Trade other alts for ETH when
- 20W MA closes over 21W EMA
- ETHBTC closes above 8W MA
- Weekly RSI >70%
- Cup and handle pattern completes
• This will probably be end-2021 or early-2022.
• ETHBTC temporarily broke out of this channel during Phase 1 of this bullrun.
• Cup and handle being formed, lining up nicely with 1) ETHBTC as at peak of 2017 bullrun, 2) ETHBTC peak during Phase 1 of this bullrun, and ETHBTC phase during the mid-cycle consolidation phase.
• Trade other alts for ETH when
- 20W MA closes over 21W EMA
- ETHBTC closes above 8W MA
- Weekly RSI >70%
- Cup and handle pattern completes
• This will probably be end-2021 or early-2022.
Note
• Whales trade between BTC and ETH, and not ETH and USDT.• This is why it is more worthwhile looking at ETHBTC than at ETHUSDT.
• Of course, it is useful to watch both ETHUSDT and ETHBTC pairs.
• BUT when deciding whether to swing between BTC, ETH and alts, it is more worthwhile looking at the ETHBTC pair.
• This may be why ETHUSDT did not go into price discovery when it hit the previous ATH earlier today.
• I do hope that ETHUSDT chill for a while though, the longer it consolidates, the stronger the eventual breakout will be.
Note
ETHBTC may be forming a double bottom to break out of the trendline.But...what might be better than a double bottom...?
...a triple bottom!
ETHBTC, you need to hodl too!
Note
• ETHBTC has been trending upwards recently.• However, this is due to DXY trending upwards and thus leading to BTC consolidating more than any appreciation of ETHUSD.
• The probability of BTCUSD pumping and/or dumping is higher than ETHUSD pumping at this stage of the bullrun.
• The probability of ETHBTC continuing with her consolidation is thus higher than her breaking out at this point of the bullrun.
• Further consolidation of ETHBTC will lend strength to the eventual pump.
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