ETHBTC days away from 1day chart goldencross.
Here we see the monthly logarithmic chart for the ethbtc pair so the impending golden cross is not shown here. It is only a few days at most away from crossing and we can see here on the log chart that the ethbtc chart’s priceaction is well above an inv h&s pattern and likely has validated the breakout of this pattern even though we haven’t reached its full measured move target just yet. We can also see how price action is now poking a monthly candle above this monthly bullflag in white here. I think it is very possible for ethbtc to continue pumping past the 1day golden cross on its way to hitting both of these chart pattern’s (bullflag and invh&s) targets. However there is such huge anticipation for Ethereum switching over to proof of stake that there is a high probability since the date for it has been announced so far in the future, that it will be a buy the rumor sell the news type of event that pumps up until the event then dumps the week or day of. The one possibility that could keep this from being a sell the news event however is If enough people post predictions that it will be a sell the news event…in which case if everyone in the herd is expecting a sell the news dump it could even continue to pump day of. For now though, it seems the overall sentiment believes the switch will lead to a pump so sell the news has a higher probability at the moment. That could change the closer we get if more and more analysts and youtube personalities start warning of a sell the news event. Quite the paradox really lol. In the short term however I think continued upside after the golden cross is likely, but if we dump on the day it switched to proof of stake the golden cross can still easily be a fake out that flips back into a death cross soon after, so it’s wise to stay vigilant. *not financial advice*
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