Massive Drawdown or Rally vs Bitcoin Ahead
Updated
Ethereum is about to lose most of its value vs. Bitcoin, or gain near equal footing with it instead.
What are the scenarios, and why?
Bear Scenario:
Remain below on any further possible re-tests, expect ETH to lose >90% its value vs BTC
Bull Scenario:
A fake breakdown leading to a breakout at the top of the wedge would target ETH becoming near equal in value to 1 BTC
What are the scenarios, and why?
Bear Scenario:
- Lost a 7.2 year uptrend - failed to reclaim on re-test, failed to touch bottom of trend on re-test.
- 50/200 week MAs Death Cross
Remain below on any further possible re-tests, expect ETH to lose >90% its value vs BTC
Bull Scenario:
- Fake Breakdown - 7.2 year uptrend is reclaimed upon testing the 200 week MA following the death cross.
- This leads to a breakout at the other end of the wedge.
A fake breakdown leading to a breakout at the top of the wedge would target ETH becoming near equal in value to 1 BTC
Note
An alternative | bullish way of looking at this published a while back:
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