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ETHUSD today analysis, 191009. "ETH is better than BTC to buy"

Updated

Hello, my friends. It's Cryptoranger K.

Today, I saw the difference between BTC and ETH after looking at the price flow. As far as I can see, BTC is drawing a falling pennant while ETH seems to be drawing a rising pennant.

Many people think that the price will fall if the bottom of the triangle becomes flat when drawing the pennant shape, and on the contrary, the price will rise if the top of the triangle becomes flat. And in general, the price moves as mentioned earlier. But I think the more important thing than the shape of a triangle is the place where the triangle is made. The shape of the triangle can look different depending on the viewer.
(What I'm talking about today doesn't mean that the pennant shapes in BTC and ETH are out of the ordinary.)

The ETH chart above is a daily chart. '2)' is the pennant of the recent price flow, and '1)' is the pennant of the price flow before the recent rise. And you can see that these two pennants have a similar shape. Not only that, but the resistance zones that hit above are similar.

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(ETH 1week chart)

I mentioned earlier that the place where pennants are made is more important than the shape of pennants. The chart above is a weekly ETH chart. Looking at the chart above, it seems that all the secondary indicators are talking about the rise.

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(ETH 3-day chart)

Also, on the 3rd, the ETH chart RSI shows that the low of this candle is located lower than the low of the previous candle, but the low of the RSI rose.

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(ETH 1-day Invert Chart)

But I don't think there's any upside right now because there's no double bottom to talk about a full ascent. I think that the bottom should once again be created above this low in order to rise properly.

The above chart is an invert chart based on ETH daily. If ETH only flows in the direction I just mentioned, I expect a nice head-and-shoulder shape. If that's the case, I don't think it's going to the previous high, but I think you'll see a pretty good one.

As I'm writing this, most of the coins are on the rise.
Personally, I would like to buy after confirming where the low is after the next decline. But I think there are people who want to make money in the rebound. Such people think that if they watch for a few days and buy around $ 175 rather than buy ETH now, they will be able to make a profit from rebound with less risk.

I would like to talk about BTC analysis today, but since I don't have much time, I have only dealt with ETH. The BTC analysis I wanted to talk about was completely the opposite of ETH. In other words, my conclusion is that ETH looks better than BTC to buy.

Today's analysis is up to here.
I sincerely hope that you will respond well to market trends and continue to make profits without losing your precious assets.
Then all of you have a good day and I will see you again tomorrow.
Thank you.

ps. A few days ago I thought that ETH should once again fall deep and then come back. However, it seems more likely that this will not happen in the current flow. The market is always a place of unexpected movement, so I'll keep watching the chart.

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Update.
ETH is up a lot now. Perhaps a lot of private traders bought at the highs.
With this rise, ETH is unlikely to drop to $ 175.
However, I wonder if tomorrow or the day after tomorrow ETH will touch or go near the 20-day line below the current price.
If a double bottom is made, it is expected to be $ 178 down from the current point.
So, if you can't buy, those who say you can reduce some of the risks can go in.
I don't plan to buy ETH yet, but if I buy ETH, I'll wait two or three days and buy it when the price comes near $178 . But if I miss it, I will send it this time and buy it after the trend has made a second floor.

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It's more likely that it's $185, not $178.

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Earlier, the ETH price rose a lot.
Because of this, I changed the shape of the rising pennant that I drew earlier to the falling flag.
Personally, I expect the price to drop to $ 185.
And if I'm lucky, I think the candle could fall for a few days and drop to $ 179. But that seems unlikely.
If you missed the purchase this time, you don't have to be too heartbroken.
The rise has just begun, and the sharp rise is just a rebound, not a rise.
The rebound must come down in place.
I think this rebound will go from $ 208 to $ 215. And after that, prices are going to come down to create a double bottom, which I'm waiting for. The rise is not so rapid.
I'll write it here today.
Then have a peaceful night.

Crypto_Ranger_K

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