Hi, everybody.
ETHBTC and USDBTC behave pretty similarly now. Both of them had an all-time high and faced the retracement later on.
I would like to compare these two charts and searching for the correlation.
BTCUSD. The red vertical line is ETHUSD peak.
ETHUSD. The blue vertical line is a BTCUSD peak. BTC movements are projected to that chart with blue arrows.
Red arrows mark areas when ETHUSD had a motion in an opposite direction to BTCUSD. These areas should be reflected on the ETHBTC with an upward movement.
Here is an ETHBTC chart, with red and blue marks taken from two previous charts.
What sort of observations can we write down seeing these three pictures together?
- Bitcoin is in the downtrend for a longer period (27 days more).
- ETHUSD (1400) peak fall on the ETHBTC peak with the value of (0.10000). Now ETHBTC is 0.09000, so BTC is relatively stronger at the moment.
- See the black box on the image below. Both ETHUSD and BTCUSD moved up this time, but as ETHBTC also moved up we can conclude, that ETHBTC growth was stronger. Faster growth could lead to deeper fall after the peak.
Now let's have a look at ETHBTC waves:
We can now face the beginning of the retracement.
Here is also my older idea about the money migration between ETH and BTC. The image is clickable:
So I guess currently BTC is stronger so here is an idea to play some bearish games with ETHBTC until the ETHUSD is also done with the correction.
Thank you for reading!
Please share your notes and good luck in trading!
Disclaimer: please do your own analysis. My post is not a trading advice, but a personal point of view.
A bit of both is good :)
Yes, diversification is always useful!
going up dkn thank you
With love,
harj : ) xoxo
Abstract artist
(My latest artwork is "Kurt Cobain emotion")
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