Ethxbt Sitting on Support
I am faced with a conundrum tonight. You see, the ethxbt 8-hour chart is now sitting on 5th arc support. This is typically very strong support. Of course, in this business one learns to “never say never”. The support could fail. But it would be foolish, imho, to bet against that support before seeing evidence that it is failing. But, if we accept the strong implication of this chart, it means that ethereum is going to strengthen against Bitcoin in the very near future. To be honest, this scenario did not strike me as highly probable before seeing this chart. For the past week or so, I have....
Related News
Fortunately, last night’s decision to buy bitcoin at around $658 turned out to be quite profitable, up around $30 in under a day. I have not closed that position as I expect that asset to go up quite a bit higher over the next two weeks. Today I want to take another look at ethereum. We last looked at this asset two or three days ago. At that time price was sitting at the top of the square, and also right on the 1×2 Gann angle. I noted that it seemed to have strong support at that level. Because price was sitting exactly on support, I pointed out that this gave us the luxury of placing a....
Ethereum has not yet broken through arc resistance – it just can’t seem to get out of the arc pair, which keeps pulling it down. So unsurprisingly, ethxbt has fallen through 5th square support of the setup I was using. This means my setup was too small. Taking the setup to the next larger size yields this picture of the 8-hour chart: The drop through support, and consequest re-sizing of my setup strongly suggests that contrary to my thinking 12 hours go, it is Bitcoin which will out-perform ethereum for the foreseeable future. As of this writing it appears that Bitcoin is going to take out....
Well, it came to pass that there was a serious correction the moment bitcoin price got past the 2nd arc pair, as we discussed yesterday. I hope traders pulled their stops in tight as was also discussed. Here is that chart again. Note that the break occurred as soon as the 2nd arc pair could no longer offer support: So what does this tell us? Well, for starters it tells us that we can not ignore this bear setup. The long-term bull case is pretty persuasive, as we have discussed in recent days. But this recent break is pretty undeniable evidence that the market is working itself out....
On-chain data shows a Bitcoin whale has moved a 3.7k BTC stack that had previously been sitting idle since 10 years ago. Bitcoin Whale Suddenly Transfers Coins Sitting Idle Since 2012 As pointed out by an analyst in a CryptoQuant post, these coins moved by the OG whale had been sitting still since the crypto’s […]
Ethereum Price Key Highlights. Upon breaking below the bottom of the rising wedge consolidation pattern recently, ethereum price has its sights set on new lows. Technical indicators suggest that the selloff is gaining traction but that a pullback to the broken support zones might still be possible. Ethereum price is eyeing further downside and might be ready to test the yearly lows as seen on the 4-hour time frame. Bearish Pressure Rising. Bitcoin price has broken to the upside of its consolidation pattern, which may have been partly to blame for the downside break in ETHXBT. The chart....