ETH/USD:
Currently down some 88% off it’s all time high, ETH is trading around $164. Since December 2018 lows, price action has consolidated into an , with price currently trading above the triangle. Which is typically . Formations such as ascending triangles tend to retest for a pre-flight check.
But what’s currently peaking our interest is , the pair. As historically it’s acted as a hedge, especially after gusts, as was pulling back after climbing to relatively new highs.
In this video I highlight 3 periods where took a parabolic climb, during a consolidation period after a gust. We suspect a similar market cycle is around the corner.
January 4th 2017, through January 14th, BTC/USD lost 28% in USD value, as gained 28% over that exact time period.
March 5th through the 24th of 2017, BTC/USD lost some %30 in value while gained a substantial %305 during that exact time period.
December 16th of 2017 through February of 2018, as lost 64% in USD value, climbed %189 in value.
The inverse correlation doesn’t always play out, but we’ve witnessed several of these market cycles unfold and traded them in the past. We’ve also seen extended eras of direct correlation, such has the latter quarters of 2018, yet much of 2018’s market dynamics were dictated by a bear market, unlike today’s case as we highlighted in our previous publication, calling for an imminent upwards move.
Published at Sun, 14 Apr 2019 13:26:05 +0000