I’ve decided to post a new ETHBTC analysis because things are looking very interesting (and exciting). For the first time since the breakdown below 6K, I’ve been feeling cautiously on the whole market, especially since following the price action on Litecoin. Right as we speak, ETH is just poking out of this incredibly long resistance. IF we break out here, I think it’ll be a lot more powerful than people are expecting, and the whole market would likely move up with it. As you can see, we would also be completing an enormous pattern (seen on the weekly as well). This sort of reversal can send us even to new highs on the ratio. Just look at the log chart:
And the daily linear chart:
On the hourly chart, it looks like we’re breaking out of a bull flag:
Anyway, that’s it for this analysis. I think if ETH breaks out here (just as Litecoin broke its ), it would nearly confirm that the bear market is over. I know it may be a little premature, but I’m just curious to see how this plays out. Additionally, I speculated back in November that January/February 2019 would be the earliest end to the bear market. However, caution is still always needed. It’s possible that we have a fake breakout and head to new lows, since anything can happen in this market. is struggling a little bit to hold current levels, but it seems that bears are indeed starting to get exhausted. To me, many alts really seem like they’re forming solid bottoms with clear accumulation.
This is not financial advice, and I’m not a professional. I just enjoy this market and analyzing it. Full disclosure, I bought Litecoin at $32 and ETH at $107 recently. Maybe I’m wrong. We’ll see.
-Victor Cobra
Published at Tue, 12 Feb 2019 08:09:50 +0000
