ETH/BTC pair showing signs of revival, ETH's turn to thrive next
Updated
We see that in the 1 week timeframe the Ethereum/Bitcoin pair has come down to the weekly 100 SMA last candle and now we have a strong bounce off of that line. Phoenix Ascending is showing initial sign of a momentum swing back upwards in the 5-7D scale. The white energy in the 3D TF is currently very high with the green line trailing behind and below. This is usually how it goes when we experience a gradual uptick in price (in this case the ETH/BTC ratio) coming off of a correction. What would likely play out from here on out is a potential stair-stepping up in this local area for a potential run off to a higher high in a long term bull trend.
ALT/BTC for any altcoin is a very important pair to look at when we do an analysis of that particular altcoin, because unlike in any other markets for any other stocks/pairs, there is a high correlation between altcoins and bitcoin. The ALT/BTC pair is a lifeline to any altcoin itself: when the ALT/BTC pair isn't ready to go up yet and is still in correction phase, it doesn't matter if BTC pumps because we know that ALT won't be going anywhere on its own in spite of BTC's pump; if anything, when BTC dumps, the ALTs are going dump like heavy rainstorm when the ALT/BTC pairs are slumping. If the ALT/BTC pairs are ready to move, then we have a case for what we usually call an "altcoin season".
As I have gradually come to realize, the ALT/BTC pair has a life of its own, and when we are doing an analysis on an altcoin (and in this case ETH), the altcoin's fate is determined to a large extent by the ratio of ALT/BTC. What we are seeing here is that the ETH/BTC pair is giving signs that it could be beginning to reverse out of this current episode of correction. If ETH/BTC is ready to pump, then ETH itself could really thrive in the foreseeable future. This is not about ignoring ETHUSD pair itself; we already know that ETHUSD has climbed out of its mid-term correction here and already started moving. The question here is if ETHUSD is really ready to go up than be dragged up by BTC, and I think in the mid to long term, the answer is yes when ETHBTC is showing us signs it's moving back up.
ALT/BTC for any altcoin is a very important pair to look at when we do an analysis of that particular altcoin, because unlike in any other markets for any other stocks/pairs, there is a high correlation between altcoins and bitcoin. The ALT/BTC pair is a lifeline to any altcoin itself: when the ALT/BTC pair isn't ready to go up yet and is still in correction phase, it doesn't matter if BTC pumps because we know that ALT won't be going anywhere on its own in spite of BTC's pump; if anything, when BTC dumps, the ALTs are going dump like heavy rainstorm when the ALT/BTC pairs are slumping. If the ALT/BTC pairs are ready to move, then we have a case for what we usually call an "altcoin season".
As I have gradually come to realize, the ALT/BTC pair has a life of its own, and when we are doing an analysis on an altcoin (and in this case ETH), the altcoin's fate is determined to a large extent by the ratio of ALT/BTC. What we are seeing here is that the ETH/BTC pair is giving signs that it could be beginning to reverse out of this current episode of correction. If ETH/BTC is ready to pump, then ETH itself could really thrive in the foreseeable future. This is not about ignoring ETHUSD pair itself; we already know that ETHUSD has climbed out of its mid-term correction here and already started moving. The question here is if ETHUSD is really ready to go up than be dragged up by BTC, and I think in the mid to long term, the answer is yes when ETHBTC is showing us signs it's moving back up.
Note
First indicator is Phoenix Ascending 2.121 by user @WyckoffMode.
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