The big picture of ETH/BTC
Updated
Bear in mind that it is likely that we are going to see a bounce of the whole market in the coming weeks. However, this is a long term potential road map.
We are looking at Bittrex for longer price history. I have separated the history in cycles each lasting around 344 days. The beginning of the first cycle is not the actual low but is just where Ethereum enters blue sky breakout mode so it is not too unreasonable start.
We also have 4 random parallel trendlines which seems to fit the market geometry very well. Based on the lowest one and the time cycles we can get a potential roadmap in which we have a declining market with possible accumulation zone for the next 3-6 months before the next bull run.
From more midterm point of view. The eth/btc range is tightening and if we break the yellow trendline its not unreasonable to think we might have a shart drop down as on the breaking of the previous yellow trendline. This would match with a scenario in which btc reaches 3k-4k and ETH around 300 USD which would get us close to the end of the declining market and the beginning of accumulation zone 2.
If you are a long term hodler and long term investor and have to draw one conclusion from that it would be that we definitely have more room to fall and the sings of bottoming are not there yet.
We are looking at Bittrex for longer price history. I have separated the history in cycles each lasting around 344 days. The beginning of the first cycle is not the actual low but is just where Ethereum enters blue sky breakout mode so it is not too unreasonable start.
We also have 4 random parallel trendlines which seems to fit the market geometry very well. Based on the lowest one and the time cycles we can get a potential roadmap in which we have a declining market with possible accumulation zone for the next 3-6 months before the next bull run.
From more midterm point of view. The eth/btc range is tightening and if we break the yellow trendline its not unreasonable to think we might have a shart drop down as on the breaking of the previous yellow trendline. This would match with a scenario in which btc reaches 3k-4k and ETH around 300 USD which would get us close to the end of the declining market and the beginning of accumulation zone 2.
If you are a long term hodler and long term investor and have to draw one conclusion from that it would be that we definitely have more room to fall and the sings of bottoming are not there yet.
Note
We are reaching an interesting level on the ETH/USD chart of 300 USD. There is cofluence of factors points to a potential reversal point there at least in the short term (few weeks):
1) The volume profile suggests that this is the most accepted price in the market as most ethereum has been traded at 300 USD
2) Oversold daily RSI
3) Fibonacci projection target for sellers taking profit which also fall exactly on 300 USD
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