ETH.BTC vs BTC dominance TA. Backed by facts
Updated
Hi All,
** I had this in draft yesterday and just left it as is and hence now publishing it.**
I thought i revisit the impact of BTC dominance with the Alt coins and one of the top 10 is Ethereum.
The results are surprising as it actually makes sense with classical formations and levels & trends.
Its too much work trying to explain the chart so below is a detailed BIG Picture on the daily.
OBSERVATIONS
================================
> When BTC was heading for its all time high in the past, in 2017, BTC dominance was in the increase, just like now.
> When BTC was in a down trend in 2018, ETH performed better, similar in feb, 2020.
Note feb 2020, ETH.BTC created a bullish ascending triangle while BTC dominance created a descending triangle.
Such things should not be overlooked.
Note: how the dominance flipped when BTC did its ATH in 2019 at
14K, in the down trend, ETH did worse, opposite of 2018.
MY THOUGHTS
================================
Point D on my chart, is filling the space for a macro ABCDE ascending BTC dominance triangle where the top is point E matching the red horizontal line on ETH.Pairing.
Hence on the ETH.BTC chart, I have further downs to go at the macro level. However as you can see today its reached a previous strong resistance level and one would think, a bullish divergence will be in the making and a bounce sooner or later.
But in the overall, I see ETH losing ground in the weekly chart.
Daily chart below, on the left, tells you when we should have been out of ETH against BTC.
I would be interested to do one on LINK but it doesn't have that much history. However if ETH is a good sample, then many of the alts would likely follow the same path.
What are your thoughts?
Please give me a like or tick for this post
Regards, S.SAri
Note: Can't fit\align btdominance on 8 hrly onto this chart, won't fit the screen.
YESTERDAYS CHART, 8 hrly. Right side of recent price action aligned.
trying to align them. use the vertical lines as matching time lines. 8hrl versus daily is the only way I squeeze both in.
** I had this in draft yesterday and just left it as is and hence now publishing it.**
I thought i revisit the impact of BTC dominance with the Alt coins and one of the top 10 is Ethereum.
The results are surprising as it actually makes sense with classical formations and levels & trends.
Its too much work trying to explain the chart so below is a detailed BIG Picture on the daily.
OBSERVATIONS
================================
> When BTC was heading for its all time high in the past, in 2017, BTC dominance was in the increase, just like now.
> When BTC was in a down trend in 2018, ETH performed better, similar in feb, 2020.
Note feb 2020, ETH.BTC created a bullish ascending triangle while BTC dominance created a descending triangle.
Such things should not be overlooked.
Note: how the dominance flipped when BTC did its ATH in 2019 at
14K, in the down trend, ETH did worse, opposite of 2018.MY THOUGHTS
================================
Point D on my chart, is filling the space for a macro ABCDE ascending BTC dominance triangle where the top is point E matching the red horizontal line on ETH.Pairing.
Hence on the ETH.BTC chart, I have further downs to go at the macro level. However as you can see today its reached a previous strong resistance level and one would think, a bullish divergence will be in the making and a bounce sooner or later.
But in the overall, I see ETH losing ground in the weekly chart.
Daily chart below, on the left, tells you when we should have been out of ETH against BTC.
I would be interested to do one on LINK but it doesn't have that much history. However if ETH is a good sample, then many of the alts would likely follow the same path.
What are your thoughts?
Please give me a like or tick for this post
Regards, S.SAri
Note: Can't fit\align btdominance on 8 hrly onto this chart, won't fit the screen.
YESTERDAYS CHART, 8 hrly. Right side of recent price action aligned.
trying to align them. use the vertical lines as matching time lines. 8hrl versus daily is the only way I squeeze both in.
Note
short term, bullish divergence on the 12 hrly and finding support on the weekly support\resistance level.Note
Hitting previous resistance.Note
Note
potentially a double top, like LTCNote
note why there is a bounce and the fib level confluence. I overlooked that...bummer as I would have flipped btc to eth, more than regular.Note
Note
The 10/20 daily ema is a menace.
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Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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