Why I am selling ETH for BTC
My last post detailed why I was buying ETH and why it would gain on BTC. In just 4 days it has gained some 20% on btc and its chart still looks amazing but something much bigger is happening.
You are looking at the daily charts for Bitcoin on top and for Ethereum on the bottom. The only indicator I have on there is the 135 day moving average.
Why the 135 day moving average you say? Well it was random luck a few weeks ago that I stumbled upon it and then started to investigate.
Its not hard to see just from looking that the blue line representing the 135 day MA has been a magnet for reversion to the mean. Bitcoin has bounced off it 20+ times including riding it for 3 months straight in 2016 but never closing below it in years.
In fact the last time bitcoin closed below it was October 12th 2015. The beginning of the current bull market.
I suspect if it doesnt hold it will be a sign of the bear market in crypto with no crypto left unharmed. For this reason I am starting to sell the coin that has saved the day for many of us recently to buy the one causing us pain.
If BTC holds it will be the coin to own. If it fails, well, its back to the US Dollar for me.
BTCUSD
ETHUSD
You are looking at the daily charts for Bitcoin on top and for Ethereum on the bottom. The only indicator I have on there is the 135 day moving average.
Why the 135 day moving average you say? Well it was random luck a few weeks ago that I stumbled upon it and then started to investigate.
Its not hard to see just from looking that the blue line representing the 135 day MA has been a magnet for reversion to the mean. Bitcoin has bounced off it 20+ times including riding it for 3 months straight in 2016 but never closing below it in years.
In fact the last time bitcoin closed below it was October 12th 2015. The beginning of the current bull market.
I suspect if it doesnt hold it will be a sign of the bear market in crypto with no crypto left unharmed. For this reason I am starting to sell the coin that has saved the day for many of us recently to buy the one causing us pain.
If BTC holds it will be the coin to own. If it fails, well, its back to the US Dollar for me.
BTCUSDETHUSD
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