ETH/BTC MACRO ANALYSISMan, remember a couple months ago when we were all moving BTC into ETH cuz it was looking so much stronger, and everyone thought the most epic alt coin szn was about to play out? Sigh...
The reason to still be bullish on ETH / BTC is that it's still above that macro trend line that previously acted as resistance. We basically retested it, but now the price is heading back towards it again...
If that doesn't hold, there's a fat gap in the VPVR (indicated by the :( face), which means the price may fall through that range pretty easily given the lack in volume of trades.
If that happens, I would expect to see a bounce around the 200 SMA, but if it can't hold that, we're looking at more downside, probably.
All the maxis on twitter keep chirping about how "the bottom is in" for BTC (and therefore, ETH), but I'm really not so sure. Bears are still winning, and without new institutional money coming in, I really don't see that changing, at least in the short term. I have buys set down to around 20k for BTC and 1.2k for ETH. I don't know if they'll all get filled, but we can't rule that prolonged downtrend scenario out yet, either.
Trust me, it's hard to be bearish when there's still so much bullish sentiment and news. I mean, the fact that El Salvador making BTC legal tender and the Soros fund approving the trading of BTC didn't pump the price is SUPER bearish imo... Once bullish news starts having a noticeable affect on price, that's when you know the wind has shifted in favor of the bulls. Obviously can't rely / wait on that though.
happy trades,
CD
