Are we heading for a quick wash off?Hey guys, this is my first "TA",
In the case we assume that the ETH price would respect the channel that drawn red, we could assume in my opinion that a drop could be on the table - with regards to the previous one.
However to the idea, the ETH / BTC ratio is also included where the RSI and BB are quite overbought, also the BTC state does not look in a way of pumping.
So assuming two main scenarios:
1) BTC goes UP and ETH / BTC needs to correct, where we go slowly down
2) BTC goes down and take the whole market and as always the ALT coins bleeding the most
3) We break out the channel up for a new price discovery mode. Which I do not think is going to happen that time.
I have tried to make a bit of connection to 2017 and there were none of these visible channels, so I am not taking that much into consideration, but we could assume that the % pattern of up/downturn would be very similar and since the market is bigger the volatility tightens a bit up so 40% corrections during the new "2021" bull-market sounds fair enough - when the big money is coming.
So I have written a few words to this chart and in my personal opinion we will go with a scenario 1-2, and I am not honestly sure which one I put more value into.
What do you guys think?
