Bitcoin showing strength against Ethereum, but it's not over yet
I have been watching this falling wedge for over a year now and my plan was to swap my Bitcoin to Ethereum when the breakout did occur. However, with the halving coming up for Bitcoin and the disappointing Shanghai update for Ethereum in September, Ethereum has struggled to match the performance of its predecessor.
The falling wedge broke structure downward and as of now, I expect Ethereum to more or less follow Bitcoin and/or underperform, but there is good news. The ETH/BTC pair is trading just above a strong support zone. Once we dip our feet into this zone, I believe that bulls will begin to file into ETH, likely within the next 12 to 18 months, likely finding confluence with the beginning of the next true altseason following Bitcoin's probable upcoming rally.
We should be aware of this chart and keep tabs for the opportune moment for a powerful long position will inevitably arrive and we will likely see ETH reach levels against BTC that we have not yet seen before. Unless some unknown future event occurs that puts the significance of ETH into question, it is more than probable that we will see some sort of double bottom pattern form here.
Remember to trade smart, not fast, and always keep your head on your shoulders. We are here to make money, not lose money.
The falling wedge broke structure downward and as of now, I expect Ethereum to more or less follow Bitcoin and/or underperform, but there is good news. The ETH/BTC pair is trading just above a strong support zone. Once we dip our feet into this zone, I believe that bulls will begin to file into ETH, likely within the next 12 to 18 months, likely finding confluence with the beginning of the next true altseason following Bitcoin's probable upcoming rally.
We should be aware of this chart and keep tabs for the opportune moment for a powerful long position will inevitably arrive and we will likely see ETH reach levels against BTC that we have not yet seen before. Unless some unknown future event occurs that puts the significance of ETH into question, it is more than probable that we will see some sort of double bottom pattern form here.
Remember to trade smart, not fast, and always keep your head on your shoulders. We are here to make money, not lose money.
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