ETH wants this to be the bottom: Fractal similarity to BTC
Comparing the ETHUSD bubble pop from this cycle, to the BTC pop from 2013-2015, we can see some interesting similarities.
I don't necessarily believe that this has been the bottom, it is only interesting to note the very similar behavior of those two different timeframes on two different coins.
Market psychology is truly often very similar.
Now, what does this mean?
This means, that taking this comparison, we would have seen the bottom for ETH at around 80 USD.
However, since I believe that BTC will dump more, towards 2000 USD, ETH will also go hand in hand with that dump and dump down to around 50 USD, thus probably changing this fractal a bit.
Nonetheless, it is still interesting to see. ETH would like this to be the bottom it seems, but BTC doesn't agree. And since BTC gives the commands, I deem this chart to be of more entertaining nature.
I don't necessarily believe that this has been the bottom, it is only interesting to note the very similar behavior of those two different timeframes on two different coins.
Market psychology is truly often very similar.
Now, what does this mean?
This means, that taking this comparison, we would have seen the bottom for ETH at around 80 USD.
However, since I believe that BTC will dump more, towards 2000 USD, ETH will also go hand in hand with that dump and dump down to around 50 USD, thus probably changing this fractal a bit.
Nonetheless, it is still interesting to see. ETH would like this to be the bottom it seems, but BTC doesn't agree. And since BTC gives the commands, I deem this chart to be of more entertaining nature.
Comment:
Well ETH didn't quite repeat the fractal with 100% accuracy, but it's certainly bullish and the low in december 2018 therefore probably has been the low.
If ETH manages to push through that resistance on high volume, I will be more convinced that ETH already bottomed. Until then, I'll remain cautious as always: