CryptoKujira
Long

BAT (and other altcoins) and ETH doing a dance

BINANCE:BATETH   Basic Attention Token / Ethereum
Grab your partner round and round. One goes up and the other goes down.

Good day ladies and gents . Looking at recent price movements for BAT, it's an important reminder of the weight that BTC and ETH hold on the market. Take a look at ETH starting on Dec 18. After 11 days of sideways movements, it finally broke through a line of resistance and went on an 8 day bullish run. Undoubtedly, this was due to the excitement of the upcoming Constantinople upgrade for ETH which is due to arrive on Jan 16.

Now let's look at BAT. It's been on a bullish run since Sep 29, an incredible run considering most of the market has been stagnant or bearish during this time. Finally, the bullish run started to run out of steam around Dec 2. You'll notice mostly sideways movement until Dec 18 when it reached the tipping point, the same day that ETH took off on a bullrun. All the money started flowing out of the other altcoins and into ETH. This triggered a big selloff for BAT (and many other altcoins) and BAT continued downward movement until Jan 5. A savvy investor would keep an eye on ETH and BTC as much as their own coins, and and with ETH going on a bullrun, and simultaneously BAT slipping, it was time to exit your position on BAT.

Now let's jump back to ETH on Jan 5. You'll notice ETH finally lost momentum and it has started to slide into a bearish pattern . Meanwhile, on the same day, BAT (and many other altcoins) have started to go bullilsh. Again, we have opposite price movements between ETH and BAT, as money flows out of ETH and back into other altcoins.

Moving forward, I'd keep an eye on ETH until the Constantinople upgrade is complete. It's tough to know what ETH will do beyond that. I think there will be a strong selloff right before the upgrade (other altcoins will go up) and some selloff has already occurred. There is always uncertainty on how smooth these upgrades will go and what kind of performance increase we'll really see on the blockchain.

As for BAT, look at the RSI since Jan 4. It's been mostly in the upper half of the RSI range which is good indicator that it's got a solid bullish position. We might be at the beginning of another Elliot Wave pattern 12345, after our retracment ABC . Watch for retracements during periods of bullish behavior for ETH and BTC . Look for the retracements to bounce near previous lines of support and resistance . The monkey wrench in everything is what will ETH do after Jan 16 upgrade.
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