ETH/BTC - Consolidation Over, Time To Pay Attention??
As we look at the ETH/BTC chart, we see a very large consolidation pattern very similar to Bitcoin before it broke out from its 3-year symmetrical triangle consolidation pattern. ETH looks to be setting up to make a very large move, in the not-so-distant future. We see the same symmetrical triangle with a well-defined inverted head & shoulders pattern that could send ETH prices much higher.
Many are saying the other imitation blockchains will supersede ETH, but I do not believe that is the case. Like I've said in the past, typically when the crowd believes one thing, the opposite is the end result. I hear a lot of talk about other blockchains taking over the #2 spot, but NOT 1 single other smart-contract blockchain has stood the test of time like ETH has. Yes, it might be slow for the moment, but big investors are not looking for the new fast chains that have big promises filled with hype. They're using the same logic they use for Bitcoin. They want something that has proven itself to work and is secure. Speed will come in time, but security proven via time is what is important.
I realize much of this is fundamental analysis, BUT I believe it to be an important factor in regards to the price action we'll see in the future. Remember, many said Bitcoin would get taken over by the new "hot, fast, and efficient" other blockchains, we all know that is not what's happening.
Stay level-headed, remove your bias, and stay ahead of the crowd.
Many are saying the other imitation blockchains will supersede ETH, but I do not believe that is the case. Like I've said in the past, typically when the crowd believes one thing, the opposite is the end result. I hear a lot of talk about other blockchains taking over the #2 spot, but NOT 1 single other smart-contract blockchain has stood the test of time like ETH has. Yes, it might be slow for the moment, but big investors are not looking for the new fast chains that have big promises filled with hype. They're using the same logic they use for Bitcoin. They want something that has proven itself to work and is secure. Speed will come in time, but security proven via time is what is important.
I realize much of this is fundamental analysis, BUT I believe it to be an important factor in regards to the price action we'll see in the future. Remember, many said Bitcoin would get taken over by the new "hot, fast, and efficient" other blockchains, we all know that is not what's happening.
Stay level-headed, remove your bias, and stay ahead of the crowd.
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ETH/BTC Update - First major target hit.
