This_Guhy

Ethereum Bull Run at the expense of Bitcoin starting NOW

Long
BINANCE:ETHBTC   Ethereum / Bitcoin
I have wondered where the money will come from for the next uptrend and in the case of Ethereum I think much of the money will come from bitcoin. There is a lot going on here but all of it is important, and we will go from most important to least important.
  • The black line shows clear bullish divergence between the low in the beginning of March and the current low formed in September. This divergence predicts a reversal of the downtrend when the continuation pattern ends.
  • The blue triangle (we will zoom in on that soon) shows our continuation pattern is about to end and the resistance line was in force for over two months, so breaking through that will be a significant event.
  • The orange line is a key level of significant that has acted as support and resistance five times over the last year. I expect it will continue to act as a key level and we should expect resistance or our first hard rejection at this level, and once we break past it could come back into play as support.
  • The falling purple line has been resistance on three occasions so it could very easily come back into play as resistance
  • The rising blue line has been support on two occasions and so I expect we will find this as resistance, probably as this uptrend comes to an end.
Drilling down to the 12h timeframe we see that we have popped out of our consolidation pattern and the CM_Ultimate is green, with a few hours before the candle closes. If we can keep our upward momentum and we close green it will be very bullish and I expect the rising blue line will continue to act as support.
When we go up to the weekly time frame we see that there is bullish divergence on the weekly timeframe, but currently it is very faint when we look at the price action but quite observable on the indicator. The last time we had bullish divergence on the RSI on the weekly it was obvious on both the price action and RSI and we had quite the boom, going up 267% in six weeks, not counting wicks.

And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?

~Nathan Explosion
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