An Illustration of How Alt Ratios Are Lagging Behind USD Value
Here's a comparative chart showing the NEOBTC ratio (one of those that suffered the most recently) and the ETHUSD chart with my speculative pathway drawn, showing that $500+ prices are still possible, if it's going to follow what AMZN stock did after the 2002 bottom. Obviously it could start to deviate, but it hasn't yet. I will post an update if and when it does.
Based on what I'm seeing, and what many others have probably been observing, altcoins have been slowly increasing in USD value over the last several months but have been lagging behind Bitcoin in terms of % gains. On their ratios, they have not yet gone "parabolic" or broken out convincingly from their downtrends. There are a few exceptions (LTC, BNB, EOS, BOMB, and some newer hyped Binance coins). Otherwise, much of the altcoin market is moving in tandem. On the NEO chart, I've drawn what the ratio could look like if it breaks the downtrend, invalidates the potential bear flag, and starts to move up over the coming weeks. I drew the line this way because I expect it to somewhat follow the USD price movement eventually, since they seem to be following a similar potential accumulation pattern.
You'll also see in this chart (if you zoom in) that Ethereum broke out from its uptrend channel and has been retesting the broken resistance as support over the last couple of days. A break back into the channel could send it all the way back to the $180-190 zone. If it can continue to hold, I think it increases the likelihood of $300+ prices in the short term.
This is just a speculative chart and is not financial advice. For educational purposes only and future reference.
Also, if you like my work and what I've been doing , you can follow me on my brand new Twitter account for some more regular updates/general thoughts. @thevictorcobra
: )
-Victor Cobra
Based on what I'm seeing, and what many others have probably been observing, altcoins have been slowly increasing in USD value over the last several months but have been lagging behind Bitcoin in terms of % gains. On their ratios, they have not yet gone "parabolic" or broken out convincingly from their downtrends. There are a few exceptions (LTC, BNB, EOS, BOMB, and some newer hyped Binance coins). Otherwise, much of the altcoin market is moving in tandem. On the NEO chart, I've drawn what the ratio could look like if it breaks the downtrend, invalidates the potential bear flag, and starts to move up over the coming weeks. I drew the line this way because I expect it to somewhat follow the USD price movement eventually, since they seem to be following a similar potential accumulation pattern.
You'll also see in this chart (if you zoom in) that Ethereum broke out from its uptrend channel and has been retesting the broken resistance as support over the last couple of days. A break back into the channel could send it all the way back to the $180-190 zone. If it can continue to hold, I think it increases the likelihood of $300+ prices in the short term.
This is just a speculative chart and is not financial advice. For educational purposes only and future reference.
Also, if you like my work and what I've been doing , you can follow me on my brand new Twitter account for some more regular updates/general thoughts. @thevictorcobra
: )
-Victor Cobra
Comment:
Last chance for some alts to look bullish against Bitcoin, if Bitcoin decides to push up here. Otherwise, NEO and others may break down from their potential bear flags.
Comment:
Perfect fakeout and then bounce at the trendline. NEO continues to be a top performing alt (lately).
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