If LINK can outperform ETH then I will swap my ETH. But these must happen first:
1. Secure 0.236 Fibo level
2. Break downtrend line
3. Secure 0.382 Fibo level
4. Completed double bottom pattern
Still a long way!
In TA, we quantify the Greed by measuring all in percentage scale, thats why we use log-scale.
The market seems to have transformed BTC and ETH to be twin assets (Metcalfe's law, Pal 2020)
If you see the ascending triangle before breaking out on both assets, the tail of BTC's triangle is 23% which results in 100% raised that reach the 132.8% Fibo extension...
As a network, Metcalfe's law is one way to value $ETH and BTC reasonably well.
Normalizing the price to a zero and 100 percent level is a powerful way to estimate the next price movement.
I put 0 at the lowest and 100 at 2017-2018 all-time high level and extend the Fibonacci lines.
The estimation is ETH at $4200 in the next 4-5 weeks following what bitcoin did.
We broke the triangle, we secure $1400 level, with volume slightly above VMA60 (but we still have 5 hrs to add more).
The triangle pattern target is $2300 and the parabolic support by the end of February is $3000.
CME listing on February 7, Galaxy digital trust in 2 weeks, EIP-1559 is coming this month.
After beating the bears, $ETH $BTC is chilling above the neckline which is the 76.8% fibo level since early 2021 while also forming an ascending channel. If the rally continues, the target is 176.8% at 0.076 that will touch the upper channel in mid February. All EMA line confirms that we are in bull period.
All positive sentiment for ETH is happening starting from February 2021. CME listing, EIP-1559, ATH users, ATH DeFi TVL, etc.
The pattern target from current ascending triangle is $2300. It will be hours to reach that target.
Since starting rally from $310-$1350, $ETH retraces heavily to 78.6% lvl on 1/11/21.
Now trying hard to close above the 100% lvl ($1350).
if successful, the fibo target is at $179.6% ($4296) in the next 5 months.
The parabolic support still intact. Time will tell! Just an insight!
Since starting its rally in Sept 20 to ATH, #Bitcoin is currently retracing to 76.4% level.
If $BTC can be closed above the descending line, 176.4% level ($128K) is the target in the next 5 months.
If it retraces more to 61.8% and then bounces back, then the target is 161.8%.
If it retraces more than 50%, trend reversal is likely to begin
#Bitcoin updates: These are 5 #BTC trading zones when it started its $10K-$42K rally since Sept 2020. The king is having rest to attract more bulls (
1000 CEOs conference) and this is when manipulation FUD new becomes irrational. This is our chance! $BTC
If Tyler and Cameron Winklevoss are right that #Bitcoin reaches $500K to surpass gold market cap, and if this $ETH $BTC chart and
@RaoulGMI are right, we reach 0.1 in this cycle, which means #ETH will reach $50,000. #Ethereum
WELL DONE $ETH bulls. Look at how the bulls strongly hold the EMA(26) level.
Massive volume surge after takeoff point confirms that bulls lead the way.
We will truly break the ATH very soon (closed daily candle above ATH). #Ethereum #ETH
Congrats to @michael_saylor and big whales who trick all weak hands by falsifying the triangle.
The next thing to see for $BTC is to breakout the downtrend line (top triangle).
The pattern target is $50K, a reasonable target in February 2021
This is my unrealistic, low-probability, insane scenario where $ETH follows this channel trajectory ($6.2K to $10K on March 27, 2021). Not financial advice, just an INSIGHT seen on a CHART, but if it really happens, then I am happy.
#ETH #ETHEREUM #cryptocurrencies
#Bitcoin bears are trying to push down below the triangle.
Hwevr, about 48% of "breakdown of sym.triagle" moment turns out to be a false breakout in a bull market.
We must see a closed daily price below $30K to make sure it is a real capitulation. #BTC #Crypto