Before I even looked at this chart, I knew that Bitcoin had risen
because $ETHUSD was trading at around ~$11 (Now ~$12). To
me it looks that people are selling their Ethereum for Bitcoin, and
when bitcoin pulls back people are selling their Bitcoin for
Ethereum. It would not surprise me if we saw a nice spike
in $ETHUSD if Bitcoin pulls back from this rise.
From the Linear regression line, it seems to me that it is too
early for Bitcoin to be able to break the 38.2% resistance line.
I like to believe that this rise is in part being created by
speculation over the upcoming halving. Considering the ETA
is 7-10, it is not surprising that Bitcoin looks ready to test
the 38.2% resistance line by ~7-24. If the trend continues to
keep pace, we should see the slope of the trend line
increase which would suggest a possible breakout attempt
before the halving.
My Recommendation:
If you are sitting on a profitable position right now, consider
allocating some money to $ETHUSD. You will benefit
handsomely if Bitcoin does a pullback.
because $ETHUSD was trading at around ~$11 (Now ~$12). To
me it looks that people are selling their Ethereum for Bitcoin, and
when bitcoin pulls back people are selling their Bitcoin for
Ethereum. It would not surprise me if we saw a nice spike
in $ETHUSD if Bitcoin pulls back from this rise.
From the Linear regression line, it seems to me that it is too
early for Bitcoin to be able to break the 38.2% resistance line.
I like to believe that this rise is in part being created by
speculation over the upcoming halving. Considering the ETA
is 7-10, it is not surprising that Bitcoin looks ready to test
the 38.2% resistance line by ~7-24. If the trend continues to
keep pace, we should see the slope of the trend line
increase which would suggest a possible breakout attempt
before the halving.
My Recommendation:
If you are sitting on a profitable position right now, consider
allocating some money to $ETHUSD. You will benefit
handsomely if Bitcoin does a pullback.
