Daily ETHBTC Update
Crunch Time - This is an interesting juncture. ETH has pushed up to the upper resistance line of the consolidation triangle and now has a decision to make. Is it going to break through and run up to my target market high of 0.13 BTC, or is it going to roll over and fall down towards support on the lower support line of the triangle? Technically it's not clear. Volume is so low that none of the indicators can be trusted. Is that an ascending triangle forming and is price going to break down? On balance I'd say that it's showing more strength than weakness as I write this. In these situations I have two principles I follow:
1. When unsure do nothing - ETH is still in an uptrend against BTC and so until that changes remain in ETH.
2. What's my long term view? - I believe that based on fundamentals ETH will outperform BTC over the long term, so ETH is currently the better choice.
I'll change to BTC if we get a rejection from this resistance level. (NOTE: I'm actually holding most of my position in BNB, as BNB has been outperforming BTC and ETH for some time now. You can refer my analysis of the BNB/ETH chart)
1. When unsure do nothing - ETH is still in an uptrend against BTC and so until that changes remain in ETH.
2. What's my long term view? - I believe that based on fundamentals ETH will outperform BTC over the long term, so ETH is currently the better choice.
I'll change to BTC if we get a rejection from this resistance level. (NOTE: I'm actually holding most of my position in BNB, as BNB has been outperforming BTC and ETH for some time now. You can refer my analysis of the BNB/ETH chart)
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