I am faced with a conundrum tonight. You see, the ethxbt 8-hour chart is now sitting on 5th arc support. This is typically very strong support. Of course, in this business one learns to “never say never”. The support could fail. But it would be foolish, imho, to bet against that support before seeing evidence that it is failing.
But, if we accept the strong implication of this chart, it means that ethereum is going to strengthen against Bitcoin in the very near future. To be honest, this scenario did not strike me as highly probable before seeing this chart.
For the past week or so, I have been suggesting that an energy point in time on the Bitcoin chart is imminent. But my guesstimate and expectation has been that the asset would break “up” in an acceleration, rather than down. Of course, I have stressed repeatedly not to buy until we get a buy signal, a close