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ETH/BTC: A Chart Speaks 1,000 Words!

Top Level Summary

In this video, I’d like to demonstrate the sheer number of insights that one can pull out of any chart if analyzed through the right lenses and experience. A chart can and does communicate a stream of almost endless stories. A chart displays price, which in turn, is formed due to the rational and irrational emotions and perceptions about the future value of an asset vs its denominator. Be prepared to be blown away.


Video Analysis

In the video below, I distil the technical outlook in the ETH/BTC chart to get this point across. These views tend to be relevant and actionable for the members of both my mentor room and the public channel at Global Prime.


What type of story the market is telling us?

If you are interested in a summary of the video above, then keep reading…

ETH/BTC – The unstoppable rocket ship

  • It cut like a hot knife through butter the weekly 100% proj target + 2 major weekly resistance levels.
  • It’s done so with increasing volume in the weekly candles. The last print was no exception (real-money behind)
  • It’s on its merry-way to print the 7th consecutive week of gains.
  • It gets better for bulls. On the daily, bears couldn’t pull off more than 2 days of gains in a row for 2 months now.
  • Repetitive behavior in each of the multiple pullbacks. The % retracement strikingly consistent circa 7% before new highs.
  • Every time there is a new push higher, it averages gains of about 20%, what does this tell us on the current leg up?
  • The momentum is so strong that price has been unable to close below the 8-period daily MA since breaking out in March.
  • The last candle printed aggregated big volume activity. Tends to form a solid anchor point that leads to more momentum.
  • From this behavior we can then make better informed decisions. This chart alone portrays huge amounts of information.
  • Which then leads us to understand why selected Alts are doing so much better than BTC as ETH/BTC acts as Alts season bellwether.

 

About the author

Ivan Delgado

Ivan Delgado is a decade-long Forex Trader. Feel free to follow Ivan on Youtube. Join thousands of traders who follow Ivan's insights to increase their profitability rate by learning the ins and outs of how to read and trade financial markets. Ivan has you covered with in-depth technical market analysis to help you turn the corner.

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