Bitcoin Vs. Ethereum and Alts Price Discovery on this Parabolic Run

henrymac (34)in #steemitph • 3 years ago

Bitcoin Chart in Log Scale

Ethereum Chart in Log Scale

Currently we are on the price discovery on both Ethereum and Bitcoin, after setting new ATH (All Time High).

Comparing the two, check and see the potential price range it might reach in short term. Using both Fibonacci Retracement and Extension will be a great tool to play around.

BITCOIN:
My stand is, I may start now lacking down some of my profits upon its way to the upside. I'm expecting a correction given on this parabolic run to test the previous resistance @ 42-45K for a possible support but if it breaks, it may even go down and test the 21 Weekly MA for another possible run to the upside. But it this will continue and hold the 50K support, I can see much movement to the upside.

ETHEREUM:
While on Ethereum a possible test between 1.3-1.5K that acts as its previous resistance and an old ATH, which by that time the 21 Weekly MA, might catch up on the later part.

Comparing it to Bitcoin
On top of this, looking the ETHBTC we can clearly see that we still have far way to go, we are just playing on the 0.236 Fib Retracement.

Please DON'T get me wrong, I'm not saying the bull market already ends, nor I'm just being bearish on the market. In the longer term, I can still see a huge potential on the upside. But checking the Technical Charts, it suggest that a correction is eminent in this market.

Don't be like the MoonBoys, thinking that we will just continue to ride a rocketship going to the moon. Bear in mind that even in a bull market in Cryptocurrency, a 20-40% pull back is just normal in the market.

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