The current current state of ETH and BTC bull markets

6 Ara

As you see by the chart, we broke out of a descending trend recently for ETH and we had a tight ascending channel, which we now have broken out of again, likely ETH will make another really nice jump soon on the break out. This appears to be early on in the ETH break out where ETH appears to be lagging BTC by at least a couple of weeks.

We also see that BTC reversed a short term descending channel recently, broke out of it and that helped it surge past 100k with ease and now we are in an ascending channel that is a break out from BTC's prior ascending pattern.

BTC Chart



We also see that since ETH has started breaking out, it has really impacted the BTC dominance chart, BTC has lost over 5% of its market dominance in the last week or so.

BTC Dominance chart



Overall both of these seem real bullish. I dont actually hold or trade either one, though I came up on ETH, where I started buying ETH at .88 cents each. I dont trade them because the chances of either having 50%-100% gains in a day is pretty much impossible, even 20% is not likely they are just such large caps with so much order books and participation not to mention ETF impact. But there are a lot of cryptos that are running 20%, 50%, 100% every day. The thing is, if BTC/ETH are in bad health, it makes trading anything a risk because when they dump they effect the market. At the moment, it does not look as though BTC or ETH are staging anything that would cause any significant negative impact to alts other than if they run hard and thats where all the money goes.

for order books they both seem strong with positive trader sentiment though BTC had pulled back it appears to be building rapidly again.