This is a simply comparison study of Bitcoin and Ethereum on the log scale of the 1W time-frame. I have broken down ETH’s Bear and Bull Cycles as I wanted to highlight how it under-performed relative to BTC during the Bear Cycle (red line), while it has (so far) kept pace during the Bull Market (green line).
BTC and ETH tend to fill gaps in this market especially upwards. Just as ETH’s boom during the previous Bull Cycle was filled with a more aggressive (than BTC’s) Bear Cycle, the same balance on the Bear Cycle gap may be restored.
The current close pace between the two ( BTC and ETH), resembles the early 2019 sequence that showed the first signs of recovery for the market. As you see ETH first outperformed BTC (in late 2018, early 2019) and only close to the end of this mini Bull Phase, Bitcoin caught up and the two trend-lines converge. Quite similar to what has been happening since early July 2020 when ETH again outperformed BTC . A interesting occurrence is that since the March 2020 bottom, the too were trading alongside each other, which is similar to the later part of the 2019 run, when the both converge. So can this be a reverse fractal? Which in turn may indicate that the Gap (to the upside since December 2018 was to the downside) is next to appear making ETH shoot up and outperform?
Please like, subscribe and share your ideas and charts with the community!
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot’s 💰 top TradingView Coin donor 💰 this week ==> seba26-77