Ethereum recent outperformance vs Bitcoin can persist after breakout above Sept highs
Key Takeaways
- Ethereum remains a near—term outperformer to Bitcoin over last two weeks, and this looks to last a bit longer after its breakout above Sept highs
- Solana remains quite bullish after its recent surge, but yet stretched
Bitcoin Technicals - Yesterday’s breakout to new weekly highs following the minor three-day consolidation should be bullish to driving BTCUSD back to test October peaks near 67k. Pullbacks likely find support near 61,800-62,315 with only a break under 60,355 changing the near—term trend and postponing further gains. Daily RSI remains in neutral territory after recent consolidation since late October and weekly trends and momentum remain bullish.
Ethereum still should rally higher up to 4951 with little to no resistance.
Ethereum has led Bitcoin in relative strength over the last two weeks, following its push back to new all-time high territory. Prices have managed to churn higher without becoming noticeably overbought on most momentum gauges.
While weekly and monthly momentum, as per RSI, do show overbought conditions, this won’t be a big deal until near-term Technicals begin to show evidence of upside exhaustion and or a more serious reversal.
Near-term targets for ETHUSD lie near 49...Reports you haven't read
Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in SPX, but also successfully exceeded 3-4 month downtrends for SPX and DJIA. Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume. Hourly charts show this breakout above the two former peaks...
The SPX showed just minor downside follow-through after Tuesday’s reversal but might not immediately weaken down to prior lows ahead of the US July 4th holiday. As mentioned, prices reversed on cue Tuesday due to a combination of Elliott-wave analysis with Gann analysis which provided price and time targets based on the prior June 16th bottom. I expect that the next couple days might show prices attempting to stabilize and...
Cryptocurrency rally looks to have temporarily stalled out after a sharp three-week rally. Ethereum has stalled out in its relative performance vs Bitcoin, and for now, Bitcoin is an outperformer over Ethereum and should be favored. Weekly momentum remains negative and Cycle composites start to turn lower in early March into April/May, so given low retail interest and not many inflows, this could limit the larger rally continuing to all-time highs...
Bitcoin looks to strengthen relatively speaking after nearly a month of lagging
Bitcoin (BTC 0.49% ) broke out of its triangle pattern today, Monday 11/8, and could set a new all-time high close above 65,990.31.Relatively speaking, BTCUSD should begin to gain in relative strength based on a minor breakout in its Dominance chart which should help its market capitalization start to pick up speedLTCUSD, ALGOUSD, and LINKUSD all should be favored for gains in the weeks ahead as these are making favorable technical breakouts...
Articles Read 1/1
🎁 Unlock 1 extra article by joining our Community!
You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.
Already have an account? Sign In b7e291-26b876-944471-d9ee1a-38d6f2
Already have an account? Sign In b7e291-26b876-944471-d9ee1a-38d6f2
