I've never been a bit fan of trading crypto in anything other than USD, but today I decided to brave the field of cross-crypto trading.
After looking at litecoin: https://steemit.com/cryptocurrency/@demogirl06/long-litecoin-to-60-litecoin-you-re-lovely-3
... bitcoin: https://steemit.com/cryptocurrency/@demogirl06/bitcoin-hopefully-higher-soon-a-look-at-descending-triangles
...and ethereum: https://steemit.com/cryptocurrency/@demogirl06/ethereum-losing-its-downward-momentum-but-may-not-be-done
I noticed the prevalent pattern of the DESCENDING triangle. For those of you who want to know more about this traingle, see here: http://www.investopedia.com/terms/d/descendingtriangle.asp
Loveley Litecoin broke out! So long triangle.
But what had me curious was the ambiguity of BTC and ETH in their respective triangles. I felt the BTC would rule the day and break out to the upside. I felt that ETH might have more downward movement in store for him.
That said, I looked at the ETH-BTC chart, and this is what I saw: ANOTHER DESCENDING TRIANGLE!
Now it's not impossible that both cyptos can't break out of their triangles in a happy way when denominated in USD. Just means more people have to pile into BTC and ETH in USD concurrently.
But the likelihood of that happening I think is less than the likelihood that ETH will probably move DOWNWARD relative to BTC.
If you are into sloshing funds between the two cryptos, now might be the time trade in some ETH for BTC.
*NOTE: this is my first analysis of this kind, and I will be running an 0.5 ETH experiment to have some skin in the game. Move your crypto at your own risk. I'm a layperson.
Thanks for this analysis, beforehand I always thought they moved in lock step with each other.
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Instead of using USD, you should consider converting your profits to USDT (USD Tether). USD Tether is basically a coin that has the same value as USD.
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