Analyst Ethereum is preparing for a massive 95% move, but in which direction?
Ethereum started the year 2020 strong and far surpassed BTC and other cryptocurrencies. According to an analyst, the top altcoins on the crypto market could soon be a massive 95 Make a% move against Bitcoin, but the direction of this move is still pending.
After the boom in the DeFi market, end 2019 and beginning 2020 all signs indicated that Ethereum will make a strong rally. The Altcoin started the year with a 100% rally and contributed to lead the rest of the market to the retrospectively known annual highs.
Ethereum and other altcoins not only broke out of their downtrend in their USD pairs, but also against Bitcoin
The latest price action has resulted in Ethereum forming a massive, multi-year symmetrical triangle on the ETH // BTC trading pair, which based on the formation measure a 95% increase or decrease for a target. The triangle is currently at its peak, indicating that this mighty eruption is imminent.
$ ETHBTC is nearing the apex of a massive symmetrical triangle. A 95% move is expecting following confirmation. As it stands I think that breaking down is the most likely due to the bear channels that have started to develop. pic.twitter.com/Dwzut6AIlu
– Tyler D. Coates (@Sawcruhteez) March 19, 2020
The cryptanalyst, who has discovered this massive formation and the possible move, believes that the recent price action suggests the formation is more likely to collapse. According to the trader, Ethereum has been trading within a bear channel on the ETH / BTC chart for a long time, indicating that a downward movement is likely.
Is the Altcoin market going to refuel against Bitcoin?
The number two cryptocurrency by market cap could signal a worse decline across the entire altcoin market.
The total Altcoin market capitalization against BTC is also in a multi-year formation, but this pattern appears to be of a descending nature and not symmetrical as with Ethereum.
Descending triangles on the crypto market have been quite serious in the past. It's the same pattern, the Bitcoin of 6. 000 $ on 3rd 000 $ and then again from 13. 000 $ to 6. 000 $ brought.
Now it is appearing on the altcoin market and it could lead to assets being decimated by Bitcoin's dominance in the coming days.
Proof of text: newsbtc
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