ETHBTC took out the recent low
Last week we were calling for lower levels on ETHBTC on the back of a possible break to the downside of the recent low from December 2018. The break has happened and we pushed quickly 5 percent lower before we started to consolidate. Reactions down there were hefty due to the combination of ETHUSD just trading at around USD 100. There is a large liquidation just below the 100 USD mark which keeps the market on its toes and sparks sudden moves.
One of these sparks pushed ETHBTC back above the recent low line (grey). We would not call it a turnaround just yet but ETH certainly shows some signs of life at around these levels. Alt coins are still losing against BTC in general but the momentum is fading.
Therefore, we are getting more cautious and will not increase the weights on BTC. Nevertheless, we keep our overweight on BTC versus underweight alt coins.
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Last week we were calling for lower levels on ETHBTC on the back of a possible break to the downside of the recent low from December 2018. The break has happened and we pushed quickly 5 percent lower before we started to consolidate. Reactions down there were hefty due to the combination of ETHUSD just trading at around USD 100. There is a large liquidation just below the 100 USD mark which keeps the market on its toes and sparks sudden moves.
One of these sparks pushed ETHBTC back above the recent low line (grey). We would not call it a turnaround just yet but ETH certainly shows some signs of life at around these levels. Alt coins are still losing against BTC in general but the momentum is fading.
Therefore, we are getting more cautious and will not increase the weights on BTC. Nevertheless, we keep our overweight on BTC versus underweight alt coins.