Here I present a curious and scary correlation between Bitcoin (gray line) and Ethereum (orange line) tops indicating a possible extended bearish scenario ahead.
One chart on the left shows Bitcoin's 2017 top, followed by Ethereum's top ocurring 28 days latter. Last bear market has started after that.
The chart on the right has the current prices of Bitcoin and Ethereum, showing us the exact same 28 days appart from their recent tops...
This already confirms the money flow from Bitcoin to Ethereum (and possibly followed by other alts, starting an altseason - which we've actually had) that tends to happen in the end of a bull market. So this could potentially indicate the end of the current bullrun for crypto and the beginning of an antecipated Bear Market, considering it would be early based on Stock to Flow model. The news get even worse if added all the other bearish indicators we've had in the last weeks to support it.
Also worth mentioning, the trader's disbelief regarding this being the top of the 2021 bullrun may actually be a factor reinforcing this event, once history tells us most retail traders are usually wrong about tops and bottoms, and specially, trend reversals. Crypto twitter is full of "BUY THE DIP" kind of calls.
>> What's your opinion on the topic? Is crypto really done for a while? Or is it just a double-top bullrun? I'm looking forward to hearing from you in the comments.
*My previous idea "Bitcoin's mid-term analysis you should consider", linked below, offers a great perspective on the bearish indicators I've mentioned.
One chart on the left shows Bitcoin's 2017 top, followed by Ethereum's top ocurring 28 days latter. Last bear market has started after that.
The chart on the right has the current prices of Bitcoin and Ethereum, showing us the exact same 28 days appart from their recent tops...
This already confirms the money flow from Bitcoin to Ethereum (and possibly followed by other alts, starting an altseason - which we've actually had) that tends to happen in the end of a bull market. So this could potentially indicate the end of the current bullrun for crypto and the beginning of an antecipated Bear Market, considering it would be early based on Stock to Flow model. The news get even worse if added all the other bearish indicators we've had in the last weeks to support it.
Also worth mentioning, the trader's disbelief regarding this being the top of the 2021 bullrun may actually be a factor reinforcing this event, once history tells us most retail traders are usually wrong about tops and bottoms, and specially, trend reversals. Crypto twitter is full of "BUY THE DIP" kind of calls.
>> What's your opinion on the topic? Is crypto really done for a while? Or is it just a double-top bullrun? I'm looking forward to hearing from you in the comments.
*My previous idea "Bitcoin's mid-term analysis you should consider", linked below, offers a great perspective on the bearish indicators I've mentioned.
Comment:
Looks like it was a solid top indicator! 🙃
