Time to Convert BITCOIN to ETHEREUM?! ALTSEASON Starting?!
Is now the right to rime convert Bitcoin to Ethereum to increase your Bitcoin stack?
One of the best risk reward trades in cryptocurrency is knowing when to convert between Bitcoin and Ethereum. You can easily multiply your Bitcoin stack while taking on relatively small risk as Ethereum is the most stable of the altcoins.
So the question before us is "Is now the right time to convert some Bitcoin into Ethereum?" so that as ETHBTC rises, we will be able to increase our Bitcoin holdings.
On the bullish side, we do have a double bottom breakout which has been confirmed by the break of the neckline, indicating that the ETHBTC pair is likely to head higher. Moreover, ETHUSDT has had a huge double bottom breakout as well on the daily timeframe that has a technical target of $3000+ (though we would've liked to see more volume on the breakout).
On the bearish side, ETHBTC is running into trendline resistance (this is the trendline from a descending triangle), so the pair might get a rejection here. That said, if we are able to break out of the triangle and close above this trendline resistance, then we would have a double bottom breakout combined with a trendline/triangle breakout, which would be super bullish.
Let me know in the comments below of if you playing it safe and waiting for a daily close above the trendline or if you are being aggressive and converting Bitcoin into Ethereum Now.
One of the best risk reward trades in cryptocurrency is knowing when to convert between Bitcoin and Ethereum. You can easily multiply your Bitcoin stack while taking on relatively small risk as Ethereum is the most stable of the altcoins.
So the question before us is "Is now the right time to convert some Bitcoin into Ethereum?" so that as ETHBTC rises, we will be able to increase our Bitcoin holdings.
On the bullish side, we do have a double bottom breakout which has been confirmed by the break of the neckline, indicating that the ETHBTC pair is likely to head higher. Moreover, ETHUSDT has had a huge double bottom breakout as well on the daily timeframe that has a technical target of $3000+ (though we would've liked to see more volume on the breakout).
On the bearish side, ETHBTC is running into trendline resistance (this is the trendline from a descending triangle), so the pair might get a rejection here. That said, if we are able to break out of the triangle and close above this trendline resistance, then we would have a double bottom breakout combined with a trendline/triangle breakout, which would be super bullish.
Let me know in the comments below of if you playing it safe and waiting for a daily close above the trendline or if you are being aggressive and converting Bitcoin into Ethereum Now.
