BTC @ $11000 - Ramblings on BTC and ETH TA - Feb 20 2018

I apologize for my absence - the last few days in my real job has been demanding so I've got accustomed to just collapsing right when I get home.

How have we been for the last few days?

You know the drill, let's pull up our trusty BTC 4HR chart first.

Alrite, so we haven't hit that descending trendline just yet. If we are going to test it, that means we will need a push to around 12000 in the next few days.

Well, we've cleared the 38.20% fib retracement level from the total drawdown (i.e. 20000 to 6000).

What does that mean?

Well, it could mean that the 38.20% becomes a support line (good for btc hodlers).

Or, it could be followed by a drawdown creating a resistance at said level (possibly good for those waiting for lower btc entries).

We just gotta wait and see what happens at this level.

Let's move on to ETH. It's pretty obvious that BTC and ETH seem to be moving in sync (let's throw in NEO as well, cause I'm a NEO hodler). Now, something kind've interesting is happening - interesting as I just really want to see the result of what's about to happen.

The following is the ramblings of a tired man. You can feel free to zone out for a bit.

Just some thoughts.

So, fundamentally speaking, I imagine BTC moves before ETH (and NEO). That is because most of the public is entering the market via BTC first, then using that to buy ETH, NEO and other alts (understandably a portion of the public moves into ETH first). But, it seems that ETH (chartwise) is more advanced than BTC.

Why is that?

Well, look at the 4HR ETH chart. It's already broken that 38.20% level, quite a few days before BTC. It's already tested the 50% level and the descending trendline. It's now testing a bounce off of 38.20% (although as of writing this, it almost seems to be pushing down through the 38.20% level).

What does that mean?

Maybe its just simply because BTC lost more value than ETH did in the last drawdown.

Okay, it could be that simple. Besides, BTC and ETH movement could begin to divert.

Maybe.

Hey. I'm tired. It's been a long day at work. My brain.shutting.down.now. Time to veg out on this game, which is pretty fun, Slay the Spire. I recommend to anyone into deck building games.

Post your thoughts on the above if you got'em and want to. I'd be interested to hear what others think.

I'm out for tonight. Till next time!