Can Bitcoin survive from Ethereum trap?

Bitcoin and Ethereum the biggest cryptocurrencies in Coin Market Cap, usually both of these currencies are moving in the same pattern, but now there is something different.

Usually, Ethereum always has one step forward from Bitcoin, as we saw before ETHUSD led the rally in April.

So what is the difference between April and today on Ethereum and Bitcoin charts?

ETHUSD now is trading below both critical moving average and also the major up trendline.

The below chart of Ethereum shows what we noticing;

ETHUSD can move down more to hit expansion of 100% to hit $145 and bounce back on 3 waves at least.

Ethereum ETH
ETH Daily chart

What about Bitcoin chart?

Bitcoin managed to keep the trading above both moving averages and break above the down trendline

Today BTCUSD is touching 100 moving average and still trading around the trendline. which mean the risk of break it down still high.

Bitcoin BTC
Bitcoin BTC Daily chart

BTCUSD can extend lower to hit 100% to 161% expansion between $9850 to $9340.

The conclusion to trade Bitcoin and Ethereum

If Ethereum moved to $145 this will push BTCUSD to hit $9850 to $9340, then the market needs to decide one of these options:

  1. Bitcoin closes $9200 then we will see $8500 again. which mean Ethereum will collapse and could hit $110 again.
  2. While if BTC managed to rebound from the blue box then we will see huge rally on Ethereum

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Ahmad Alsheikh Ali
Ahmad Alsheikh Ali
BorseClub Founder, Trading and Development Manger

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