I look for inside bars, because they quickly show me when there is price consolidation, and price consolidations is where big moves typically come from. Now, which inside bar of the four charts has the better chance for an upside move?
On the weekly charts of the four GDAX USD Crypto pairs, one can clearly see ETH had a stronger week out of the two-bar, inside bar combo. ETH also has to gain only 16% above the prior week's high to get back into all-time highs, where every long position is a winner.
Contrast that with the overhead supply on the other three cryptos. A large amount of overhead supply typically translates into rallies being sold into because the longs that have held through the downtrend have buyer's remorse, and will be looking for any opportunity to get out at or near their break even point.
While it seems like a slam-dunk to go long, or add to ETH, BTC seems to influence the rest of the crypto market, so ETH's upside might be dampened by BTC's overhead supply. It's possible it could take several weeks for BTC's supply to get absorbed by the market.
On the weekly charts of the four GDAX USD Crypto pairs, one can clearly see ETH had a stronger week out of the two-bar, inside bar combo. ETH also has to gain only 16% above the prior week's high to get back into all-time highs, where every long position is a winner.
Contrast that with the overhead supply on the other three cryptos. A large amount of overhead supply typically translates into rallies being sold into because the longs that have held through the downtrend have buyer's remorse, and will be looking for any opportunity to get out at or near their break even point.
While it seems like a slam-dunk to go long, or add to ETH, BTC seems to influence the rest of the crypto market, so ETH's upside might be dampened by BTC's overhead supply. It's possible it could take several weeks for BTC's supply to get absorbed by the market.