ETH in BTC in Ascending triangle, about to break

in eth •  8 days ago 

This is something that has been completely off my radar.

ETH BTC has been forming an Ascending triangle in BTC. ETH has been much stronger lately than betc and this price action reflects this.

ETHBTC.JPG

This is probably also something that is an indication of a potential new alt rally since most of the ALT market is actually ETH.

On a bigger picture it looks like the bottom could be in, with a bigger Head and shoulder formation.

h&s.JPG

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"This is probably also something that is an indication of a potential new alt rally since most of the ALT market is actually ETH."
What do you think? Can this be good for the Steem too?

steem has also been quite steady while overall market went down, so i think that looks strong.

I have my doubts about the token fundamentally though

Per my charts steem in terms of btc is up 9.4% in the past 30 days with most of that being the last 7 days at 9.1%. A couple peaks and valleys in there with higher lows and higher highs in BTC. But this all comes off a very bad period and the past 90 days the price isn't nearly as good...but the new patterns are looking much better.