Been lurking a while. Always appreciated your stuff Klee.
Have to say though, your out-of-character outbursts yesterday speak volumes mostly about your own position. I already guessed you are partly banking on the inverse price relationship between BTC / ETH.
They have also made me feel more bullish about BTC than I've felt in a while. Although I should say my previous bullish timing on Bitcoin was... off the mark, to say the least.
I reckon there may now be room for both BTC and ETH to grow in parallel. The inverse price relationship is a tenuous phenomenon not based on anything fundamental.
My outburst was exactly because the ideal is BTCUSD to rally while ALTBTC rallies too!
If BTC dooms it will cause me an enormous amount of stress even if ETHUSD rallies.
It is because I saw BTC topped while ETH bottomed that made me take this position in the first place though.
3000 is a distribution area, whales alone will not break it, we need massive volume from everyday people.
I don't see this to be honest.
Finally, I got very emotional for BTC because IMO a failure here, combined with the halving, can be far more devastating than most think...
I think the inverse relationship between eth and btc is a strong correlation for now. Alts will parallel btc when btc hits a true bull market, and imo, only after significant gains are achieved in btc. This is due to veteran crypto holders moving into btc during the bull run and thereby suppressing eth (and alts in general) initially. Then, when the rally is well ingrained, and the price is out of reach in late comers minds, they pour into alts, triggering the flip on correlation and alts rally in parallel. This is what happened with ltc in 2013 and to lesser extent, other alts like namecoin and such.
I have fully mirrored my BTC trades with my eth trades for the last few months, and with the exception of a few trades, it has worked out as well as some FX correlations. I will continue to make trades like this for the foreseeable future as I still do not believe this is
the bull run
edit: I think the inverse correlation is simply whales capitalizing on the slosh of the markets right now. Btc up, sell eth to gain on BTC rises. Dump BTC and enter to catch ETH rises. Rinse and repeat.
