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BTC$-ETH$

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Interesting Bitcoin/USD and ETH/USD correlation/comparison chart;

Plus an Bitcoin technical breakdown reversal pattern chart from CryptoCred (from 5 days ago) which looks to be playing out but could hit the skids if the ETH correlation holds up.

image.thumb.png.c71af75348c443d1c8819c4ee14e48d2.png

image.thumb.png.f5f62f01b474d08946ec066b43c32773.png

1901689724_BTCUSD()H4.thumb.png.ae3d7137e6899c7ae8d027845e68fc2d.png

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I see Bitcoin just broke down so it did indeed follow the correlation pattern with ETH as in the top chart of the first post above;

image.thumb.png.199b17dea8dce901825061bb152bbdda.png

Ether_20190311_13_04.thumb.png.7da528085bdfd463f75ab306bab5889c.png

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@Caseynotes,

Yes. There seems to be weakness across the board on Crypto’s that IG are offering. There is no positive news to drive the Crypto market at the moment. 

Even Stellar gave back some of its gains it made over the past few days. There could still be another leg downwards which is still a distinct possibility. The only positive is that the sharp moves upwards are getting smaller which could be an indicator that we may well see a bottom confirmed in Bitcoin at some point this year in 2019.

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This btc eth ascending/descending channel breakout correlation is very intriguing but not sure how it works, is btc following eth would depend on how the channels were drawn but btc seems to break first . As shown in the top chart first post btc keeps breaking the wrong way (ascending channel as pic below would expect a break up not down). 

So the correlation would appear to be that when in a tight channel btc will break in the direction implied by eth channel.

image.thumb.png.af888fc0cb325a1904d92a002b15be05.png

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