Blocksmith Says: Breakdown Looms for ETH-BTC Spread

30 August 2022

We previously looked at the Ethereum-Bitcoin (XETXBT) spread eight days ago after the sudden gap down. The outlook, based on a statistical analysis, was down. 

Price has been trading randomly back and forth since the break and on 25 August, the gap was closed and then immediately price broke down again thereby nullifying the gap closure and skewing risk down again. 

The ratio still sits within the June up channel, but the preferred view is for a breakdown, through the bottom of the channel and the March-May price ledge. 

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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