Pardon the phrase, but it seems to be appropriate given we are talking about dominance...Sell ETH for BTC, not large amounts because BTC dominance seems to bouncing for the next little while. Keep a core position on ETH if you keep no other alt for long term gains though. ETH will continue to have relief rallies, and but we are probably moving into a phase where BTC will outperform ETH for a decent period of time. ETH will have relief days where short term traders will think that ETH out-performance is a thing once again, but this will be short lived as BTC dominance increases. Once ETH is lowered in sat value where the risk/reward is favourable, conversion back into ETH for increased longer term holdings is advised. Not financial advice, I could be wrong, but I recommend you do your own research...if I am wrong, let me know how.
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Looking at the chart, I do have a plan:I'll see if I get there...if it goes against me, I will have played myself a bit, but it won't be a disaster, and I can start converting back earlier. I think the line above the text box should hold and will be a reasonable spot to start converting, end goal = more BTC and more ETH. As I am using a small amount, the gains will be small, but in the long term, a gain is a gain.
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I keep finding these great opportunities to convert ETH into BTC...I will see how it goes, but this chart is looking constructive for a serious reality check on ETH...thesis is the market will be selling ETH at a greater rate than BTC if the entire crypto market goes bearish for a spell...also BTC will be the first to recover when we go bullish again = ETH/BTC much lower, and a better opportunity to purchase more ETH for less BTC
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The cuckening continues:> will see how it goes, looking for more ETH and BTC in the end, I don't dislike ETH, but there is a time to take profit and a time to buy.
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Not saying I'm right, but I might be, the plan is to wait for the "extremists" to see that head and shoulders on the pair, and being the extremists that they are, I might wait for them to start calling on the death of Ethereum because they cashed in their BTC at the wrong time and are now seeing a bit of rekt-age on their accounts...more rekt-age will fuel the extremism and then...buy once they've sold all their bags. In theory, I might still be wrong if I don't play this right, hence the small amount of conversion relative to my account size.Note
Apparently Melvin Capital has a short on ETH...not why I did what I did, but that is a fly in the ointment here...How many head and shoulders are visible on this chart...I see two myself...good setup for a short via BTC...problem is now the "news" item. Hope these guys just stop doing what they're doing...
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> actually have started converting a little bit back, smaller amounts of course.
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I would say this is why you harvest #alts into BTC> anyone telling people to sell btc into eth for the last week or so has been doing a disservice to the community... > I would say this one worked out...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.