As technicians, what do we care about? The charts, right? Well, when I look at the charts of bitcoin ($BTCUSD) and etherium ($ETHUSD), the choice between the two is relatively simple. The charts tells us everything and this one simple price-relative chart says to go with etherium until further notice:
We just saw another relative breakdown in bitcoin. It’s now been underperforming etherium since printing a relative top in the summer of 2019. That’s more than two years and counting.
Until this relative trend changes, go with what’s working.
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Happy trading!
Tom Bowley, Chief Market Strategist, EarningsBeats.com