Raoul Pal Projects That Ethereum (ETH) Will Outperform Bitcoin (BTC)
Raoul Pal, the CEO of Real Vision, is looking into a number of technical indicators which are signaling a bullish flip for the leading smart contract platform Ethereum (ETH).
The top economist says that ETH chart is forming an inverted head and shoulders pattern that usually is a sign that a bearish trend is about to come to an end. He also notes that the validity of the inverted head and shoulders pattern is supported by the DeMark indicator, which is often used to predict market tops and bottoms or in some cases market turning points.
“ETH is approaching the neckline of the inverted head and shoulders (pattern needs confirming still).
BUT, Daily DeMark is showing a 13 and a 9 tomorrow… so breakout possibly fails on the first attempt, which is pretty typical of this pattern. Usually a trend line sharp pullback into the middle of the wedge and then upside break…”
BUT, Daily DeMark is showing a 13 and a 9 tomorrow… so breakout possibly fails on first attempt, which is pretty typical of this pattern. Usually a trend line sharp pullback into middle of wedge and then upside break… pic.twitter.com/ZyaxhTIZmY
Number 13 on DeMark indicator points to the direction that the market could be reversing. Number 9 is a buy signal, if out of the 13 most recent bars, the four oldest bars closed higher than the nine bars that immediately follow.
“But the probability that the inverse head and shoulder is valid is increased significantly by the Weekly DeMark 9 that is in place… Nailed the low pretty much perfectly.”
Pal also looks into ETH/BTC pair and notes that ETH is getting ready outperform Bitcoin before breaking out of a channel where it has been since May 2021.
“And ETH/BTC looks like a running consolidation and should move towards the top of flag and then break out in due course.”
And ETH/BTC looks like a running consolidation and should move towards the top of flag and then break out in due course. pic.twitter.com/q5E35Urwyq
