#btccoinpair
I put this crypto pair this way around - I’m not sure if you’re meant to - it just kind of reminds me of EUR/USD in forex trading.
So as a reminder, ETH/BTC is Ethereum priced in Bitcoin. When Ethereum outperforms Bitcoin it goes up and when Etherium underperforms Bitcoin, it goes down.
So it doesn’t actually matter if Bitcoin goes up, down or sideways, if you’re trading ETH/BTC - what matters is what one does relative to the other.
Well this thing has been going down a lot! Until recently.
Going back to pairs trading - the thesis here is that the Ethereum/Bitcoin price ratio has dropped to bargain levels and could be about to recover.
I’m not going to lie to you - there are a lot of sore hands out there from trying to pick this falling knife!
But this rebound off the 61.8% Fibonacci retracement of the 2020-21 rally has caught our attention.$BTC