tl;dr
Renowned crypto analyst Benjamin Cowen believes that the Ethereum versus Bitcoin pair is nearing a cycle bottom, indicating that ETH is likely to stop declining against BTC. However, he notes that Bitcoin's dominance level is still rising, suggesting that ETH/BTC could see further decline. Cowen als...
Ethereum may be approaching a cycle bottom against Bitcoin, according to renowned crypto analyst Benjamin Cowen. He believes that the Ethereum versus Bitcoin pair is nearing a cycle bottom, indicating that ETH is likely to stop declining against BTC. However, he notes that Bitcoin's dominance level is still rising, suggesting that ETH/BTC could see further decline.
Cowen also suggests that Ethereum may bottom out against Bitcoin before other altcoins. Currently, BTC's dominance level is at 57.64%. Cowen anticipates that ETH/BTC is in its final stages of capitulation and may bottom out soon, although he warns of a potential bounce followed by a lower low in December. ETH/BTC is presently trading at 0.04125 BTC ($2,597).
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against the crypto king and it appears as if ETH is poised to stop bleeding against BTC. But Cowen says Bitcoin’s dominance level – or the ratio of BTC’s market cap compared to the market cap of all other crypto assets – is still on the rise, suggesting that ETH/BTC can still witness a leg down.
“I still think that Bitcoin dominance is in an uptrend… I think it will go probably to approximately 60%, so I don’t think Bitcoin dominance has topped, which is why ETH/BTC could go a little bit lower.” BTC’s dominance level is currently sitting at 57.64%, according to TradingView.
However, Cowen says it is within the realm of possibility for Ethereum to bottom out against Bitcoin before the rest of the altcoin market prints cycle lows. He believes that ETH/BTC is in its final stages of capitulation and emphasizes that it may bottom out relatively soon. Cowen goes on to say that the worst-case scenario for this outcome would be a bounce to the upside followed by a lower low in December. ETH/BTC is currently trading at 0.04125 BTC ($2,597).
More about Albertsons Companies
Albertsons Companies, Inc. participates in the pharmacy and food operation in the United States.
Industry: TRADE & SERVICES, RETAIL-GROCERY STORES
Market Cap: 10.81B
PE Ratio: 9.72
EPS: 0.48
Beta: 1.92
Current Stock Price: $137.79
Dividend Yield: 0.0141
Revenue: 79.45B
Debt to Equity: 24.39
Return on Equity: -0.43
Price to Book: 0.009
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Technical Analysis Summary Understanding Technical Analysis in the Stock Market
Technical analysis in the stock market involves studying past market data, primarily focusing on charts and technical indicators such as moving averages, RSI, and Bollinger Bands.
Key concepts in technical analysis include support and resistance levels, breakouts, and chart patterns like the head and shoulders pattern.
Indicators like moving averages and RSI help identify bullish or bearish trends in the market.
It's important to note that past market behavior does not guarantee future performance, and there are inherent risks associated with market trading.
Technical analysis provides insights to make informed decisions in the stock market, but it's essential to approach it with a balanced understanding of its limitations.