Debunking crypto narratives: the fastest horse in the race always wins

Ethereum is unlikely to outperform bitcoin

There is a pervasive narrative in the cryptoverse that attempts to paint ethereum in the same light as bitcoin or better. Here’s why I think this narrative is not only flawed psychologically, but also fundamentally incorrect.

Gold Scandal: 83 Tons of Fake Chinese Gold bars uncovered in massive scandal

In a major gold counterfeiting scandal, more than $2.8 billion in gold bars — originally used as collateral for 16 billion Yuan in loans — were found to be nothing but gilded copper.

Technically speaking

Weekly (HTF) is bullish but a mild correction is possible

Bitcoin is decidedly one of the most stable assets anywhere right now, hovering just over the $9,000 area as it prepares to make a move that will set the tone for the coming weeks.

Daily (HTF) poised to break out this week

On the daily time-frame, bitcoin is still trading beneath the $9,300 pivot point, signalling bearish continuation for all intents and purposes. A bounce from $8,600 at the bottom of the range (discounting wicks) is likely if bitcoin fails to reclaim the pivotal price-point.

4-hour (LTF) fails wedge breakout — leans bearish

Thus far, bitcoin has failed to breakout of the falling wedge pattern on 4-hour chart as it meanders below the 200 and 50 4-hour EMA. This suggests that another leg down is likely in the short term, given that breakouts from falling wedges are supposed to be explosive and decisive moves.

https://chrisoncrypto.com/blog/f/83-tons-of-fake-chinese-gold-bars-found-in-huge-scandal
https://chrisoncrypto.com/services

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Chris on Crypto

Chris on Crypto

Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats.