For those who follow me and have seen my previous analysis on Bitcoin and other cryptocurrencies, know that I mainly focus on the daily chart and use a fairly simple approach regarding Technical Analysis (TA), such as Moving Averages, Trend Lines, Support and Resistance levels. I have seen a lot of Technical Analysts on Steemit and almost all of them use small time frames - minutes, hours, days. So today I decided to do things a bit differently and look at Bitcoin and Ethereum charts from a different perspective - Weekly and Monthly charts.
Bitcoin
Weekly doesn't look very optimistic. Price is between the 8 and 21-day EMA. Obvious downtrend, a very solid red bar, not much else to comment.
On a first glance what I see is that on a Monthly chart Bitcoin is still extented from Moving Averages, which usually means that a consolidation/correction is ahead until they catch up. (As far as I have seen in the crypto sphere, we can't make a lot of assumptions for such long periods, because we don't have enough data. It's like chart analyzing an ICO.)
In my opinion the monthly chart is still more bearish than bullish.
Ethereum
The last time I wrote something about ETH I said that it is the strongest crypto at the moment. Of course some people countered with XRP, well I guess today we won't see such comments. I can now add that Blockchain projects are the strongest in the market, EOS,NEO,ETH - every one of them is holding very well in this correction.
ETH Weekly is neutral. Kind of ranging in 1000-1400$, just waiting for bitcoin to do something spectacular.
See a difference between BTC Monthly and ETH Monthly ? Yes ? Ok.
If you look closely at it, it's like ETH is lagging 1 month behind bitcoin. Should we expect a 40% drop from here then ? Only if BTC crashes to 5750$.
Although price is well extended from MA's, so we can expect a consolidation or a correction, so they can catch up.
Ok, if ETH holds better than BTC and ETH gains faster than BTC, isn't it logical to see a flippening soon ?
The Flippening
Basically the flippening is when Ethereum will claim the number 1 spot regarding market cap, thus flipping places with bitcoin, i.e. The Flippening. Many are expecting to see it this year - I am one of those people, ETH has so much more to offer. Big things ahead of ETH, the team is a beast, numerous quality ICO's are built on top of Ethereum, so this Monthly chart is well backed in my opinion.
Disclaimer
I am not a crypto-expert. This is only my opinion :)