Ethereum is outperforming Bitcoin, rising as the top cryptocurrency sinks further. This type of change in the weather in crypto between Bitcoin and altcoins has come and gone in the past, and another altcoin season could finally be here.
According to “Gann price-time analysis” Ethereum could begin a massive leg higher, even if Bitcoin dives more from here. Here’s what that could look like, and why it is all very possible with a historic monthly close only a day away.
All About Price-Time Tools And Using Them To Trade Crypto
Technical analysis is a subjective practice, often clouded with bias. To avoid bias, some traders rely on unorthodox studies in order to get an accurate read on the market. Such tools involve mathematics like Fibonacci ratios, while others focus directly on other measurements such as time.
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The study of time in relation to price goes back as far as markets have been open, but one such individual achieved “legendary” status due to his apparent understanding of how time can impact price action. William Delbert Gann combined various forms of math and time – even astrological alignments – to predict future outcomes with a high degree of accuracy.
With leveraged #crypto players washed out, legacy players have discounted prices and to buy in.
— Bill Noble (@crypto_noble) April 29, 2021
Gann’s writing reveal all kinds of interesting relationships between price and time. For example, he says you should never trade on the third day of any trend. And he claims Fridays can predict the performance of a week ahead.
Several of his tools exist today and are used to chart assets like Ethereum, Bitcoin, and more. They can be applied to use in any asset class, and many traders swear by his theories and practices.
Ethereum To Make Massive Leg Up, Says Gann-Trader Bill Noble
According to one trader, Bill Noble, who is a big proponent of Gann, price-time analysis points to a massive leg up in Ethereum.
If Ethereum gets above this level, the leg up could be massive | Source: ETHUSD on TradingView.com
Noble has in the past shared Gann charts he’s produce by hand, and his calls are regularly successful. Cleary, he’s been able to utilize Gann’s tools effectively.
The chart featured above depicts one of Gann’s tools called the Gann fan. He also has tools based on geometrical shapes, such as the Gann square. Note, this isn’t in reference to a chart shared by Noble.
Noble’s call also matches the Gann tool’s projection above, suggesting that even a weekly close at current levels could send the cryptocurrency into overdrive and kick of the coming altcoin season with an enormous bang.
Will Ethereum get the massive leg higher that Noble is taking about, and the Gann fan above suggests?
Featured image from Pixabay, Charts from TradingView.com