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Macro Guru Raoul Pal Updates Ethereum Outlook, Predicts Top-Altcoin

Macro Guru Raoul Pal Updates Ethereum Outlook, Predicts Top Altcoin Will Outperform Crypto King Bitcoin. A series of technical indicators appear to be flipping bullish for Ethereum (ETH); according to Real Vision CEO and global economic expert Raoul Pal.

Pal says he’s identified a chart pattern; that suggests ETH is on the cusp of cementing a bottom and beginning a sustainable uptrend.

According to Pal, Ethereum is demonstrating an inverted head and shoulders pattern; which typically signals that a downward trend is about to end.

“ETH is approaching the neckline of the inverted head and shoulders (pattern needs confirming still).”

Source: Raoul Pal/Twitter

Pal says that the validity of the inverted head and shoulders pattern; is bolstered by readings on the DeMark indicator, used to anticipate market tops and bottoms or possible market turning points.

“BUT, Daily DeMark is showing a 13 and a 9 tomorrow… so breakout possibly fails on the first attempt, which is pretty typical of this pattern. Usually a trend line sharp pullback into the middle of the wedge and then upside break…”

Source: Raoul Pal/Twitter

“But the probability that the inverse head and shoulder is valid; is increased significantly by the Weekly DeMark 9 that is in place… Nailed the low pretty much perfectly.”

Source: Raoul Pal/Twitter

A figure of 13 printing on the DeMark indicator suggests that the market is susceptible to a reversal. When the DeMark indicator prints the number 9; it is a buy signal if out of the 13 most recent bars, the four oldest bars closed; higher than the nine bars that immediately follow.

Pal also says that when Ethereum is paired with Bitcoin (BTC); the second-largest crypto asset by market cap appears ready to steadily outperform the crypto king before breaking out of a channel that dates back to May of last year.

“And ETH/BTC looks like a running consolidation; and should move towards the top of flag and then break out in due course.”

Featured Image: Shutterstock/Warm_Tail

Read MoreEthereum, Trading, DeMark Indicator, ETH, News, Raoul Pal, Technical Analysis, tradingEthereum News – The Daily Hodl

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