Welcome to this analysis of ETH/BTC.
ETH/BTC has been in an uptrend since February after breaking out of a 6 months long double bottom reversal pattern. Since then it went sideways and consolidated for a bit more than 3 months, from the 8th of February till the 3rd of Jun. The consolidation looks like a symmetrical triangle pattern which is a continuation patter in this case. On the 3rd of Jun, the price broke out of the triangle, since then it has made a month-long rectangle range continuation pattern outside the triangle that got confirmed by a breakout and close above 0.02560 Sats. The overall structure looks like accumulation over time with a series of higher highs and higher lows and bullish continuation patterns.
The target of the Symmetrical triangle is around 0.03180 Sats. The first major level of resistance above the price is the red box an around 0.03 Sats zone. The Price can reach those targets as long as it does not break below the rectangle pattern.
This trade idea has 6 rewards to risk ratio.
Good luck trading :)
ETH/BTC has been in an uptrend since February after breaking out of a 6 months long double bottom reversal pattern. Since then it went sideways and consolidated for a bit more than 3 months, from the 8th of February till the 3rd of Jun. The consolidation looks like a symmetrical triangle pattern which is a continuation patter in this case. On the 3rd of Jun, the price broke out of the triangle, since then it has made a month-long rectangle range continuation pattern outside the triangle that got confirmed by a breakout and close above 0.02560 Sats. The overall structure looks like accumulation over time with a series of higher highs and higher lows and bullish continuation patterns.
The target of the Symmetrical triangle is around 0.03180 Sats. The first major level of resistance above the price is the red box an around 0.03 Sats zone. The Price can reach those targets as long as it does not break below the rectangle pattern.
This trade idea has 6 rewards to risk ratio.
Good luck trading :)
Comment:
Comment:
looks good so far, retested the triangle range as support, and made a higher high now. Volume is the key here, I would like to see volume rises as price goes up.
ETH/USD pair also looks strong, unlike BTC/USD that looks a bit weak at the moment.
ETH/USD pair also looks strong, unlike BTC/USD that looks a bit weak at the moment.
Comment:
Comment:
bang! that is what I like to see :d.
Comment:
Comment:
it has been going up vertically :d I believe it can hit its target considering the strengths in the market.
Comment:
Trade closed: target reached:
The target of the triangle got hit.
+6R on this trade.
Although the target is reached I believe the price can still go higher than here. Although I doubt if it keeps on going up vertically, at some point it will consolidate pull back instead and give us the chance to analyze the next move better.
I'm gonna keep some of my initial position and try to swing trade it for longer with a trailing stop.
+6R on this trade.
Although the target is reached I believe the price can still go higher than here. Although I doubt if it keeps on going up vertically, at some point it will consolidate pull back instead and give us the chance to analyze the next move better.
I'm gonna keep some of my initial position and try to swing trade it for longer with a trailing stop.