Welcome!
I rarely cover anything else other than Bitcoin but in this case I decided to focus on Ethereum´s BTC pairing.
As you can see the ETH/BTC chart has formed an incredibly beautiful complex head and shoulders that is made off of double left shoulders, head and a double right shoulder.
I like the confluence with this one as ETH found resistance exactly at the big weekly orderblock (white rectangle) and goes well in hand with the other things I am seeing in this market at the moment (incredibly bullish Bitcoin dominance for one).
This pattern is officially confirmed once we get a clean daily close below the neckline (blue line). Once confirmed the final target of the pattern would be somewhere in the yellow box.
Final thing to note: daily HMAs are in an aggressive sell posturing which means the odds of the pattern indeed breaking down to its final target are high!
Thank you for reading.
I rarely cover anything else other than Bitcoin but in this case I decided to focus on Ethereum´s BTC pairing.
As you can see the ETH/BTC chart has formed an incredibly beautiful complex head and shoulders that is made off of double left shoulders, head and a double right shoulder.
I like the confluence with this one as ETH found resistance exactly at the big weekly orderblock (white rectangle) and goes well in hand with the other things I am seeing in this market at the moment (incredibly bullish Bitcoin dominance for one).
This pattern is officially confirmed once we get a clean daily close below the neckline (blue line). Once confirmed the final target of the pattern would be somewhere in the yellow box.
Final thing to note: daily HMAs are in an aggressive sell posturing which means the odds of the pattern indeed breaking down to its final target are high!
Thank you for reading.
Comment:
Update: after first breach of the neckline ETH/BTC rallied and likely liquidated some late shorts. It has, however, later found resistance at a bearish OB and is now looking like it finally wants to trend down to its downside target
