ETH has a Descending triangle pattern which is the same as BTC but there is a catch, ETH-BTC pair is also having a Descending triangle pattern. Now things can go one of two ways - either ETH breaks upward and BTC down or ETH down and BTC breaks upward.
Now I notice that while the momentum for BTC was oscillating from the bottom, ETH momentum lows have been on a steady increase.
Is that a sign that ETH is gonna break upwards? Is David gonna beat Goliath? Time will tell. ( I favor David but that's just me)
(P.S a third option would be an increased descent rate on ETH compared to BTC and both fall but that's a very complex case)
Longs above 315 and shorts below 280 if you don't wanna miss out on either side.
Now I notice that while the momentum for BTC was oscillating from the bottom, ETH momentum lows have been on a steady increase.
Is that a sign that ETH is gonna break upwards? Is David gonna beat Goliath? Time will tell. ( I favor David but that's just me)
(P.S a third option would be an increased descent rate on ETH compared to BTC and both fall but that's a very complex case)
Longs above 315 and shorts below 280 if you don't wanna miss out on either side.
Comment:
Well ETH broke down below 280 so its a good time to go short. Meanwhile ETHBTC pair has yet to fall lower and touch support so the breakdown or breakup for ETH vs BTC might happen towards the end of this month. For now they are following each other.
Comment:
ETH hit descending triangle target perfectly :)
Trade closed: target reached