I still believe this is an accumulation but might take 1 year more so I updated my previous idea, I believe we are going for a spring based on wyckoff accumulation. Altcoins on USD pair should see lower lows as well:
ETH/BTC TECHNICAL ANALYSIS
Just broken above previous resistance level at 0.030807, could be looking at a long position to the 0.031365 level.
Proper risk management is advised.
www.tradingview.com to the
I'm currently using this chart to anticipate a rally by ETH against BTC. I currently have two nested wave-one candidates with a retracement of the current nearing or at completion.
I'm looking for a break above the thick Red line followed by a re-test from above to indicate a potential long entry.
Price only goes up or down, but the paths it can take are infinite.
To help fight my biases I take a number of potential paths including important zones where price is more likely to stall or bounce.
With ETHBTC the over-all shape since the lows is that of a large flag which could lead to an impulsive break up. The move resulting from this would be powerful, but...