ETHBTC - Bullish Idea (5-Day TF)
ETHBTC Symmetrical Triangle that broke higher could be forming a continuation pattern (pennant/flag/wedge/ascending triangle).
The break out of the triangle got rejected at the 0.5 fib level, pulled over the 2017 bull market.
Since we broke out of the symmetrical triangle at the 0.236 level we can also expect a pullback and retest of that level before continuing higher.
Bitcoin Dominance chart also seems to be in a bear flag, which could be the inverse of the ETH/BTC bull flag.
The 0.786 and 0.236 fib levels have acted as rejection points during the bear market, interesting to note.
The break out of the triangle got rejected at the 0.5 fib level, pulled over the 2017 bull market.
Since we broke out of the symmetrical triangle at the 0.236 level we can also expect a pullback and retest of that level before continuing higher.
Bitcoin Dominance chart also seems to be in a bear flag, which could be the inverse of the ETH/BTC bull flag.
The 0.786 and 0.236 fib levels have acted as rejection points during the bear market, interesting to note.
Note
Weekly TF.. not 5 day
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.