ETHBTC has been showing strong upside momentum so far. Now the price pattern looks like forming a running triangle as corrective wave 4.
Wave 3 traveled a distance of roughly x1.618 of Wave 1. Therefore, there is a chance that Wave 5 could be extended. Triangle formation is often a precursor for a large move.
Wave 3 traveled a distance of roughly x1.618 of Wave 1. Therefore, there is a chance that Wave 5 could be extended. Triangle formation is often a precursor for a large move.
Note
The price has already breached upper line of the triangle. So far, the price action looks good.
I trade forex, cryptocurrency, stock, futures mainly based on Elliott Wave principle.
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I trade forex, cryptocurrency, stock, futures mainly based on Elliott Wave principle.
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.