ETH / BTC - Showing Good Chance to go Parabolic
Updated
Let's try this again, see previous similar idea from HBAR/USD linked below.
ETH / BTC has formed a strong parallel channel uptrend, with multiple attempts to break up and out of this channel. As we know, the more knocks at the door, the better the chance to break through the door.
On the other hand, there has also been one very strong attempt to break down and out of the channel, which succeeded briefly. Anything is possible, but I believe we move up here, regardless of what BTC does. What BTC does will affect ETH's USD price even if we are moving up strongly against BTC, so be mindful of that.
If you zoom out, you'll also notice we've formed a huge inverted head and shoulders that is near completion/confirmation (confirmed above 0.04). In addition to this, volume is beginning to rise again. More evidence that this is our likely outcome. ETH / BTC looks rather certain for our move up, so be mindful of fake-out drops to shake people out, but a strong move below this channel that remains below may invalidate this idea.
Initial target area around 0.061 BTC (based on the Inverted HS), followed with a potential to move back near or even above our old all time highs at 0.1.
ETH / BTC has formed a strong parallel channel uptrend, with multiple attempts to break up and out of this channel. As we know, the more knocks at the door, the better the chance to break through the door.
On the other hand, there has also been one very strong attempt to break down and out of the channel, which succeeded briefly. Anything is possible, but I believe we move up here, regardless of what BTC does. What BTC does will affect ETH's USD price even if we are moving up strongly against BTC, so be mindful of that.
If you zoom out, you'll also notice we've formed a huge inverted head and shoulders that is near completion/confirmation (confirmed above 0.04). In addition to this, volume is beginning to rise again. More evidence that this is our likely outcome. ETH / BTC looks rather certain for our move up, so be mindful of fake-out drops to shake people out, but a strong move below this channel that remains below may invalidate this idea.
Initial target area around 0.061 BTC (based on the Inverted HS), followed with a potential to move back near or even above our old all time highs at 0.1.
Note
If we don't head back up inside the channel soon (a long wick down is possible like the one that occurred during the last down wave), this is my plan B:
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