ETHBTC is painting a potential massive inverted head and shoulde
Updated
Hopefully as much as possible the main chart tells most of the story. there is a potential inverted head and shoulders on ETHBTC that has taken about 850 days to begin from the begining of the left shoulder to now where ETHBTC might be creating a right shoulder.
Ideally the right shoulder is done forming here at this red year long trend line. There is also a historically significant level at .026 which we appear to have found support on. Should that trendline and the .026 level fall I would still consider the pattern valid so long as the orange trend line held. The orange trend line is perhaps the most important line we can consider for ETHBTC, given the fact it is some 4 years old and helped begin the 2017 bull market.
A lool at the MTF bollinger Bands shows the 0.26 level was influenced by the baseline of the 1 month bollingerband (in green). We also see that the price action is pushing pretty hard on the lower limit of the weekly baseline (blue)
The aggressive entry would be at the valley of the right shoulder and a less aggressive entry would be looking for continuation at the neckline, or potentially on a retest of the neckline. Insert the standard disclaimer about stop management and proper position size, etc.
Ideally the right shoulder is done forming here at this red year long trend line. There is also a historically significant level at .026 which we appear to have found support on. Should that trendline and the .026 level fall I would still consider the pattern valid so long as the orange trend line held. The orange trend line is perhaps the most important line we can consider for ETHBTC, given the fact it is some 4 years old and helped begin the 2017 bull market.
A lool at the MTF bollinger Bands shows the 0.26 level was influenced by the baseline of the 1 month bollingerband (in green). We also see that the price action is pushing pretty hard on the lower limit of the weekly baseline (blue)
The aggressive entry would be at the valley of the right shoulder and a less aggressive entry would be looking for continuation at the neckline, or potentially on a retest of the neckline. Insert the standard disclaimer about stop management and proper position size, etc.
Note
my prospective right shoulder has formed a very nice falling wedge. It is my hope that this wedge will consolidate mostly sideways through January and a bit into febuary, giving me time to accumulate my position.Note
This is begining to look promising for my falling wedge theory which is pretty important for my inverse head and shoulders.ETHUSD itself has finally conclusively mounted a trendline that was resistance for over a year. There was some back and forth for the last couple of weeks as BTC had its run but I think it is time for money to start going into premier alts, and the one with the best real use and adoption is ETH.
Note
This is a major bullish sign for ethbtc. The price action is turning previous resistance into support with both the trend line and the EMAs. It may be a struggle for a month or so but the evidence to be biased towards eth continues to build.
Note
We are at the neckline of the inverted head and shoulders and it is on the verge of performance. The performance of the wedge might be signalling a thaw into alt season and performance would signal the alt-season summer.
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