ETH / BTC - Breakout Descending Triangle 4H & HSi on Monthly
Updated
Ethereum / BTC pairing has been preparing for a possible major run up to at least 0.062 BTC from its current 0.031-32, similar to what we experienced towards the end of the 2017-18 market. The recent dip, really just a successful re-test of our 2018 high, has been providing the fuel needed to kick off that run.
On the 4H chart, there is potential to continue bullish movement and begin that run now, after having broken up out of a descending triangle.
I believe we are on a path towards 0.062 BTC, and that path may or may not show us one more dip after heading up and re-visiting a neck-line that is forming on a mini HSi (see green path drawing on 4H chart that shows us breaking above that neckline and heading back towards old highs). We also may not complete that pattern because the overall pattern is already bullish, so it's also possible we may just head up from here now.
Once that is complete, we should start to head up towards our more important neckline on the monthly and/or weekly HSi that is almost done forming.
This is an update on related chart ideas shown in the links below.
*** As always beware of BTC movement during this move and any other, as it will affect ETH's USD price regardless of what happens with its BTC value. ****
On the 4H chart, there is potential to continue bullish movement and begin that run now, after having broken up out of a descending triangle.
I believe we are on a path towards 0.062 BTC, and that path may or may not show us one more dip after heading up and re-visiting a neck-line that is forming on a mini HSi (see green path drawing on 4H chart that shows us breaking above that neckline and heading back towards old highs). We also may not complete that pattern because the overall pattern is already bullish, so it's also possible we may just head up from here now.
Once that is complete, we should start to head up towards our more important neckline on the monthly and/or weekly HSi that is almost done forming.
This is an update on related chart ideas shown in the links below.
*** As always beware of BTC movement during this move and any other, as it will affect ETH's USD price regardless of what happens with its BTC value. ****
Note
this is still in play, re-tested top of triangle (trend-line, i didn't draw the bottom of the triangle) on 4H chart
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