ETH / BTC - Logarithmic Triangle Breakout Idea
Updated
I've been pursuing a long trade target around 0.062 on ETH / BTC for a while now (TP 1 - range between 0.053-0.062).
Here's an alternative idea that shows potential for a second higher Target, based on breaking up out of a long-term symmetrical triangle on the logarithmic chart and re-testing the top of it.
This also shows we are in a parallel upward channel after having changed direction from a long term downtrend. We are nearing the bottom of that channel, as well as touching the midpoint of our daily high and low (yellow line in the middle of the two red lines), which would create a good turning point for our potential move up. That said, it's certainly possible we head a bit lower first and test the bottom of the channel again before making our move up and out.
Breaking below the channel or breaking back down into and/or especially below our triangle for any extended period of time invalidates this idea.
See previous related ideas linked below.
Here's an alternative idea that shows potential for a second higher Target, based on breaking up out of a long-term symmetrical triangle on the logarithmic chart and re-testing the top of it.
This also shows we are in a parallel upward channel after having changed direction from a long term downtrend. We are nearing the bottom of that channel, as well as touching the midpoint of our daily high and low (yellow line in the middle of the two red lines), which would create a good turning point for our potential move up. That said, it's certainly possible we head a bit lower first and test the bottom of the channel again before making our move up and out.
Breaking below the channel or breaking back down into and/or especially below our triangle for any extended period of time invalidates this idea.
See previous related ideas linked below.
Note
Quick comment - not expecting this to occur right this moment, look for a possible test around 0.0292-3 btc (bottom of channel/top of triangle) that could even have a candle wick down into our triangle prior to heading up
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