For the bullish chart, we switch to the log scale and can see the ETH/BTC ratio is now repeating the pattern from March/April of 2017 within the yellow circle but on a slightly larger scale. If this pattern is going to repeat itself, the ratio should be nearing a bottom within the next day or two creating a buy opportunity. It will be followed by either a reversal...
I have both a bullish and bearish case for the ETH/BTC price. This bearish case represents a continued drop of the ratio down to the 0.036-0.040 level over a long time period.
The red circles most clearly represent the bearish repeating pattern. The counts of 1, 2, and 3 show the three peaks that correspond to one another between the two different red circles....
The two possibilities are:
1. Bitcoin stays between the upper and lower bounds and falls back to $5kish
2. We break upward through the resistance and start a new trend.
