I see the recent rise of ethbtc as a bounce that was further pushed higher because ethusd made an ATH as a result. We are still correcting from the previous double top at 0.034~0.037. We will most likely retest 0.022~0.023.
Solid symmetrical triangle pattern is forming; I might close some of my currently long BTC position to trade this breakout depending on whether the triangle fills up.
I'm expecting the triangle to fill up fully and then break upwards. I don't expect a new high for at least another month though.
The blue lower trendline is a huge support line. If that breaks we are probably heading to $5.
I would long at 0.022 except I'm a bit fearful that BTC will moon by tomorrow, pushing the ETHBTC price down further. In the unlikely chance we get to 0.02 by today, I'm willing to take that risk. More likely I'll be looking to short the bounce around 0.026.
Triangle has broken out. With stops at the bottom of the triangle (419), I think this could be the best risk/reward ratio trade of the year. Planning to wait until at least 550, depending on momentum I might wait until 600 or more.
I'm still long from 0.018. I'm surprised that 0.0175 broke through but daily RSI is now at 30 – I doubt it is going down much further without a bounce. Blue line shows bottom of the triangle support. I'm expecting a bounce back to 0.021+.
