ETHBTC: The big move - 0.09 or 0.04?
After confirming a symmetrical triangle, the upside target for ETHBTC is around +40% from an upwards breakout to approximately 0.09 for new multi-year highs. The downside target is -32% back to previous resistance and volume support level. While ETHBTC remains in a longer-term bull trend, the likelihood of a break to the upside is more likely, given these triangles are usually continuation patterns. Volume remains low either side of this trade, confirming a large trading gap for a big move to occur.
None the less it's important to remain patient as well as neutral until confirmation of a break up or down. The anticipated breakout zone is based on 75% of the triangle completing, after a minimum three touch-points of support & resistance. A breakout is therefore expected by August 18th, with decreasing volume in the past three months indicating a significant move is likely to happen. Along with ETHUSD chart patterns, ETHBTC is a trading pair that also often meeting it's measured move targets (and beyond):
Watch out any any bear trap based fake-outs from these triangle patterns, as was the case with Bitcoin recently:
In a bull trend with a symmetrical triangle, it's better to trade long not short. Probability is your friend.
None the less it's important to remain patient as well as neutral until confirmation of a break up or down. The anticipated breakout zone is based on 75% of the triangle completing, after a minimum three touch-points of support & resistance. A breakout is therefore expected by August 18th, with decreasing volume in the past three months indicating a significant move is likely to happen. Along with ETHUSD chart patterns, ETHBTC is a trading pair that also often meeting it's measured move targets (and beyond):
Watch out any any bear trap based fake-outs from these triangle patterns, as was the case with Bitcoin recently:
In a bull trend with a symmetrical triangle, it's better to trade long not short. Probability is your friend.
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