ETH - forming pennant pattern, in bullish consolidation
After huge (over 2 years long) H&S formation on ETH/BTC chart and final breakout, its seams that ETH enter another pretty long consolidation in form of pennant pattern (since May '21).
With all this blood on the streets (mini version) I decided to look more closely on ETH potential over BTC.
As I mentioned pennant pattern already, it is at advanced stage and formation is very clear.
As a main resistance I see 0.618 Fib. level + previous price action level from 2018, at around 0.81.
After 0.81 level is conquered 0.10 - 0.11 area is middle term target for this relation.
Notice hidden bullish divergences on RSI indicator and possible similar outcomes.
In very bad scenario I see at 0.055 area (+ 0.382 Fib. level and 50 W MA, green line) as main support. Lower than that we shouldn't reach (well, I hope we shouldn't).
If you like analysis please consider leave a like or comment! Thanks :)
With all this blood on the streets (mini version) I decided to look more closely on ETH potential over BTC.
As I mentioned pennant pattern already, it is at advanced stage and formation is very clear.
As a main resistance I see 0.618 Fib. level + previous price action level from 2018, at around 0.81.
After 0.81 level is conquered 0.10 - 0.11 area is middle term target for this relation.
Notice hidden bullish divergences on RSI indicator and possible similar outcomes.
In very bad scenario I see at 0.055 area (+ 0.382 Fib. level and 50 W MA, green line) as main support. Lower than that we shouldn't reach (well, I hope we shouldn't).
If you like analysis please consider leave a like or comment! Thanks :)
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.