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 :)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.