ETHBTC Is is starting parabolic rise similar to 2017?

This is Ethereum's month by no doubt. It's strong start on the 1st month of the year made me look again at ETHBTC on the monthly (1M) time-frame and I found a very interesting pattern.

It appears that we have completed the Inverse Head and Shoulders, which started at the end of 2018. Such patterns are technically signs of a trend change from bearish to bullish. On top of that, December's (2020) candle bounced on the Higher Lows trend-line that has been providing Support since 2016.

It is important to note here that so far the current monthly candle (+53%) is the strongest since the January 2018. And if fractals bear any importance for you, it is almost as high as the January 2017 1M candle. Why so important? Because that candle also followed a bounce on the Higher Lows trend-line and was the start of the 6 month parabolic move of 2017. Coincidence? Could be. But in my opinion if the 0.04200 Resistance breaks (holding since September 2018), ETHBTC will look to fill Gap after Gap all the way to the All Time High.

Are you sharing a similar view?


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