ETHBTC Ugly diamonds, VPVR and Log Chart Resistance

Firsts things first the diamonds are ugly especially the left half. The first half of the diamonds are inverse, with the orange diamond going straight to the top and then drifting down to set the bottom and the blue diamond going straight to the bottom before setting the top. The right portion of both diamonds is more textbook than the left. And the orange diamond looks uglier than the blue diamond.

Second, why the interest in ETHBTC over ETHUSD or BTCUSD? Because I feel the pair trends better than crypto-fiat pairings. This formation here suggests that BTCUSD will continue to go up quicker than BTCUSD and retrace/consolidate less. But I won’t have to may any needless fees during the consolidations because ETHBTC will be continuously performing (ideally). I hope to see a quick move along the hight of the blue diamond, shown with the dashed blue line.

I don’t see us staying below the bold black line for log. It has shown itself to be significant for two years and so I would expect wicking on the weekly chart.
Another way of viewing the chart price action is as a falling wedge, but the best draw of the wedge does require ignoring the wick on the second touch at support but including the wick on the thirds. Subjectivity comes into play but the wedge certainly looks better than the orange diamond in the top chart.

Between the bold black line and the purple dashed line is a dangerous area for continuation traders to hop on board, especially if the shorts pile up. We are staged for a mild long squeeze as it is and then if the ETH bears over-react they will get a short squeeze.

Comment:

Looks like after we broke out of the diamond we consolidated and then had a throw back as the longs climed higher beting ETHUSD would continue to perform to the upside. THe market looks to be clearly correcting/pullingback and so we should see full performance on this diamond into the base of the falling wegde and from there ETH should outperform BTCUSD once the wedge target is reached.

We may tough the wedge base twice with some bullish divergence and if I see that I will be doing a new ETHBTC post to signal I am going long but that is a differnet post. I am also going to be looking for the ETHBTC longs to be squeezed out, hopefully to new lows.

Comment:

Another diamond fractal on ETHBTC, this time attached to a flagpole. If this signals continuation expect us to continue down the length of the flagpole and to new local lows.

Comment:

The large diamond COULD start to perform shortly to be to BTCUSD benefit. Both coins are showing signs of strength independently. The formations do have habit of playing out to the very end and there is still another month worth of space in the diamond. So it still remains to be seen if this is continuation or reversal.

Comment:

The diamond has been tested again and the former support was shown to be strong resistance as the price action hit it and was immediately thrown back. Both BTCUSD and ETHUSD are moving upward so this is a clear sign that BTCUSD continues to outperform BTCUSD.