*Disclaimer, this is not financial advice, just my opinion as a crypto enthusiast.
ANALYSIS On the weekly ETH/BTC chart we have a "cup and handle" formation which is known to be one of the most consistently accurate chart pattern.
PATTERN CHARACTERISTICS *The base of the cup is very smooth (rounded) rather than jaggedly or V-shaped which gives this pattern more credence. *Volume is drying up as the handle forming; reaching its presumed lows *The handle is a within range, dropping around 25% so far and staying in the upper range of the cups base. If the handle drops below 30% this makes the pattern less likely. *However this has been a very long cup and we are potentially at the bottom of this possible short bear market we're experiencing; which can cause extra weakness and shakeout, in this scenario the pattern would still be completely sound if there was a further shallow decline.
TARGET *Target is calculated by drawing a line from the bottom of the cup to the top and adding that to the breakout from the handle *The breakout has not happened yet so this is still unconfirmed *Breakout should occur on strong volume and surpass the high of the cup's base
---> CALCULATED TARGET IS APPROXIMATELY 0.15 (which would take Ethereum back up to it's All Time High.
Let me know what you guys think, is this possible, would this result in a FLIPPENING, would really love to hear your thoughts?
looks good but I'd be interested to learn about your 25% / 30% range for the handle. Most formations I've seen play out fall to around the 0.5 fib retracement from the bottom of the cup to the top... thoughts?
cmpkpersonal
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@keVJoY, Thanks for the comment, really appreciate it. I'm going by what the research says but the important thing seems to be that the shakeout is on low volume and stays in the top half of the base, research says it can go deeper to a 50% drop but that it just makes it less likely to fulfil the bullish completion of the pattern.