ETH/BTC triangle and breakout idea
Timeline:
sep 1 ETHUSD is pumping from 3400
sep 3 ETHUSD hits 4k and stalls
sep 5 BTCUSD picks up the pace while ETHUSD still moves sideways
sep 7 BTCUSD and ETHUSD rolls over to the downside and flash crashes to 43k and 3k respectively.
sep 8 BTCUSD retests 45k as support and moves sideways until today. ETHUSD retests 3.2k and moves sideways
during this period the ETHBTC pair has attempted to exceed 0.08, however due to BTCUSD sudden chase, and the following flash crash, it has corrected into a symmetrical triangle ranging from 0.08 to 0.072 ETHBTC.
the resistance and support lines of the symmetrical triangles have been tested multiple time, and a breakout or breakdown could lead to a quick move to either 0.08 or 0.072 respectively.
a swing long could be entered if the price hits the lower green line, with a stoploss at the lower red line, while a swing short could be entered if the price hits the upper green line with a stoploss at the upper red line until the price breaks the red lines.
after the price breaks the red lines, a breakout long could be made at the upper red line, with stop loss at the upper green line, while a breakout short could be made at the lower red line with stop loss at the lower green line.
sep 1 ETHUSD is pumping from 3400
sep 3 ETHUSD hits 4k and stalls
sep 5 BTCUSD picks up the pace while ETHUSD still moves sideways
sep 7 BTCUSD and ETHUSD rolls over to the downside and flash crashes to 43k and 3k respectively.
sep 8 BTCUSD retests 45k as support and moves sideways until today. ETHUSD retests 3.2k and moves sideways
during this period the ETHBTC pair has attempted to exceed 0.08, however due to BTCUSD sudden chase, and the following flash crash, it has corrected into a symmetrical triangle ranging from 0.08 to 0.072 ETHBTC.
the resistance and support lines of the symmetrical triangles have been tested multiple time, and a breakout or breakdown could lead to a quick move to either 0.08 or 0.072 respectively.
a swing long could be entered if the price hits the lower green line, with a stoploss at the lower red line, while a swing short could be entered if the price hits the upper green line with a stoploss at the upper red line until the price breaks the red lines.
after the price breaks the red lines, a breakout long could be made at the upper red line, with stop loss at the upper green line, while a breakout short could be made at the lower red line with stop loss at the lower green line.