Price bounced from the strong support line. Considering that the altcoin season starts - I expect growth of ETH/BTC. Another correction to the support level is possible.
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Using more indicators
We can see similar MACD formations between these two price points (purple ovals)
Also similar price formations, with a common bounce of a MA line between the two
Evidence suggests that this wedge that has formed bullishly will break down, bearishly
A head and shoulders can also be identified on the RSI weekly chart
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Short term bearish, however it is simply setting up for its next upward move supported by the MA line
I think the ascending scallop will break down
"The scallop looks like the right half of an umbrella" A small decline after the scallop breaks down is expected followed by a large rise.
ETH looks stronger than BTC in relation to the dollar.
The level of 0.0222 is being raised.
Puncture and fixation will open that one by 0.0223.
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ETHBTC has tendency to dip below 50MA just to climb back up over and break upwards through the trend
This has occurred twice, outlined in yellow boxes, will it happen a third time?
Price is currently at the top of a resistance line of a Gann fan on my other analysis of ETHBTC A H&S...
Price can be seen to be climbing nicely around the Fibonacci spiral
With a golden cross present
and no resistance in sight
this is very bullish
heres my previous analysis on ETHBTC forecasting a price
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All notes are on the chart. In my opinion, a breakout seems more likely due to the creation of a short-term symmetrical triangle after an upward move.
Target 1: ₿0.0245
Target 2: ₿0.028
Because it looks like a butterfly.. Plotting potential movements of MA's on the ETHBTC pair. A 'scythe' pattern can be identified on the weekly chart, a bullish continuation pattern. This pattern tends to be more successful on larger timeframes, as with most patterns. A strong support level can be seen to have reached on the daily chart, potential upward movement...
Multiple chart patterns present, including symmetrical triangles, bullflags, bullish W. All three bullish chart patterns. An initial symmetrical triangle can be observed followed by a bullflag, following another symmetrical triangle. Included possible pathing within the second symmetrical triangle, but honestly as long as it stays within the triangle we're good....