$ETHXBT presents us with big potential upside. The monthly chart implies it'll grind up towards 0.055 at least, within the next few months. Weekly charts imply a move towards 0.05 within 11 weeks will be confirmed if we move over 0.0358 this week and not fall below 0.0336 in that time.
I'm long #ETH, both with spot and margin positions but not long the ratio...
ETH XBT may retrace deeply before ultra mooning. Perhaps during the next BTC major pullback after a BTC ultra breakout. Looking at the two previous fractals, it also need to break 200 EMA to confirm strong bullish sentiment before it goes for the heaven.
KRAKEN:ETHXBT tests the broken Downtrend channel here.
At the same time this marks "the spring", using a simplistic Wyckoff model.
IMO Wyckoff works better, when you don't overcomplicate it. Of course much that is called "Wyckoff" today, isn't.
Fun fact: You won't find him using the term "spring" in the way it's used by self-proclaimed Wyckoffians in his...
ETH should find support in the 0.0332-0.0337 area. There is horizontal support as well as support from moving averages in that area.
Entry: anywhere in the 0.0332-0.0337 range
Stop: under 0.0330
Timing of the reversal: 24-48 hours.
Alternatively under 0.0330 there will be continuation of the current downtrend from the local top.
Mood is shifting for crypto.
Ethereum took the lead and might do so for the next weeks.
Target is 0.055 BTC. Might coincide with 300 USD and 5500 USD/Bitcoin.
After that cooling down and finding some support.
Ascending broadening wedges breaking upwards , that might remind you something if you're not new to this. ETH against bitcoin has started showing nice recovery after breaking that bigger wedge with pink lines . I am already long from 0.027-0.028 range and my initial potential targets are indicated by those green line near the top of the wedge . That yellow wedge...
It's been awhile since I've posted a public idea. I learned a lot of things that do and don't work this year, now code a lot of indicators, and do a lot of things from different angles.
This one though seems pretty beautiful and straightforward. While I'll say that you can layer this with more indicators, I think distribution and volume profile tells the story...