Thoughts on ETH/BTC symmetry (and what may come next...)
Updated
Hello everyone!
I'd like to bring this insight to the community:
ETH/BTC chart seems to be respecting a curious symmetrical price action since November 2019. And if this continues to be respected, there will be some agressive moves ahead!
So far so good!
This symmetrical relation has been quite accurate for 5 times, from points 'A' to 'E' on the chart. Highs and lows have been extremely similar regarding price level and distance from the center vertical line, used as the symmetry reference.
This analysis indicates ETH is about to make a powerfull move against Bitcoin any time soon! But then, if you ride this move up, take profits and run away; you don't want to hold for what comes next... A great "buy the dip" opportunity would come later, though! 😅
Extending this symmetry for too long might not be appropriate, however. It seems hard to believe ETH would have a crash agains Bitcoin once the broadening wedge is broken. But till we reach that, I'll be looking closely to this pattern.
Do you think we will reach F, G and H accordingly?
>> Please leave your thoughts on this idea. 😉
Safe tradings, folks! 📈✅
I'd like to bring this insight to the community:
ETH/BTC chart seems to be respecting a curious symmetrical price action since November 2019. And if this continues to be respected, there will be some agressive moves ahead!
So far so good!
This symmetrical relation has been quite accurate for 5 times, from points 'A' to 'E' on the chart. Highs and lows have been extremely similar regarding price level and distance from the center vertical line, used as the symmetry reference.
This analysis indicates ETH is about to make a powerfull move against Bitcoin any time soon! But then, if you ride this move up, take profits and run away; you don't want to hold for what comes next... A great "buy the dip" opportunity would come later, though! 😅
Extending this symmetry for too long might not be appropriate, however. It seems hard to believe ETH would have a crash agains Bitcoin once the broadening wedge is broken. But till we reach that, I'll be looking closely to this pattern.
Do you think we will reach F, G and H accordingly?
>> Please leave your thoughts on this idea. 😉
Safe tradings, folks! 📈✅
Note
Looking on the daily timeframe, ETHBTC is forming a bullish pattern towards the correlated point F, indicating the symmetry may be preserved!Of course, this pattern could have a breakout to the downside. If it happens, I would expect it to become a false breakout. Appart from the symmetry, the pole on this pattern has been very agressive; bullish.
Note
It broke upwards! Hope it keeps behaving as expected towards 0.1.This could indicate a new altseason ahead, since BTC.D is breaking down...
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