ETHBTC SCENARIO TREE
ETHBTCThere are too many scenarios at the moment I know it looks a bit messy but if any of them start to play out trendlines and fib levels should play an important role in deciphering which way we break.
Which ever path ETH takes, there are interesting synergies happening in the chart, where long term trend lines are converging with short term trends as well as EMA and SMA.
I have given short term targets as well as some long term down side targets. If we look at the entire picture of ETHBTC we could form a classic cup and handle and still be bullish on the longer time frames. The interesting part is that the bottom of the handle could correct down to 0.43 to 0.5 fib levels and still validate the pattern. Which would put ETHBTC at 0.040. Considering this ginormous potential mid term downside, the answer to the question is ETH topping out around 0.1 against BTC might depend on how bullish BTC will be.
In this way it could shape into an ascending triangle as well. Which is a bullish pattern.
Consider this, BTC in the coming 2 3 months puts another ATH however starts dumping shortly after. During which point ETH is late to dump and thus reaches 0.1 BTC for a brief moment. When BTC takes its time patiently, ETH could retest those lows of 0.40 first before blasting out of the cup neckline and over 0.1 BTC.
Or on the flip side, BTC prints new ATH, decides to surprise everybody once again and doesn't dump a third time and pumps over 100k. Then ETHBTC would surely not fall below 0.55 lows, and depending on when BTC starts its next run, ETH might not put another low below even 0.75 BTC.
Its all a bit messy, but if you follow the chart as the days go by, the scenarios do start making sense.
Please comment your ideas, and check back how my previous scenario analysis played out
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