ETH:BTC Bullish, 10ETH = 1BTC, 1:20 R:R, +234% profit, -11% stop
Updated
Feels crazy to say this considering all the gains we've seen recently, but it looks like the real altseason is only just beginning. This Elliott wave count suggests that ETH measured against BTC is about to go into the 3rd wave of the 3rd wave (Often the most explosive move) with a target of + 234%. What does this mean for alts? It means hold on... Things are about to get crazy.
Key points:
80% probability 'Reversion to the mean' trade:
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Key points:
- Elliott Wave count is 1-2, 1-2 (Both retraced to the 0.618)
- There is not a better possible entry than this.
- Best entry: 0.029815 or below
- Stop-loss at -11% ( Currently at .026481 but moves up with the channels lower trend line)
- Target is 0.1 BTC per ETH (+234%)
- Excellent Risk: Reward ratio of 1:20
- The is also a High probability 'Reversion to the mean' trade. If the pivot low holds, there is an 80% probability of making a minimum of 45% profit. The longer it takes the higher the target.
80% probability 'Reversion to the mean' trade:
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Note
The high probability reversion to the mean trade has now hit its target. wave 3 target is still in play
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.