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Ethereum / Bitcoin

ETH/BTC Local work. Symmetric triangle.

By SpartaBTC
Updated
Logarithm. Time frame 3 days.

Secondary trend (part). Symmetrical triangle. Pivot zone.
The price is now 0.069 satosh per ETH.


Linear chart.

snapshot


Main trend Time frame 1 week.

snapshot
Trade closed: target reached
Distribution zone triangle has been broken downwards. The price is currently in a downward channel. The decline is about -50%
Comment
18 10 2024
ETH / BTC Secondary trend. Descending channel. Wedge. 18 10 2024
 A local wedge-shaped formation has formed in the descending channel in this ETH/BTC trading pair. There is potential for a breakthrough and price growth, to the resistance of this descending channel. Perhaps after consolidation.

This trading pair clearly shows how money flows from one high-cap asset to another. Shown on the chart. Look at the time and the Bitcoin to Dollar chart, at the time of the breakout of the symmetrical triangle of the distribution zone downwards (weakness of Ethereum relative to Bitcoin). Since then, Bitcoin has grown in price by almost +200%. While Ethereum relative to Bitcoin has weakened by as much as -50%.
cryptocurrenciesCryptocurrencycryptocurrencyanalysiscryptocurrencysignalsETHETHBTCethreumPivot PointsSupport and ResistanceTriangle
SpartaBTC
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