BTC Eve and Adam suggest one is forming on ETHBTC
I got a scratching in my head again when looking at the ETHBTC chart and it was beginning to resemble the bitcoin chart and a bit more tinkering has resulted in this post. I see myself doing a couple of editions of this basic concept over the next couple of days. The fib levels show that BTCUSD had a more powerful move as BTC was able to reach the 0.786 Fib retracement level and ETHBTC did a good showing of breaking 0.618 before getting rejected. It is a bit to early to guess now, but that could mean that ETHBTC may not reach the full 1.618 fib extension on its upleg if the Eve and Edam pattern develops and we may have to settle of a mere 1.414 extension. Likewise, the very bullish Eve and Adam had a higher low on the Adam. No guarantee that the Adam low will be lower or higher than the eve on ETHBTC at this point.
Quick reminder on Divergences
Normal Divergence (Trend Reversal)
Bearish: Higher highs on price action but lower highs on the indicator
Bullish: Lower lows on price action but higher lows on the indicator
Hidden Divergence (Trend Continuation)
Bearish: Lower high on the price action and higher highs on the indicator
Bullish: Higher low on the price action and a lower low on the indicator
The BTCUSD high on the main chart looks a bit deceptive on the log scale, in part because that 90% move doesn't look that impressive. Below it makes things a bit clearer were I focus more on the Eves and not a wider picture. BTCUSD has a technical double top from the weekly candle bodies from the beginning of 2018 to the middle of 2019 and the divergence tore the uptrend to pieces. I also was torn to pieces looking for a short entry too soon and not just being patient and buying the dip. By the time the dip fell to my level I was so pissed off at myself I didn't buy crypto, I had been too burned out on it. ETHBTC is off to the left and the hidden bearish divergence is much clearer. There can be some considerable chop over the next six to nine months as everything comes to order.
I called the top on BTC when everyone else was looking for upside continuation and I still remain steadfast on my downside targets on BTCUSD reaching around 14-16k until such time as the 20 week SMA is no longer acting as resistance. So I am operating under the assumption that ETH will fall faster than BTC and perhaps BTC will recover quicker as well and then ETH will have a huge run, appreciating 10x against BTC from its current position. I also called the local top in 2019, but as I mentioned, shorted to soon, repeatedly, and it burned me. I developed my stop and short strategies a bit since then so I may give it another college try in the future.
My linked idea from August 2019 is one of my most frustrating ones because, despite the chop it reached my long term target and I tore my account to pieces. I suspect with patience ETHBTC will reach the box below around 0.019 to 0.023. My recent idea on BTC has some target setting for BTC any my target setting for eth is along the same lines (Below the monthly Keltner channel).
Quick reminder on Divergences
Normal Divergence (Trend Reversal)
Bearish: Higher highs on price action but lower highs on the indicator
Bullish: Lower lows on price action but higher lows on the indicator
Hidden Divergence (Trend Continuation)
Bearish: Lower high on the price action and higher highs on the indicator
Bullish: Higher low on the price action and a lower low on the indicator
The BTCUSD high on the main chart looks a bit deceptive on the log scale, in part because that 90% move doesn't look that impressive. Below it makes things a bit clearer were I focus more on the Eves and not a wider picture. BTCUSD has a technical double top from the weekly candle bodies from the beginning of 2018 to the middle of 2019 and the divergence tore the uptrend to pieces. I also was torn to pieces looking for a short entry too soon and not just being patient and buying the dip. By the time the dip fell to my level I was so pissed off at myself I didn't buy crypto, I had been too burned out on it. ETHBTC is off to the left and the hidden bearish divergence is much clearer. There can be some considerable chop over the next six to nine months as everything comes to order.
I called the top on BTC when everyone else was looking for upside continuation and I still remain steadfast on my downside targets on BTCUSD reaching around 14-16k until such time as the 20 week SMA is no longer acting as resistance. So I am operating under the assumption that ETH will fall faster than BTC and perhaps BTC will recover quicker as well and then ETH will have a huge run, appreciating 10x against BTC from its current position. I also called the local top in 2019, but as I mentioned, shorted to soon, repeatedly, and it burned me. I developed my stop and short strategies a bit since then so I may give it another college try in the future.
My linked idea from August 2019 is one of my most frustrating ones because, despite the chop it reached my long term target and I tore my account to pieces. I suspect with patience ETHBTC will reach the box below around 0.019 to 0.023. My recent idea on BTC has some target setting for BTC any my target setting for eth is along the same lines (Below the monthly Keltner channel).
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