ETH in pennant pattern ready to outperform BTC in short term
Short term price action expectation:
ETH is consolidating in pennant pattern ever since it breakout from very long triangle formation.
Pennant pattern is usually continuation pattern (bullish in this case).
Currently ETH ranging around W resistance level.
Zoom out or switch to W timeframe to look at long term picture.
As next target/resistance zone for ETH/BTC pair I expect 0.105-0.110 range (it is a little bit longer term target).
For short term, I'm targeting 0.095 (level from previous bull market - D chart), as mid point to the big resistance I mentioned up.
Notice also oversold Stoch RSI with bullish crossover in making and RSI back to 50 from which in past some bullish action were started.
ETH is consolidating in pennant pattern ever since it breakout from very long triangle formation.
Pennant pattern is usually continuation pattern (bullish in this case).
Currently ETH ranging around W resistance level.
Zoom out or switch to W timeframe to look at long term picture.
As next target/resistance zone for ETH/BTC pair I expect 0.105-0.110 range (it is a little bit longer term target).
For short term, I'm targeting 0.095 (level from previous bull market - D chart), as mid point to the big resistance I mentioned up.
Notice also oversold Stoch RSI with bullish crossover in making and RSI back to 50 from which in past some bullish action were started.