ETHBTC: Market Cycles & Phases. Trend Initiation & Expansion

9 feb 2021

On ethbtc weekly chart we see a perfect example of a bearish trend violation and change.

For quite a while the pair was sharply bearish, but from September we see an important shift:
first of all, the market slowed down. After 0.016 structure low the price managed to set a higher low.
With a consequent strong bullish impulse, we see a new higher high higher close and initiation of a bullish trend.

After that the expansion cycle follows:
with sharp swings up and down and consequent higher highs and higher lows the price managed to violate 0.041 major weekly resistance.
It leaves us clues that more growth is coming.

For now, let the market calm down after the breakout.
The boundaries of a parabolic channel give quite safe spots to buy and sell from.

Next long term goal for buyers - 0.053