We've broken out of the yearly resistance R3 as seen in the previous idea. Completing our double bottom, I'm expecting price to continue to increase unless BTC does something drastic.
I found it slightly difficult to assess where ETH/BTC may target since price was very choppy in 2019.
Some ideas include:
1. A possible short term target of around 0.02485 based on previous supports. But may be a minor resistance.
2. A possible resistance as we approach 0.030; where taking some profit would be reasonable since
a. Double bottom formations tend to rise to a target roughly equal to it's size as shown on the graph
b. Previous support
c. Psychological level 0.030 is a round number
I found it slightly difficult to assess where ETH/BTC may target since price was very choppy in 2019.
Some ideas include:
1. A possible short term target of around 0.02485 based on previous supports. But may be a minor resistance.
2. A possible resistance as we approach 0.030; where taking some profit would be reasonable since
a. Double bottom formations tend to rise to a target roughly equal to it's size as shown on the graph
b. Previous support
c. Psychological level 0.030 is a round number
