אתריום / ביטקויןלונג
Pitchforks + Cyclic Lines - ETH/BTC
Hi guys, this idea is focused on ETHBTC trend analysis. While studying the behaviour of the most popular crypto pair, I noticed something interesting when I combined Cycles with Pitchforks.
As you can see, ETH uptrend against BTC began on the 7th of December and ended approx on the 1st of February, so I took this time frame as the unit for the following cycles.
Prices fluctuated inside the first pitchfork and the lion's share of these fluctuations took place inside the green zone.
The second cycle started on the 1st of February and ended on the 29th of March, and this is the major downtrend which characterized the bearish behaviour of ETHBTC during these months.
Once again, prices swinged inside the second pitchfork with the majority of them taking place inside the green zone, which acted both as support and resistance.
The third cycle is the one is going on right now and its end is scheduled on the 24th of May so we can define an upper and a lower target for the pitchfork.
Targets (24 May):
As a new cycle begins on the 24th of May, we can consider to change our strategy into a SHORT one, if the market confirms a trend reversal.
As you can see, ETH uptrend against BTC began on the 7th of December and ended approx on the 1st of February, so I took this time frame as the unit for the following cycles.
Prices fluctuated inside the first pitchfork and the lion's share of these fluctuations took place inside the green zone.
The second cycle started on the 1st of February and ended on the 29th of March, and this is the major downtrend which characterized the bearish behaviour of ETHBTC during these months.
Once again, prices swinged inside the second pitchfork with the majority of them taking place inside the green zone, which acted both as support and resistance.
The third cycle is the one is going on right now and its end is scheduled on the 24th of May so we can define an upper and a lower target for the pitchfork.
Targets (24 May):
- Upper: 0.0955
- Lower: 0.0760
As a new cycle begins on the 24th of May, we can consider to change our strategy into a SHORT one, if the market confirms a trend reversal.
כתב ויתור
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