ETHBTC Channel Breakout

POLONIEX:ETHBTC   Ethereum / Bitcoin
Ethereum continues to appreciate against bitcoin: currently 0.0767, after trading as high as 0.0865 late Monday. Pair is up more than 100% from the April lows and appears to be gaining momentum, having broken out of an ascending channel on Sunday. Former channel resistance is now acting as support and has been tested twice, appears solid.

Initial resistance is the 161.8 extension of the last channel wave at 0.07847, with a break above there targeting Monday's high of 0.0865, followed by the 200% extension just shy of .088. Sell limits are beginning to build at psychologically significant 0.09 and 0.1 figures, however, current structure is extremely bullish and longer term, sky's the limit.

A break back inside the ascending channel would sober our outlook, but pair remains bullish as long as higher low structure is intact. Former channel support comes in at 0.66 tomorrow, with further support below there in the 0.059 - 0.063 zone.
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