ETHUSD has been trading in a and looks to breakout to the upside. However the pattern is most exact on ETHBTC.
I will enter long if price retraces to the bottom of the with a stop beneath previous low.
Profit target: Upper extent of green area
Take profit 0.082
Risk :Reward 15:1
ETH is very strong compared to BTC. It has shot up to the top of the channel. With such a strong move , it can have the momentum to push through it. I will wait tot see if it forms support on top of this channel for another leg higher
Alarm for bar close placed at double ascending line. I will close the trade if it crosses this line
This one minute chart shows a descending channel into the double ascending lines.
It will probably first become a wedge which will break up or continue down as a channel. We will have our answer soon
BTCUSD broke out of a channel at that time. I commented on BTCUSD and ETHUSD since the vehicle traded ETHBTC is just a cross of them. Since ETHUSD was primed to go up and BTCUSD to go down I felt that I would see more movement in the crosspair. As you can see on my chart above I drew the same ascending wedge that you drew. I do lots of analysis using pitchforks and slopes and many times a wedge is just a convergence or divergence of different slopes.
Thanks for your comment