A heads up for anyone paying attention, ETH/BTC is due a break-out with a symmetrical triangle coming to a critical point. Price is currently sitting on the VPVR point of control:
While symmetrical triangles are considered continuation patterns, the resistance trend-line of this 4hr symmetrical triangle is additionally strong long-term resistance, not to be underestimated, as this trend-line has been well-respected for 18 months with multiple touch-points:
While symmetrical triangles are considered continuation patterns, the resistance trend-line of this 4hr symmetrical triangle is additionally strong long-term resistance, not to be underestimated, as this trend-line has been well-respected for 18 months with multiple touch-points:
And there you have it, the breakdown from the symmetrical triangle from the strong long-term resistance trend-line:
This has additionally wiped out the longer-term support trend-line that others had identified and were eyeing up as possible support:
The longer term target of this breakdown would be around 0.0205-0.021 BTC, although is likely to bounce off the 200 Day MA & VPVR POC before falling lower: