ETH/BTC is currently trading sideways in what is highly likely to be a Wave 4 contracting triangle.
An Elliott Wave triangle requires 5 distinct waves labelled a-b-c-d-e in order to be considered complete. As of right now, we have 4 waves. Wave D may still be taking shape.
So long as Wave D does not exceed the height of Wave B the triangle interpretation will remain intact.
A common fibonacci relationship for Wave E is a 0.618% retracement of Wave D.
The bottom line is that the price action since the end of Wave 3 is clearly corrective. This indicates that the greater trend is pointed firmly to the upside. I am projecting a target of around 0.1000 in this crypto pairing.
This price chart is useful because it tells us that in the short-term Bitcoin is likely to outperform Ethereum. This will be a short-lived affair, however. After the triangle completes, we can expect ETH to appreciate strongly relative to BTC.
An Elliott Wave triangle requires 5 distinct waves labelled a-b-c-d-e in order to be considered complete. As of right now, we have 4 waves. Wave D may still be taking shape.
So long as Wave D does not exceed the height of Wave B the triangle interpretation will remain intact.
A common fibonacci relationship for Wave E is a 0.618% retracement of Wave D.
The bottom line is that the price action since the end of Wave 3 is clearly corrective. This indicates that the greater trend is pointed firmly to the upside. I am projecting a target of around 0.1000 in this crypto pairing.
This price chart is useful because it tells us that in the short-term Bitcoin is likely to outperform Ethereum. This will be a short-lived affair, however. After the triangle completes, we can expect ETH to appreciate strongly relative to BTC.