A very quick look at ETHBTC shows that we broke out of a very large descending wedge and also broke through the 0.382.
However, we failed to maintain the 0.382 as support. meaning that the next support level could be the top of the descending wedge. Switching it from resistance to support.
Breaking out of this rising wedge has a theoretical target of 0.114. But there are many resistance levels that will need to be overcome before then. This will require ETH to outperform BTC until around mid-September. This is tricky as ETH generally lags behind BTC (meaning this trading pair will go down in value). And whenever BTC experiences a correction altcoins (ETH included takes a harder hit).
However, we failed to maintain the 0.382 as support. meaning that the next support level could be the top of the descending wedge. Switching it from resistance to support.
Breaking out of this rising wedge has a theoretical target of 0.114. But there are many resistance levels that will need to be overcome before then. This will require ETH to outperform BTC until around mid-September. This is tricky as ETH generally lags behind BTC (meaning this trading pair will go down in value). And whenever BTC experiences a correction altcoins (ETH included takes a harder hit).
