ETH/BTC's gains brought its close to testing its multi-month horizontal trendline as resistance, which appears to constitute an"ascending triangle" pattern., meaning they send the price in the direction of its previous trend.As a rule of technical analysis, a decisive breakout above the triangle's upper horizontal trendline shifts traders' profit target to a length equal to the structure's maximum height.
ETH/BTC eyes a similar breakout move above its horizontal trendline resistance near 0.110 BTC, up over 50% from May 10's price.Conversely, an upside rejection near the horizontal trendline could have ETH/BTC pursue a pullback move towards the triangle's rising lower trendline, also coinciding with its 50-week exponential moving average near 0.067. That is down 11.25% from May 10's price.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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