ETH-BTC Ethereum Elliott and Fibonacci structure

2024年2月27日

This study shows the Ethereum market against Bitcoin in terms of Elliott waves on a grid of Fibonacci trend lines generated from major price points of the market.

This highlights the distinctive triangular structure of trading for several years after the initial impulse of Ether to a Cycle high price.

Ever since printing the initial Cycle wave I, it has traded in a corrective pattern of a running flat with consistent internal 3-3-3 composition (ABC).

2024年2月27日

註釋

Until about the end of the large wave (B) or even early in (C), I used to try to cramp a bullish wave structure onto the legs of the triangle, but it was a mess until the true structure dawned on me. Ether has not been bullish with respect to BTC.

This may change now that the triangle is quite possibly finished. This opens a bullish vision for ETH in next years, starting with this BTC halving halving cycle.

2024年2月27日

註釋

The Fibonacci channel lines provide many trend lines, as well as resistance and support levels. The final C wave of the triangle trended entirely in a single channel.
Constructions like this just illustrate the fractal geometry of social behavior, of trading markets.

2024年3月8日

註釋

The text book description of a running flat counts wave C as a five wave structure, but the chart so far shows only three subwaves. So, it is fair to speculate that the correction may not be over just yet, but could expand to a complete triangle with a wave D and the wave E following. Wave D should terminate at the upper trend line of the triangle, and then descend into E. In any case, this means we should still see growth in ETHBTC for a while.