ETH/BTC Analysis (Long Bias, More Confirmation Needed) for BITFINEX:ETHBTC by Hrempe

ETH/BTC looks to be finishing printing its inverse
Head and Shoulders (iH&S) reversal pattern.
This has been forming since September of 2018,
almost 2.5 years in the making, and the longer it
takes for these patterns to form, the larger the
expected upside is for the breakout.

The target of this iH&S from confirmed neckline
breakout ( gold line) is
however a push above to the .382 Fibonacci
retracement line acting as resistance is in the cards
as well slightly above at
where the 3/1 Gann Fan line would be adding
resistance confluence to as well.
We are above the 1/1 Gann Fan line which
ensures HTF we are still bullish .

Ichimoku (not pictured, would make the chart messy):

-Kumo Cloud is green

-Tenkan/Kijun bullish cross is in the making, if

this week closes as reversal and the next few

weeks are green then the T/K cross will be confirmed

-Tenkan and Kijun are above the cloud which is


-Lagging span is in the price range which is not
bullish , these coming weeks need to be green in

order for the lagging span to become bullish

Overall the Ichimoku isn’t convincingly bullish enough

for there to be high conviction with this play.

The MA 30 moved above the EMA100 in early

December which is still bullish as well.

EMA100 is acting as another line of support well at the


If this weekly candle closes higher than

the blue accumulation zone or above the

MA30 and forms a bullish dragonfly doji or a
hammer , we’ll

have an increased amount of conviction that we

should be expecting more upside.

TAKE NOTE: There are a lot of “ifs” in this chart right now…

Waiting a couple weeks for confirmation of

movement in either direction would be wise

before making any big plays although with this
bullish ETH news coming out (noted in my last

post on ETH/USD), one may be leaning their bias

a bit more toward one direction.

Most Related Links :
todayprimenews Governmental News Finance News

Source link

Back to top button