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 .065430 however a push above to the .382 Fibonacci retracement line acting as resistance is in the cards as well slightly above at .068272 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 bullish however -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 moment. 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.