ETH BTC cautiously positive

Even with major “altcoins”, looking at the BTC trading pair makes sense sometimes since many of the major exchanges still do not provide fiat trading in most coins. ETHBTC still trades inside an ascending wedge. We had anticipated a strong move to the upside not long ago, and we still won’t rule it out just yet. Of course, the “bigger narrative” can throw a monkey wrench into any TA but on this we remain cautiously optimistic. Ideally (by which we mean both possible and desired), the wedge would play out with a breakout mid-December after which there should be enough headroom to test both the minor resistance at 0.025BTC (which was the failed 2019 support) and the extended falling wedge resistance. The timeframe in which such a scenario could spans from hours to weeks. Key interim targets would be (3) making higher high than (D) and (4) making a higher low than (D) with a subsequent (5) that’s higher than (B). If we breach the lower bounds of the wedge, further pullback is likely. Keep an eye out for DAI/SAI liquidation levels, as these will become increasingly important markers for ETH to cause sudden sell-offs.