Greetings all,
As depicted by the title, I believe that a reversal is on the horizon. Lets take a look at MACD, RSI, and volume first. MACD is being wedged in between the two yellow lines, creating higher lows. The RSI is also trending upward on the daily chart with a higher low than before. Volume is also picking up, and has been picking up despite the bear market. An increase in volume at a relatively stable price range ~0.04sats signals that buyers are entering at a faster rate than sellers exiting. This is also supported by the hammer sign. Now this doesn't mean that were at the reversal point yet. A couple of green candles will have to close on the daily chart to strengthen the idea of a potential reversal but with the lagging indicators and volume showing good signs.... I am quite optimistic about ETH.
Lets dive into the chart now. ETH has done an ABC correction with the bottom wave leveling out at point C. ETH will probably move side way for a while until the bullish market sediment returns full force. BTC and alot of ALTcoins are already on the rise; slow organic growth rather than the unhealthy moon missions that its been doing for the last year. After the consolidation at point C, the impulse waves will start and I have my project at 0.07sats. If you follow the white line that wave 1 is on, you will see that there have been previous resistance at this level during previous runs so it will probably meet resistance at this level again. If it does not break through then wave 2 will occur. Like wave 1, wave 2 also has a corresponding white line that shows previous support on a down trend. Wave 3 will most likely meet resistance at 0.5 fib projection level and following the green line, you can see that it has met previous resistance here in prior uptrend. Following the same logic, you can deduce why I put wave 4 and 5 at their locations. Since this is on the daily chart, I expect this to be a slow play in course of weeks/months. But then again, this is crypto so you never truly know. This has the potential to happen tomorrow!
Lastly, this is not investment or financial advice. This is just my take on the ETH/BTC's chart!
Happy investing all.
As depicted by the title, I believe that a reversal is on the horizon. Lets take a look at MACD, RSI, and volume first. MACD is being wedged in between the two yellow lines, creating higher lows. The RSI is also trending upward on the daily chart with a higher low than before. Volume is also picking up, and has been picking up despite the bear market. An increase in volume at a relatively stable price range ~0.04sats signals that buyers are entering at a faster rate than sellers exiting. This is also supported by the hammer sign. Now this doesn't mean that were at the reversal point yet. A couple of green candles will have to close on the daily chart to strengthen the idea of a potential reversal but with the lagging indicators and volume showing good signs.... I am quite optimistic about ETH.
Lets dive into the chart now. ETH has done an ABC correction with the bottom wave leveling out at point C. ETH will probably move side way for a while until the bullish market sediment returns full force. BTC and alot of ALTcoins are already on the rise; slow organic growth rather than the unhealthy moon missions that its been doing for the last year. After the consolidation at point C, the impulse waves will start and I have my project at 0.07sats. If you follow the white line that wave 1 is on, you will see that there have been previous resistance at this level during previous runs so it will probably meet resistance at this level again. If it does not break through then wave 2 will occur. Like wave 1, wave 2 also has a corresponding white line that shows previous support on a down trend. Wave 3 will most likely meet resistance at 0.5 fib projection level and following the green line, you can see that it has met previous resistance here in prior uptrend. Following the same logic, you can deduce why I put wave 4 and 5 at their locations. Since this is on the daily chart, I expect this to be a slow play in course of weeks/months. But then again, this is crypto so you never truly know. This has the potential to happen tomorrow!
Lastly, this is not investment or financial advice. This is just my take on the ETH/BTC's chart!
Happy investing all.