Ethereum looks like it's ready to breakout of its downward trend after falling 50% from it's peak at .15 against Bitcoin.
It's bouncing off of the trendline formed from those April/May swing lows.
A GOOD SIGN
RSI never reached oversold. While many people think oversold RSI is a buy signal, it's the opposite. If a stock DOESN'T reach oversold on a big pullback, that means the momentum is weak and a good sign for a bullish reversal.
OUTFLOWS FROM BITCOIN INTO OTHER COINS
Bitcoin has shown a lot of strength, breaking 3000$ in recent days, and it should take a breather to consolidate those gains, possibly pulling back to 3000 support. As people take their profits, these outflows should flow into Ethereum and we see that happening already as Ethereum is breaking out of it's downward trend and looks to be bottoming.
My first target is a 50% retracement of the decline from highs
Target 1: .12
My second target is a retest of those former highs
Target2: .15
My stop is the swing low from late July at .065
Reward:Risk about 3:1
I stopped my other charting packages and I only use TradingView now:
They offer an amazing package with great indicators and up to the second updates.
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tradingview.go2cloud.org/SHxi
For trading, sign up to Whale Club
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It's bouncing off of the trendline formed from those April/May swing lows.
A GOOD SIGN
RSI never reached oversold. While many people think oversold RSI is a buy signal, it's the opposite. If a stock DOESN'T reach oversold on a big pullback, that means the momentum is weak and a good sign for a bullish reversal.
OUTFLOWS FROM BITCOIN INTO OTHER COINS
Bitcoin has shown a lot of strength, breaking 3000$ in recent days, and it should take a breather to consolidate those gains, possibly pulling back to 3000 support. As people take their profits, these outflows should flow into Ethereum and we see that happening already as Ethereum is breaking out of it's downward trend and looks to be bottoming.
My first target is a 50% retracement of the decline from highs
Target 1: .12
My second target is a retest of those former highs
Target2: .15
My stop is the swing low from late July at .065
Reward:Risk about 3:1
I stopped my other charting packages and I only use TradingView now:
They offer an amazing package with great indicators and up to the second updates.
For a 30 day FREE TRIAL:
tradingview.go2cloud.org/SHxi
For trading, sign up to Whale Club
Get a 30% bonus on your first deposit with this link:
whaleclub.co/join/8kovf
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591