WILL ETHEREUM FINALLY PRINT BULLISH DIVERGENCE?
I have been sharing this idea for months, ever since Ethereum hit oversold on the Bitcoin pair for only the fourth time in history. Each of these incidents has marked a bottom.
This time we also have potential bullish divergence, which will require a weekly close below .052. Right now price is there. This would make a higher low on RSI and a lower low on price. Next we would need to see a clear elbow up on RSI to confirm, so this could take a few weeks yet to come to fruition.
Weekly divergences can take a VERY long time to play out. It does not mean this is the bottom, but it is a clear sign of bottoming and one that I will be buying aggressively with bullish Ethereum in mind for 2024.
This time we also have potential bullish divergence, which will require a weekly close below .052. Right now price is there. This would make a higher low on RSI and a lower low on price. Next we would need to see a clear elbow up on RSI to confirm, so this could take a few weeks yet to come to fruition.
Weekly divergences can take a VERY long time to play out. It does not mean this is the bottom, but it is a clear sign of bottoming and one that I will be buying aggressively with bullish Ethereum in mind for 2024.
scott.melker@texaswestcapital.com