hughestu

Short term moderate pullback followed by breakout

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
The January bull run saw ETH's RSI through the roof peaking at 83-85 three times and it was continuously >70 for days as a result of the market being very much overbought. The correction was inevitable. The question of "When will this end?!" has been high on traders minds and no doubt driving hodler demented.

If we look now to recent RSI values and consider the three consecutive bull traps that have occurred during this bear run we have a strong case for market reversal. In addition to the recent senate talks in america, good news is around the corner where ETH futures may be launched soon and not to mention the move too Proof of Stake hybrid (I assume that the it will be a success). For these reasons, I felt this was a good time to purchase some ETH and for me the longterm outlook for ETH is good.

With Current RSI levels back over 50 on the 1 hour chart we broach into territory where a brief period of consolidation and 'relatively' lateral movement seems likely before a continuation upwards. As we've seen a 30-40% increase in ETH-USD             , I've decided to take some profits for the moment (indicated by my sell at $840). I think there will be another opportunity to reenter at a better price around $700-750 after some short term pull back from the 850 level.

Would Like to hear your thoughts on the matter.

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