SammyNoden

ETHUSD Critically Oversold

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Last time the RSI for ETHUSD fell this low was early December 2016, and that signalled the beginning of the 2017 bull run. According to Greg Morris' candlestick pattern filtering system, we're in the 'pre-signal' zone now ( RSI below 30) and it's just a matter of time before we get a reversal signal. Question is: how long? I think the floor could be the 0.786 retracement of the bullish move from July at around $410, but it could come sooner, depending on how BTC moves. Either way, this market is one to keep an eye on for a bullish reversal.
Comment:
Comment: $410 incoming. Rising trendline converges with the fib retracement at about the same level. Let's see if they can support the price.
Comment: Touching trendline now

Quick! Catch the falling knife!
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SammyNoden mikehill85
@mikehill85, I used to play that game, but not any more ;
+1 Reply
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