Last April, ETHUSD got oversold afte rwhich it rally around 470$. Currently, it is oversold. Is history going to repeat itself and see another 470$ rally.
Buckle Up
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On the hourly chart, ETHUSD is on side way channel. The best entry point would be when the channel is broken out and retested again.
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We see good volume coming in. It is under consolidation
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A new 4 day high was just recorded.
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Update: We had a swing low. The good news is that the low of this swing (Yellow Line) was higher than the last swing's low (Red). This is a very good sign.
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We see the market is now bouncing back to test the support level (top of the channel). I talked about this in the previous posts. Upon bounce back, i see a good opportunity to get in. 300$ will be a good price.
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Update,
very nice bounce back from the support and the trend line which is very excellent sign. However, the volume is very low while going up. It could be due to weekend. What i wan to see during the weekend is to form a side way channel so that this support becomes stronger. The side way channel will help reduce RSI indicator from now which being overbought.
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Now we have a pull back and approaching to 61.8% retracement @ 297$. I think this is very good entry point before resuming the rally. I can see there is a good volume of buying at this stage which is very good sign.
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Huge selling volume caused a major retracement. If we zoom out little bit we can see that we are at 38.2% retracement (290$). With this panic we are seeing and lack of confidence in crypto market in general, we may see further pull back to 61.8% (270$). After that, we may see again a trial to record a new higher highs.
To be honest, I was not expecting this big drop but nevertheless I am ready for it.
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Now there is very good buying volume coming in. :)