I've been bearish a long time now and most TV users have been in denial.
Now most of the ideas shared are Bearish, accompanied by statements such as 'its obvious!', which is starting to make me worry that we may be closer to the next bull run than I thought.
So I've been looking for some evidence to support a potential bottom.
ETH has printed a low low that is only just shy of my 1.618 target, so I am satisfied that the ABC correction could be completed.
We have reached weekly oversold levels on the RSI.
ETH is trading within a falling wedge pattern which is a bullish indicator and if it breaks from within this wedge it will have made a new lower high.
If the wedge breaks down a touch of the lower channel line will be at double bottom levels. I expect a lot of support between $80 - $60.
In summary, most of the bulls seem to have now turned into bears, so I will be watching very carefully for the market to take them by surprise.
Although it is worth noting that although the sentiment seems to be bearish the BTClongs are still higher than the BTCshorts, so it may be that there is a little more downside to see.
Now most of the ideas shared are Bearish, accompanied by statements such as 'its obvious!', which is starting to make me worry that we may be closer to the next bull run than I thought.
So I've been looking for some evidence to support a potential bottom.
ETH has printed a low low that is only just shy of my 1.618 target, so I am satisfied that the ABC correction could be completed.
We have reached weekly oversold levels on the RSI.
ETH is trading within a falling wedge pattern which is a bullish indicator and if it breaks from within this wedge it will have made a new lower high.
If the wedge breaks down a touch of the lower channel line will be at double bottom levels. I expect a lot of support between $80 - $60.
In summary, most of the bulls seem to have now turned into bears, so I will be watching very carefully for the market to take them by surprise.
Although it is worth noting that although the sentiment seems to be bearish the BTClongs are still higher than the BTCshorts, so it may be that there is a little more downside to see.