It seems like a perfect rebound from a right HS shoulder and from Fib 0.78-1 retrace. Also, RSI is looking as a rebound. I am in favor of a long position ( as the is a positive sentiment to the crypto space). I would wait just a little more time for confirmation.
Additionally FIB 1 retrace is doubled by the trend line which gives extra strength.
Please feel...
As we can see the RSI ascending wave + MA5 crossing over MA 10 + the chart pattern, we might expect the early stage of a new DOGE/BTC bullrun. I am influenced to say that a marjor rally could start here very soon.
A possible retrace could appearear soon.
If it cointinues to go into that descending triangle and RSI keeps growing there are 70% chances it will burst at the end. Else, the descending channel it is in favour of a drop below.
We can go long on ETH, bouncing from the bottom of a daily desending channel. It could be a bull trap, but at this lvls is hard to see agressive sell preasure.
Use SL and stay sharp.
Ethereum reached a psychological sell bottom vs BTC on RSI(9) daily.
Statistically, I am in favour of a bottom neear this level. It is hard to accept to sell the pair ETH/BTC at this level and oscilators say the same thing.
It was a while for BTC to stay in the top range of oscilators and we are still in a bear trend even do we made higher low. Seeing the ovrbought condition of it we had to wait for a retracement. Next move, BTC bounce from the large trend line or latest support around 6270.
As we saw ETH was in a downtrend channel and couldn't exit. All oscilators sugest that a down trend is still ongoing. Next inflexion point is 190-200 level.
