Ethereum / BitcoinPanjang
Ethereum Finally Showing Signs of Life!!
Hello everyone!
Months ago, I made a post about how I believed ETH was following its historical pattern of a Measured Bullish Move. Today I am here to revisit this idea with much more confidence given the recent months! So let's get right into it:
1st - Looking at the RSI index, you can see a variations of points either circled within a green or red circle. The red shows times where ETH was overbought, and the green represents where it has been oversold. Every time ETH price moves either above or below the trend channels and the RSI indicates being over bought or oversold, it has been able to correct right back within these channels. For the last two major trend reveals, from a downtrend to an uptrend, we have seen the RSI indicate ETH being "oversold", and this time is no different. ETH should "correct" and start to form its third uptrend channel within two years and half years.
2nd - Paired with the RSI, the Moving Average finally has stopped its two month long decline, and has turned towards the positive direction. As you can see, the Moving Average was being used as strong resistance for the last two months, but strong resistance can quickly turn to strong support! Currently the price is sitting above the Moving Average and I expect this to become nice support for ETH.
If history repeats itself, as it has done before time and time before, this may finally be the light at the end of this dark tunnel.
Cheers
Months ago, I made a post about how I believed ETH was following its historical pattern of a Measured Bullish Move. Today I am here to revisit this idea with much more confidence given the recent months! So let's get right into it:
1st - Looking at the RSI index, you can see a variations of points either circled within a green or red circle. The red shows times where ETH was overbought, and the green represents where it has been oversold. Every time ETH price moves either above or below the trend channels and the RSI indicates being over bought or oversold, it has been able to correct right back within these channels. For the last two major trend reveals, from a downtrend to an uptrend, we have seen the RSI indicate ETH being "oversold", and this time is no different. ETH should "correct" and start to form its third uptrend channel within two years and half years.
2nd - Paired with the RSI, the Moving Average finally has stopped its two month long decline, and has turned towards the positive direction. As you can see, the Moving Average was being used as strong resistance for the last two months, but strong resistance can quickly turn to strong support! Currently the price is sitting above the Moving Average and I expect this to become nice support for ETH.
If history repeats itself, as it has done before time and time before, this may finally be the light at the end of this dark tunnel.
Cheers
Penafian
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