The daily chart gives us understanding that probably the market reached the bottom. The price bounces from the support zone formed by 500.00 support level and the uptrend line. RSI and a reversal candlestick pattern confirm the price reversal. The bullish divergence gives us a trend reversal signal. MACD histogram tells us that the market is going to move upward. In spite of DMI still confirms the downward movement, the market becomes bullish and it gives us new buy opportunities. Long position can be opened based on the reversal signal from the support zone. For getting additional confirmation that the downtrend is over, the price will have to break the downtrend line. It will be a new buy signal based on the breakout.
@DLavrov@MagicPoopCannon@D4rkEnergY Can we buy it now?
It will going up now? Are you sure ? I intend to buy all money for ETH now?
PLease suggest for me?
DLavrov
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@HuynhLoc, Please, ask the "legends", they know the future )
Thanks for your analysis, on point and I think fairly accurate. What are your thoughts on BTC? I think the upward move is a bull trap judging by the RSI and MACD, and I'd say its very probable to go back to mid 7k within a few days. Very interested in your thoughts.
DLavrov
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@kash27 Bitcoin has been falling for about 3 months and the bottom must be near. I'm not sure that the price will drop below the previous swing low. G20 could push the markets down, but it seems the fundamental news are good for crypto. I think we should be ready to see upward movement. Will it be a short term retracement or we will see a new uptrend, I don't know. Let's keep an eye on price action at important zones.
IoU
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@DLavrov, overall news is positive lately. I feel sentiment is turning back, let’s see how it plays out. I for one hope to see some green days again. Thx for your analysis, i often come to check your opinion even though i don’t trade ;-).
It will going up now? Are you sure ? I intend to buy all money for ETH now?
PLease suggest for me?