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Ethforecast

Daily ETH UpdateCaution Still Required - ETH has been moving in the right direction for the past few days, but it hasn't been easy. Price has been grinding upward and on low volume. On the bullish side of the equation RSI, OBV and ADX are all pointing in the right direction, and we have a demand zone just below us at the $4200-4300 level. On the bearish side, price has hit resistance at the short term downtrend line. Most concerning is the low volume attached to this move up (below average). We needed to see price break above the short term downtrend line and for the move to be supported by more buyers (volume). Until we see buyers entering on more significant volume this could all reverse at any time. There is also ample opportunity for those who might like to manipulate the market to party here, so we could see some wicks down to scoop up liquidity at lower levels. If we do see a break of this trendline I would be expecting the move to take us up to the previous level of supply at around $4600-4700.
by marcusdw1
Ethereum Next Leg Up!!?Ethereum has been following my second scenario yellow path pretty perfectly against Bitcoin, we are currently sitting just under resistance at 0.0769 which we have wicked off of multiple times already, weakening the level everytime. We are sort of moving sideways but i think the momentum is building up for ethereum and its only a matter of time before we smash through here! Then we are looking at resistance at the 0.0788 level, i do think we might face a little trouble here aswell but there are definitely some factors that could send us flying right through but we will have to wait and see when the time actually comes. The bollinger bands are providing us some nice support just underneath the 0.0733 level and then we also have support at 0.0716, so i think its comfortable enough to say we aren't going to go far we see further downside, what i am way more interested in is that top band on the bb's and this is one of the factors that could send us flying through both of these overhead resistance levels. If we continue to push up a little bit more we will be sitting right on this top band and if we can secure a daily close on here the chances of us having an explosive upwards breakout are pretty high, historically grabbing onto that top band majority of the time sends PA flying, same thing but opposite for the bottom band. Now the SMI, we are slowly moving our way up in a bullish squeeze, shown by the black crosses and aswell as the increasing green bars everyday, this shows a stronger bull squeeze and the more we increase the more explosive our squeeze release is going to be (shown by black crosses turning white). Now the Chaiken Money flow, we had a nice bounce off of the midline and strong turnaround to the upside, this shows that investors bought up the dip on ethereum and we have money flowing into ETH and since we are going against BTC on this chart its signaling money flowing into ETH rather than Bitcoin, with BTC.D settling and slowly dropping i think altseason is on the horizon and im expecting it to be an absolutely massive one! NFA just my opinion!
Long
by JacobR905
Ethereum Explosive Move On The Way!!Ethereum is looking absolutely amazing against Bitcoin right now and over the past while, we recently had a little accumulation phase where we saw sideways and slightly downwards movement where we built up momentum and now we are breaking out and starting to make a nice run upwards! All shown by my second scenario yellow path, personally think this is just the start for ETH and the altcoins as BTC dominance is looking very bearish! We are approaching resistance at 0.0769 where we could possibly face some trouble and then same thing slightly above around 0.0788, however i don't believe these levels pose a serious threat to ETH because of the huge amount of momentum i think is coming into the market soon. Look at the bollinger bands we are once again starting to climb that top band and for tonights daily close its looking like we are going to be closing directly ontop of here opening the door for an explosive move to the upside likely shredding through these resistance levels! The MACD, we just had a bullish cross a day ago and we are already seeing a very nice increase in our green bars on the histogram, this is exactly what we want to see and shows us the bullish momentum is growing! The MA's right away are giving good separation showing once again some big momentum coming and the more we see the blue move away from the orange the less likely we are to have a near term bearish cross, this also allows price action to have a couple red days for a cooloff without triggering a bear cross! Not the Squeeze momentum indicator, we are only on our first day of green bars on the histogram and this is a great sign that could showing us that a big run is on the way for ETH and the alts, since we are already significantly up on the month against BTC this is a very good sign considering we are only on the fist day of a possible bullish squeeze! The big part about this indicator is the squeeze release which is shown by the black crosses turning white, in this stage price action gets an explosive move to the upside and it is quite possible that we see an extended bull squeeze or even a double cycle bull squeeze! So stay tuned as i continue to update yall! Not financial advice just my opinion!
Long
by JacobR905
Daily ETH UpdateETH is looking strong again. It retraced from its highs down to the 0.382 Fib level (around $4K) where it found support. It then rallied and came back to retest this level. After a successful retest price has moved confidently up to the short term down trend line where it is currently sitting as I write. There is a chance we could see another pullback from here, however, I think it's more likely that we see a small reaction before price moves further up. Her is why: 1. Fib 0.382 has already been retested. 2. Price has already moved above a previous zone of demand which can now provide support in the event of new downward pressure (yellow box at $4200-4300). This would be the perfect area to bounce off for further upside. 3. Both RSI and OBV are both trending up showing increasing strength. 4. Volume shows higher levels on up moves than it does when sellers control the move. Green volume bars are larger than red bars. Overall the market is looking more bullish. ALTs have been randomly rallying and (although early) would appear BTC may have found the bottom as well. In this environment, I have taken new positions in ETH.
by marcusdw1
ETH/BTC About to Explode! Taking a look at Ethereum VS Bitcoin we have been following by second scenario path (yellow) pretty accurately actually and we are now facing a little resistance coming from the 0.0733 level but i don't think it is going to hold up, i expect us in the coming days to blast through here and continue to outperform BTC. The reason being is due to my outlook on the bearish looking BTC dominance and because over the past almost 3 weeks we have been seeing sideways movement which builds up momentum and i would say there has been a lot of accumulation going on this past 3 weeks, all bullish signs and definitely a momentum builder! If we do see a explosive breakthrough of the 0.0733 level we will be ending up right ontop of that top bollinger band which is a huge deal, we could see a huge run after grabbing onto this band and since we did see big sideways movement our BB's have been squeezing a bit ontop of price action which tells us an explosive move looms, doesn't indicate which direction but with everything i am seeing i think we can expect it to be to the upside! We also have the midline as strong support which is always good and adds a little cushion for Ethereum! The MACD looks super bullish we are just coming off of our red cycle with the Histogram declining day by day all the way to the current spot at the midline and now we await a breakthrough into green territory. we want to see an increase in each green bar showing strength on the bulls side, we are also awaiting a bullish cross which is plays into confirming this, we gotta see a good initial move with the blue MA taking off from the orange creating lots of separation lessening that chance of a near term bear cross. The Squeeze momentum indicator, we are currently still in a bearish stage but i don't think it is leading anywhere we are seeing flat and decreasing red bars which is a good sign for the bulls, it is highly likely at this point we will not see a bearish squeeze release, i believe the current red cycle is due to the slightly declining and sideways movement on price action. I think its just a matter of time before we see a push up into the bullish squeeze territory and honestly i think our current spot is very bullish and actually could be better that we are still in this red phase, reason being is that we could have an explosive move on the bollinger bands and the MACD pushing price action up high and then for our SMI we will only likely just be starting a bullish squeeze which could give us a sort of double pump effect, of course once we get to that point we have to see confirmation on the histogram with increasing green bars everyday. Not financial advice just my opinion!
Long
by JacobR905
Ethereum Looking for a rebound against BTC!Ethereum has been following my second path pretty closely we got rejected off resistance at 0.073 and we have trailed down to support at 0.071 and we are looking for a very important bounce here coming up on our daily close. Looking at the bollinger bands we notice one thing that is not very ideal but isn't super crucial, we have fallen below the midline which is support but we are looking like we will close below here for our DC, this will flip the midline to resistance and could give us a bit of trouble when we try and rebound upwards. However it definitely isn't crucial because with some decent momentum we should be able to blast right through here once again and flip it back to support. Now the RSI, a big part of the reason i think we are looking at a rebound here or coming up shortly is because the heavy supports we have on the RSI, we have our first coming from months back which we are currently bouncing off of and then a hair below that we have decent uptrend support coming from a month or so back. Next up for supports is the midline on the RSI, this is by far the most crucial level that we must hold, if we do we will remain in a confirmed uptrend which obviously is great, but if we do fail to hold this level, fall below, and struggle to regain it we could be looking at a short term downtrend, above the midline once confirmed is a clear uptrend and then below once confirmed is a clear downtrend, could be short or longer term either way. Now lets look at the declining squeeze momentum indicator, we are coming up close on the midline where most people would think we would be soon entering a red bearish squeeze but due to all this support we have especially on the RSI i think there is a good chance that we see a fakeout and continuation of a green bullish squeeze here, just before this current green cycle we had an extended red cycle that had 2 waves of bearish squeeze. so it is definitely a possibility we see something similar here with our current cycle, i have a rough path drawn out showing what we could potentially be in for and its not out of the question. At some point soon we gotta see an increased green bar showing signs of a reversal, and from there we need to see daily increases in our bar size and then we will be in another confirmed bullish squeeze, the squeeze portion is shown by the black crosses on the midline and the squeeze release which is the very explosive part of this is shown by the black crosses turning white, majority of the time when we see the release we get an explosive to the upside in this case! Not financial advice just my opinion!
Long
by JacobR905
ETH New ATH & Price Discovery!!Ethereum is continuing to run in beast mode almost making new ATH's everyday, we are still travelling up and respecting our ascending channel as we are once again pushing that 0 FIB or our ATH! We could be considered in price discovery mode right now but i think with some big momentum we could be blasting off to go on a huge run to the upside, facing currently no resistance levels once we break above our ATH! We have a bunch of very solid support levels underneath us with the bottom of the ascending channel aswell as uptrend support inside the ascending channel we got the R1 Level which is now support and then aswell as the midline coming from the bollinger bands, if we do see a couple down days i really don't expect us to go very far. Now something else very interesting with the bollinger bands is our price action is currently sitting directly ontop of the top band, and now we haven't seen an explosive climb up this band yet in this ascending channel we could be looking at a mega one coming up soon, our daily close is looking like we will close directly ontop of this band which is always a very very good sign and could send us flying to the upside, plus pair that with our current situation of being in price discovery mode and having little to no resistance above us.. seems like a recipe for a massive run up coming soon! Now the MACD is starting to look good, we have been seeing lots of tight movement from the MA's with a flat histogram but we could be getting ready for another bullish MACD cycle, we are yet to create a bearish cross and if you actually look at the histogram starting from the verticle line i drew we are seeing something very positive, a daily increase in our green bars, this is a very good sign and could be signalling the start of another bullish cycle on the MACD, we gotta see this continue though day after day increasing green bars showing a rise in bullish momentum, we can't see a flat histogram or a decreasing one, this would likely result in a bearish cross putting downside pressure on ETH. Now the MA's are starting to show some positive signs, the blue MA is ticking slightly to the upside which is what we wanna see, we gotta see that separation in the MA's lessening the chance of a near term bear cross and allowing for a little downside without triggering a bear cross! Overall no matter what we do in the coming days i am extremely bullish on ETH and altcoins going through this month, also should point out BTC dominance is currently slightly rising putting some pressure on the altcoins but once we see a rejection or a bit of a drop i think the altmarket is going to start exploding with many coins likely too create new ATH's! Not financial advice just my opinion!
BITSTAMP:ETHUSDLong
by JacobR905
ETH - CONSOLIDATE BEFORE PUMP? OR NO?Hey guys. This is just a look at ETH on the daily chart. ETH definitely has the juice for some powerful blasts but I think we MAY consolidate first for just a bit. I'm definitely not as confident in this idea compared to some others as most of the indicators really don't help as they are all stuck in the middle "decision zone". THERE IS the possibility that it pumps up to just about 5K and THEN consolidates between the 4.5K-5K area instead. With more time, I imagine the data and indicators will be more clear and we'll have a better idea of what's going on. I'm DEFINITELY BULLISH on ETH for the rest of this market cycle which I think could carry on into next year. I think all of the "end of the year" forecasts will be irrelevant because I believe market cycles are lengthening! Over time I think that more people will agree with that opinion. The consolidation pattern is based off of fractals and previous bar-patterns. I haven't made a chart for ETH since the previous ETH Inverse H&S pattern target of $4500 Which played out EXCELLENT! (link below) So here is a new chart and as always I will make necessary updates so make sure to set alerts to notify you of updates. If you like this idea please LIKE, FOLLOW, SHARE. It's all appreciated. Thanks for everything. I welcome all feedback and comments (unless they're UNNECESSARY AND NEGATIVE, that's not what I'm here for) *** As always, This is NOT FINANCIAL ADVICE, This is just an idea based off of my research and experience studying and trading cryptocurrency. I ALWAYS RECOMMEND doing your own research before investing in anything. ***
COINBASE:ETHUSD
by Mboersma0324
Ethereum going to breakout!!?Ethereum has been performing so well against bitcoin with us having a huge climb to the upside and we are currently at the apex point of this bullish triangle and we are looking for a breakout! Likely to the upside i personally think, following a breakout upwards i think we could definitely see a rejection off of the next resistance level and then there is some possible sideways movement that will follow, i think that there is a good chance after the rejection we will be coming back down to test the resistance we are currently at as shown by my path, and keep in mind that is a rough path and we could see a longer period of sideways movement. We are also looking at regaining the last pivot point which is shown to the left slightly above our current resistance which would be huge, and then the R1 resistance level and that is part of why i think we will most likely see a rejection once we reach that point. Also should point out that ethereum created a new ATH today on its USD pair and that definitely brings lots of bullish momentum to the table and puts us into price discovery mode which is mega bullish! Another scenario that i should point out is if by chance we see a breakout to the downside we have very solid support coming from the 0.2 FIB where a fakeout scenario could come into play, many traders will think heavier downside is coming if we breakout of this triangle bearish but we will almost certainly bounce off the 0.2 FIB before then taking on the same sort of path just on a longer timeframe, as shown by the yellow path. Now the MACD is looking good we have good spacing inbetween the MA's which is key and lessens the chance of a near term bear cross but the main thing is that id say we still have some momentum to get a nice break to the upside here and once we see that R1 rejection that will likely be the point of a bearish cross but will allow our MACD to reset and cool down a bit before taking off again! Not financial advice just my opinion!
Long
by JacobR905
ETHUSD - Ethereum is going down!My TA on 1D shows that: 1. Price came out from the ascending wedge at its peak. 2. Vertical volume decreased while price went up. 3. RSI shows divergence against price. 4. MACD confirms RSI's divergence. 5. Based on horizontal volumes liquidity for MM is concentrated on given level on the chart. Correction for the last impulse is logical. Correction can fly down Fib starting from 38.2% to 50% and 61.8%. That would be your TP. It is common for ETH to lag behind BTC, but in the end it follows BTC's trend. There is more fundamental analysis on Bitcoin in my article linked below.
BINANCE:ETHUSDShort
by WallStreetFox
1
Ethereum Set To Outperform BTC!!Checking out Ethereum vs Bitcoin on the daily timeframe we see a confirmed Bullish Divergence! This pattern signals a reversal coming ETH, we have been in a clear short term downtrend from the highs in the beginning of september and we are finally set to explode against BTC, pair this with Bitcoin dominance starting to slide we could be looking at a mega run for the altcoins! We are currently holding the 0.3 FIB level and we do have support from the bollinger bands midline right below the 0.3 FIB. Something else to take note of is we are pretty close to that top bollinger band and i think if we see a grab onto here we could be sent flying to upside taking out key resistance on the way! Any way you want to look at this bullish divergence it is very very clear, we have been seeing multiple lower highs on price action shown by the green trendlines, we have them from the beginning of september all the way until now! Now that we just got confirmation from the stoch RSI we are set for a massive breakout to the upside in a matter of time, The way you can find divergences is simply by seeing lower highs on price action or higher highs or higher lows or lower lows and then seeing the opposite on an oscillator, i personally like using the stoch RSI. Basically if you see a uptrend line on price action and a downtrend line on the oscillator or vise versa, but keep in mind there are different meanings for each divergence so that is up to you to find out which one you are seeing! Taking a look at the MACD we are seeing on the histogram yet another increase for our daily bar which is a good sign and shows growing bullish momentum, we want to see this continue for that reason, if we do see a decline a bearish cross looms but always remember there is a chance it is a fakeout and we could see a rebound with another bull cycle on the MACD, Notice the MA's we are seeing good separation with the blue continuing to push upwards and moving further away from the orange MA, we also want to see this continue to play out because it lessens the chance of a near term bearish cross and it also shows an increase with the bull momentum! We have many targets we could talk about but the main one for me that i will talk about in a later TA when we actually see a breakout is the highs we saw at the beginning of september, this reversal along with the grabbing of the top bollinger band could most definitely send us up that far but that will be for a later TA as we still have a ways to go! But things are starting to look very very good for ETH and the altcoins and i woulnd't be surprised if we saw a mega altseason coming up in the near future! Not financial advice just my opinion!
Long
by JacobR905
Ethereum Update 25/10/21: 44% from the 161.80% fibs @ $5,974Ethereum is currently only 22% away from the price target at the 127.20% fibs @ $5,068 and 44% from the 161.80% fibs @ $5,974...$6k ETH very soon 🎯🔥🚀, Since the buy signal triggered, Ethereum has grown over 30% retesting the ATH on the 21st October @ $4356. From this move ETH has retraced 5% and looks like it is ready for another retest and soon $5,068🎯 Our current ETH price targets from the current price: 127.20% fibs @ $5,068 (22% Gain) 161.80% fibs @ $5,974 (44% Gain) 261.80% fibs @ $8,592 (108% Gain) 423.60% fibs @ $12,828 (210% Gain) Please see previous analysis below. Happy Trading :) Update 14/10/21:Ethereum poised for a parabolic run Target @ $5k. A strong Buy signal was triggered on the Daily Chart (10/10/21) with the 13 EMA crossing up above the 50 SMA . We have been very patient with this move as a fake-out looked likely to form, from the current price level ETH is showing a clear breakout above the 78.60% Fibs, currently Ethereum is only 15% away from the ATH price in May @ $4361. This move to the 161.80% looks like it will be a very impulsive wave and may play out in 2 push phases. From the current price ETH is 42% away from the ATH , since the buy signal triggered ETH has grown over 18%+.
KRAKEN:ETHUSDLong
by CryptocurrencyMagnet
Ethereum Climbing Back Up!!Since we were trading withing the bullish triangle a little while ago i talked about some very nice looking upside on the horizon and we have seen just that with a strong breakout and a steady climb back to the upside! PS. This drawing was not the Bullish triangle i am referring too i erased it to clean up the chart a bit, we have taken out the 0.2 FIB level and we have had multiple retests with us being successful everytime, another key level we have successfully regained is the 3667$ and again we have had multiple retests succeeding. The next big test we are facing is the 4k level or aprx 3990-4000K level we have had one touch so far and we're rejected but we are still looking strong and seem to be taking a little cooldown resting on our current support level until we make our next move upwards! We also have uptrend support coming from around 2800$ and we have respected it all the way up till now, i see us holding onto this level following it upwards and ultimately i am looking for a reentry of our ascending channel shown above and then eventually the 0 FIB of course coming from our ATH! Looking at our Bollinger bands we seem to be inna very nice spot with price action well above the midline and not far away from that top band, i think we could be in for a rollercoaster ride up the top BB since we have not seen one in quite some time and we keep on wicking too the very top, likely just a matter of time before we have a nice upside day then eventually grabbing onto that top band taking it for a ride likely up towards that 0 FIB level, if the momentum is there i don't see us having too many problems shredding through this level and creating a new ATH and aswell entering price discovery mode! Looking at the Reversal Momentum Indicator we are in a slight downside right now but we see the orange curling heavy to the upside and coming towards the blue, we don't want too see a bearish reversal with the blue going under the orange but we could definitely see a little fakeout where we get a nice bounce off of the orange to continue this upside climb! Checking out the ADX we are looking good and seem to have found some footing a decent bit below our previous high, we are starting to turn to the upside with the direction looking to start an overall reversal after having some significant downside. A must watch for Ethereum is price action grabbing onto that top bollinger band, the RMI getting a bounce and keeping the blue ontop, and aswell the RSI which isn't currently on the chart, we need to stay above the midline to continue the uptrend, we are significantly above the midline currently near the top of the zone so thats why i decided to leave it out of this TA but always keep an eye on that! Not financial advice just my opinion!
BITSTAMP:ETHUSDLong
by JacobR905
Ethereum poised for a parabolic run Target @ $5kEthereum poised for a parabolic run Target @ $5k. A strong Buy signal was triggered on the Daily Chart (10/10/21) with the 13 EMA crossing up above the 50 SMA. We have been very patient with this move as a fake-out looked likely to form, from the current price level ETH is showing a clear breakout above the 78.60% Fibs, currently Ethereum is only 15% away from the ATH price in May @ $4361. This move to the 161.80% looks like it will be a very impulsive wave and may play out in 2 push phases. From the current price ETH is 42% away from the ATH, since the buy signal triggered ETH has grown over 18%+.
KRAKEN:ETHUSDLong
by CryptocurrencyMagnet
Ethereum Big Upside On The Horizon!!Ethereum recently had a very strong breakout of this pennant and has been pushing the 0.2 FIB for the last 4 days, we want to continue to see momentum pushing upwards and ultimately a daily close above the 0.2 FIB at some point soon, none the less we are looking very good and very bullish! A daily close up and above the 0.2 FIB opens the door back up for us to regain the ascending channel which we fell out of somewhat recently and also as i said opens the door for big upside! Taking a look at the Wavetrend we are just starting to pass the midline and still have quite a bit of room to keep pushing up, and we are showing no signs of stopping, we see the red crosses are below our wave pushing us upwards with bullish momentum and we want to keep seeing our wave push vertically, lessening the chance of us having a bearish crossover and ultimately ending our current bullish wave. Now lets take a look at our squeeze momentum indicator, just today we have crossed over the midpoint and putting out our first green bar in quite some time and after a long drawn out bearish period! Things are really starting to look good, noticing the black crosses which indicate a current squeeze we haven't seen any grey crosses in awhile showing a squeeze release, all this momentum building up could be absolutely huge for Ethereum, once we see those grey crosses and more green bars we likely will be on the verge of a huge run upwards, just like what we saw nearing the end of July, we had a decent red period squeeze and shortly after we turned bullish we got that squeeze release which sent us flying as you can see in the ascending channel. (Remember, keep an eye out for those grey crosses) Now lets look at the ADX or the average directional index, we have been seeing a bigger downslope in the ADX but i have some positive news, it looks like we are catching some longterm support here and we are seeing the ADX starting to curl upwards which is a very great sign! If we can get a bounce off here we could be looking at the next upside "wave" for Ethereum, all things are pointing to this happening, and keep in mind this indicator is very smooth and we don't see any jagged movement or sharp turns up or down, its a gradual move and we could be seeing the beginning of that big move! Not financial advice just my opinion!!
BITSTAMP:ETHUSDLong
by JacobR905
Ethereum Looking very Bullish!!A little bit ago i posted a TA on ETHBTC and we were trading inside of this descending wedge which is a very bullish pattern and i talked about seeing an upcoming breakout and that is exactly what happened! We are starting to gain some nice momentum coming out of this falling wedge and we are coming up on some very important daily closes for ETH against BTC! We are getting a little stuck right underneath this resistance line at aprx 0.0714 and the reversal pivot point just above there, if we can successfully see a strong push above both of these levels at some point soon we can expect Ethereum and altcoins to really start to move, a close above the pivot point in the coming days is key for us, we will likely see a reversal back into an uptrend coming out of our current short term downtrend. Looking at the bollinger bands we have regained a crucial level and that is the midline on the bands, we definitely want to stay above here and keep this level as support and this opens up the window for us to keep moving strongly upwards and eventually getting to that top band, whenever we see price action up and around the top band there is a high chance we grab onto it and go for a big move to the upside, but that'll be for a future TA as we got some work to do before we see that happen. Now checking out the RSI, we have slightly broken up and above the midline after remaining below in a confirmed short term downtrend for a week or two, we want to make sure to hold this level and even see a retest and be successful before really jumping the gun, but personally i think we are going to see at some point soon some big rallies in the overall crypto market, i believe its just a matter of time everything all around is looking pretty great and if you havent already i highly suggest checking out my recent BTC.d divergence TA's! There is something huge coming! Not financial advice just my opinion!
Long
by JacobR905
Ethereum ready to take off!!?Looking at Ethereum vs Bitcoin we see a clear descending wedge which is very bullish in itself and as you can see to the left of our current wedge we had another descending wedge which blasted us upwards once we brokeout. Think we are looking very good overall and wouldn't put it past ETH to pull this off again! We have a very heavy support area below us shown by the rectangle, we have the pivot point which acts as support and then aswell as the bottom of the wedge which is also support, on the other hand though we do have a fair amount of resistance above us, the top of the wedge, the 0.2 FIB level, resistance at 0.0741 sats and then the R1 resistance. the beauty of this and the positive is the fact that we have had quite the correction and cooldown across the whole market and plus once we do start to see bullish momentum it is going to be explosive, plus don't forget the very bullish pattern we are currently in, once we start to take off i would say we can most likely easily blast through most of these levels because they are so close, and i would expect us to reach the R1 level before we start to see some pushback from the bears, even at that point though i think we could shred right through there after a couple attempts at the level. Looking at the MACD we are seeing a steady decline in the red bearish bars day after day and thats exactly what we want, bearish momentum draining out and giving the bulls that chance to really takeover. On the MA's we are seeing them getting pretty close together which is a good sign, meaning we are getting closer to a bullish cross, however there could still be a couple or few more days of decline due to the fact that the blue MA is slightly turning to the downside. The Wavetrend overall looks great, we are nearing the bottom zone which is the buy zone and we are seeing what looks like a sort of bottom out from this downtrend wave, like i said with the MACD we could still see a bit of a decline on the wavetrend but i really doubt we go much further, we want to keep an eye on those red crosses and as you can see we are pretty close to getting them underneath our wave to start giving us that push back up! Not financial advice just my opinion!
Long
by JacobR905