ETH Is Oversold Like Never Before !Hello Traders 🐺
In the recent week, we saw a massive long position wipeout, especially in the stock market.
However, despite all the rumors, BTC held itself at these levels and is still inside a falling wedge pattern.
If you don't know what I’m talking about, you can check my last idea about it.
But ETH!
In my opinion, this is a huge discounted price for ETH.
You know why?
1_ Monthly RSI is currently at 25, which means we’re in an extremely oversold situation, and this usually means bulls are about to come back.
Yes — we have all the signs of a reversal from here:
(A): BTC.D RSI is at an all-time high and forming a bearish divergence, meanwhile:
(B): ETH/BTC is extremely oversold right now.
(C): BTC itself has formed a falling wedge pattern right above the weekly Cup & Handle neckline support!
Guess what?
If you zoom in a little bit on the daily chart, you can see there’s a pattern to break, and price is currently too close to the edge of it —
which means time is ticking for ETH, and we are about to see an explosive move.
Probably to the upside, because of all the signs we’ve talked about above.
I hope you enjoyed this idea — and as always, don’t forget our goal:
🐺 Discipline is rarely enjoyable, But almost always profitable 🐺
🐺 KIU_COIN 🐺
