ETHUSD has actually formed a bullish divergence on the weekly chart (9th - 15th March - RSI 39.41) with a lower low in price and higher low on the RSI. The previous weekly higher low in price occurred on 16th - 22nd December (RSI 37.2). Price has since started uptrending.
For ETHUSD we are currently also near the bottom of the long-term symmetrical triangle (scroll out chart). The top downtrending line starts from an estimated high price of around 450-480 (excluding the ICO bubble price) which can be estimated by drawing the line with the next 2 tops of 360+ and 289+.
Just wanted to share an observation.
Take note that the same bullish divergence was not observed on BTCUSD chart. However, as BTCUSD and ETHUSD price is more or less correlated, ETHUSD can also pull BTCUSD price with it. BTCUSD and ETHUSD are both in long-term bullish symmetrical triangles.
I am currently slightly bullish on BTCUSD as shown in previous chart which shows breakout trade possibility with 2 targets. Trading on breakouts with test of resistance turned support on confirmation candle(s) is a less risky long trade. Only trade what you can afford to lose. Nothing is 100% in life, ever. If possible never trade on weekends, the manipulators have their way on weekends due to low volumes.
For ETHUSD we are currently also near the bottom of the long-term symmetrical triangle (scroll out chart). The top downtrending line starts from an estimated high price of around 450-480 (excluding the ICO bubble price) which can be estimated by drawing the line with the next 2 tops of 360+ and 289+.
Just wanted to share an observation.
Take note that the same bullish divergence was not observed on BTCUSD chart. However, as BTCUSD and ETHUSD price is more or less correlated, ETHUSD can also pull BTCUSD price with it. BTCUSD and ETHUSD are both in long-term bullish symmetrical triangles.
I am currently slightly bullish on BTCUSD as shown in previous chart which shows breakout trade possibility with 2 targets. Trading on breakouts with test of resistance turned support on confirmation candle(s) is a less risky long trade. Only trade what you can afford to lose. Nothing is 100% in life, ever. If possible never trade on weekends, the manipulators have their way on weekends due to low volumes.
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Bullish divergence and bull flag pattern on ETHUSD 4hrly chart
BTCUSD also showing both patterns
BTCUSD also showing both patterns
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This is also the 3rd time that a similar bull flag pattern has formed for BTCUSD. The previous two times this pattern had a bullish breakout. Weekend is around the corner so trade with care and avoid trading during the weekends where the manipulators find it easy to move price to their advantage with low volumes.
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ETHUSD Bull Flag pattern on daily chart.
BTCUSD is also showing bull flag pattern formation on the 4hrly