Things to note:
1.Volume profile indicator showing the point of control as a solid support level.
2. Daily oversold RSI favours the bull case.
3. Descending wedge structure - common bullish reversal pattern - testing the top of the trend-line now.
4. Elliot Wave count gets the checkmark.
5. The 23.6 fib on the major move looks like a promising TP target 1
If ETH does get the bullish reversal, you can expect the entire crypto market to see some nice moves - BTC likely rallying into the low 7's. I would sure love to see it.
Best of luck.
1.Volume profile indicator showing the point of control as a solid support level.
2. Daily oversold RSI favours the bull case.
3. Descending wedge structure - common bullish reversal pattern - testing the top of the trend-line now.
4. Elliot Wave count gets the checkmark.
5. The 23.6 fib on the major move looks like a promising TP target 1
If ETH does get the bullish reversal, you can expect the entire crypto market to see some nice moves - BTC likely rallying into the low 7's. I would sure love to see it.
Best of luck.
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Here is an updated picture of ETH daily TA - taking a trendline from the top ( i believe this is where the recent resistance came from). I do see a bullish break out of this wedge happening eventually, give it time.
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Looks like we are seeing a re-teste of the wedge break. $500 buyers are seriously considering this bid here.
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Here's How I see this setting up (a very bullish perspective). Take note of the fib time-zones, as well as symmetrical triangle structure forming.