ETH/USD has significantly dropped below MA(50) approaching a support line that has already proven sufficient for two previous dips. A bounce from the support line coincides with the Fibonacci 0.618 level that is broadly accepted as a key retracement level. The previous dips provided a strong buy signal before continuing the bull trend: The oversold cyclic smoothed RSI.
The cyclic smoothed RSI of the current dip is also highly oversold and we can expect a reversal at this point.
As we are notably low on Volume, we have a low overall participation especially on the buyer side. Thus, it is highly recommended to wait for a surge of Buy Volume and the next candles to close clearly above the dip for sufficient confirmation of the reversal before entering a long position.
BASIC, PLAIN and SIMPLE.
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The cyclic smoothed RSI of the current dip is also highly oversold and we can expect a reversal at this point.
As we are notably low on Volume, we have a low overall participation especially on the buyer side. Thus, it is highly recommended to wait for a surge of Buy Volume and the next candles to close clearly above the dip for sufficient confirmation of the reversal before entering a long position.
BASIC, PLAIN and SIMPLE.
Liked this technical analysis? Follow me for more free technical analysis and high-quality content.
Telegram: t.me/hodlgang_taproom
Twitter: twitter.com/wesker_crypto
Steemit: steemit.com/@wesker
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