Possible retest of previous resistance on ethereum
Hi everyone, I hope everyone enjoyed these beautiful runs we've had with our cryptocurrencies.
With the massive run up on ethereum I noticed a few similarities with the last run.
Look on chart for the accumulation (purple), consolidation (yellow), first wave (orange) and second wave (red) and notice their similarity.
The important difference here is the lenght and strenght difference between the two of them: current run has developed over longer time but the price swing is also bigger.
This tells me that the bull cycles have started getting longer which also signals that our long expected bull market is about to start.
I'm saying "about to start" because we could potentially see a retest of previously broken resistance (280) turned into a support. By doing this retest bulls confirm that there is serious demand for ethereum and from there we can go up and break the $400-$420 zone with more strength.
Okay so I have the similar structures signaling a possible revearsal. What else is going on?
- 12H is developing bearish divergence on both RSI and MACD
- Daily RSI is oversold and MACD allowing a strong push down where a hidden bullish divergence would form confirming the start of the bull market
-Weekly RSI oversold and at major resistance that kept ethereum down for almost two years
If I haven't made something clear please ask in the comments below also, if you liked my analysis please leave a like, it is greatly appreciated.
With the massive run up on ethereum I noticed a few similarities with the last run.
Look on chart for the accumulation (purple), consolidation (yellow), first wave (orange) and second wave (red) and notice their similarity.
The important difference here is the lenght and strenght difference between the two of them: current run has developed over longer time but the price swing is also bigger.
This tells me that the bull cycles have started getting longer which also signals that our long expected bull market is about to start.
I'm saying "about to start" because we could potentially see a retest of previously broken resistance (280) turned into a support. By doing this retest bulls confirm that there is serious demand for ethereum and from there we can go up and break the $400-$420 zone with more strength.
Okay so I have the similar structures signaling a possible revearsal. What else is going on?
- 12H is developing bearish divergence on both RSI and MACD
- Daily RSI is oversold and MACD allowing a strong push down where a hidden bullish divergence would form confirming the start of the bull market
-Weekly RSI oversold and at major resistance that kept ethereum down for almost two years
If I haven't made something clear please ask in the comments below also, if you liked my analysis please leave a like, it is greatly appreciated.
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