is ETH at a bottom? Here's a bullish scenario
The MACD looks to be making a move to the bullish side with a divergence along with RSI maxing out at a low. There could be a bounce to the upside which would align to some very interesting time frames.
There is a chance it could be an inverse head and shoulders in the making in the weekly time frame. This would mean:
1.) Bullish through to December which would fall in line with last years move
2.) we would correct down after that move in January/February similar to last years down turn
3.) it would then bounce pretty hard later in 2019 which could align with further infrastructure built on the ETC ecosystem along with regulations.
It's commonly stated that the ETH drop was due to ICO selloff. While that is a contributor, the overall sentiment in the market is low - I wouldn't put to much weight on individual news stories as these moves were probably going to happen regardless of what the "news" is.
The above is just an idea that appears to have a potential of forming and a time frame that I can see corresponding with it. This by no means says it will happen, there are plenty of other scenarios, including further drops.
There is a chance it could be an inverse head and shoulders in the making in the weekly time frame. This would mean:
1.) Bullish through to December which would fall in line with last years move
2.) we would correct down after that move in January/February similar to last years down turn
3.) it would then bounce pretty hard later in 2019 which could align with further infrastructure built on the ETC ecosystem along with regulations.
It's commonly stated that the ETH drop was due to ICO selloff. While that is a contributor, the overall sentiment in the market is low - I wouldn't put to much weight on individual news stories as these moves were probably going to happen regardless of what the "news" is.
The above is just an idea that appears to have a potential of forming and a time frame that I can see corresponding with it. This by no means says it will happen, there are plenty of other scenarios, including further drops.
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Closer look
