ETHBTC's downward motion appears to be slowing after a possible completion of 5 waves down, bouncing right at 0.5 fib retracement (dotted red) of the rise made from Dec-Feb. This fib line also perfectly coincides with the 0.618 retracement line of the fall from last year's peak. The 1D chart shows we are close to crossover of MACD and Stoch RSI . 1D RSI also breaking out of downtrend and oversold territory while showing slight bullish divergence .
Shorter 2H timeframe showing many possible indications of reversal. MACD just crossed to positive (though weakly) while showing bullish divergence . RSI is rising from oversold while showing bullish divergence . Potential double-bottom at 0.074. High buying volume appearing at these dips.
Breakout of the trend would find strong resistance at 0.08 followed by 0.09. Failure and breakdown of the trend could bring price all the way to the low 60s handles.
Any and all moves could be dictated by the ETHUSD -0.38% price and, of course, any BTCUSD -0.91% action.
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price stopped right at bold Fib line, sold most of the position for a 5% profit while I wait to see what happens next. I think the upwards move may continue, but there will likely be a better buy in point soon. If not, planning on buying back in upon confirmation of breakout.
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retesting the bottom here, watching for strength vs breakdown of support.
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getting close to decision time....
look at that 2H stoch RSI trendline! untouched since the original chart.
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oops I meant MACD!
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placed some buy orders that got filled at the bold cyan 0.382 fib line where eth bounced hard. price seems to be respecting these retracement lines very well. new trendlines and wedge formation that i will update in a screenshot later.