ETHBTC Long opportunity with potential 65% profit :0. ETH has been on a sharp downtrend with respect to BTC and it is currently grossly oversold. Evidence that a relief rally is probable include the pin bar (hammer) candle stick seen on 8-14-2018 on this Daily chart. Also, the daily RSI is currently painting a bull divergence with a higher low on the RSI whilst the chart closes with a lower low. The clear supports on this chart are at 0.0420 (recent low) and critical support is at 0.03831 (long-term support).
Comment:
ETHBTC is testing the 0.042 support again, as seen in the chart screenshot below, if 0.042 fails to hold then there is major support at 0.03831. Also the blue rising trendline is a long-term trend that goes back to December of 2016 and should provide further support.
The bullish divergence I mentioned in the original post above can be clearly seen now after a couple of new candles have been printed; I've highlighted the divergence here:
Comment:
We are nearing the 0.03831 strong support and currently at the end of a rising wedge. Upward momentum should start any day now.
Comment:
falling* wedge