TraderETHBTC

ETH/BTC DIRECTIONAL SUPPORT & UPDATE

Long
BITSTAMP:ETHUSD   Ethereum
For those of you ( probably like 5 people ) that had the opportunity to read my last idea about a possible perfect bottom. Looks like the bottom we called was within 10 +/-. Pretty good! The Weekly RSI indicated selling pressure was exhausted. Now that we have confirmed the beginning part of that idea, I'd like to share some of my thoughts. I have been considering the idea that many bears are pushing that we will see a dip down to the 21-24k range. While I have prepared for such a drop, it seems a bit exaggerated based on the market technical ( but not impossible ). The recent spike in prices shot the RSI beyond the 70 + range then it quickly correct balanced while retaining a higher price again showing me the selling pressure is getting exhausted at these levels. Right now, I am looking for another solid RSI spike to 80+ hourly range followed by a deep correction below 40. If the price vs RSI continues to balance upwards, the less likely we will see this 21k-24k bottom. Given the situation, this is a good chance for solid bear trap followed by a solid short squeeze back to the 42k range.
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