In the last few days, we saw the ETH price retesting the long term support, we saw a bounce followed by a retest, which could be the beginning of a massive W pattern. We are now in a period of consolidation which is crucial. The 20 and 50 EMA
are about to touch each other. If we continue going upside, we might avoid that cross. In the weekly time frame, we haven't seen any bear signs in the EMA
, despite the huge correction, we came down to test the 20 EMA
and so far we've seen a clean bounce, so technically, we remain bullish
. In the next few days, we'll be testing the 20 and 50 EMA
, we must remain above them to continue this uptrend.
Now, talking about the MACD
we are seeing quite surprising levels; in the daily time frame, we are incredibly low. Also, the MACD
is sloping up, which, in my opinion, looks like we are going to have a bull cross in the next few days.
If we continue like this, it is very likely that in a couple of weeks we retest the ATHs and continue the uptrend.
Let me know what you think about this idea.