It would seem that a bullish divergence pattern is forming on the daily ETHUSD chart with a lower low on ETHUSD price but a higher low on the RSI. Daily divergence patterns usually do play out as in this case a possible bottom could have formed as long as price maintains a lower low and RSI maintains a higher low.
What does a bullish divergence pattern normally mean?
Bullish divergence pattern as explained by Investopedia typically means:
This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend.
Just sharing an observation. Nothing is 100%, only trade what you can afford to lose. You could also wait out for the Sunday candle close and check out the bullish CME gap that has been created over the weekend with the gap starting at about 9100 (CME shows that the Friday candle low was 9060 and the close was at 9165). Personally, a safer entry for me would be at ETHUSD price that clears 233+ comfortably.
Good luck!
What does a bullish divergence pattern normally mean?
Bullish divergence pattern as explained by Investopedia typically means:
This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend.
Just sharing an observation. Nothing is 100%, only trade what you can afford to lose. You could also wait out for the Sunday candle close and check out the bullish CME gap that has been created over the weekend with the gap starting at about 9100 (CME shows that the Friday candle low was 9060 and the close was at 9165). Personally, a safer entry for me would be at ETHUSD price that clears 233+ comfortably.
Good luck!
