ETH - Price Analysis
Although the price is moving down a steep descending channel we can see that there has been buying pressure the whole way down.
The RVI and Stochastic indicate that downward momentum and volatility are decreasing with a small bullish curl on the DI -. Further confirmation of this is indicated due to the horizontal movement of the tenkan and kijun.
Previously the bottom of the kumo had been acting as support but now that the price has fallen through we could see a drop to the ~.236 fib level nearing the bottom of the Senkou spans.
If support holds at the .382 fib level there is a chance that we could see a fib extension up to the .5 level at the top of the bullish twist on the kumo.
The RVI and Stochastic indicate that downward momentum and volatility are decreasing with a small bullish curl on the DI -. Further confirmation of this is indicated due to the horizontal movement of the tenkan and kijun.
Previously the bottom of the kumo had been acting as support but now that the price has fallen through we could see a drop to the ~.236 fib level nearing the bottom of the Senkou spans.
If support holds at the .382 fib level there is a chance that we could see a fib extension up to the .5 level at the top of the bullish twist on the kumo.
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