Ethereum (ETH) Descending Channel Update. Rebound Ahead?

I'm posting this short analysis as an update to my previous post on $CEXIO:ETHBTC. I predicted the end of the $CEXIO:ETHBTC downtrend seeing a slowing downtrend and RSI showing oversold. Well, we're here again. Usually this is a strong indicator of a rebound ahead, especially for a strong coin like $CEXIO:ETHBTC. I've drawn out a curved line that showing a slowing downtrend, it's clear that we're stabilizing a bit. However, we haven't reversed our trend and I'm not seeing much evidence besides the RSI showing oversold. Not a whole lot of info here, but I will be using this post to track updates!

I'd like to hear your thoughts on $CEXIO:ETHBTC! Is it oversold or will it continue to drop? Please comment below, as the more input we see, the more informed we are!

*** This is not a recommendation to buy or sell, this is for educational purposes only! ***

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I was hoping to see a bounce here, no such luck. We're still within the downward-trending channel! RSI is still negative and the MACD is negative and flattening. This could be a sign of reversal!

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We're dipping even further into negative RSI. I'm still expecting a rebound here.

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I'm closing out half of my position as BTC goes up.

dsgorthy

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Ethereum (ETH) Oversold. Are We Headed Back Up?

by dsgorthy

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