Update from The Kraken Wick of Bulls Signal Chart back in FebThis is an update from my last post on February 24, 2021 for The Kraken Wick of Bulls Signal
Interesting things to note -
1. The highlighted areas are all the new data since the last post on February 24, 2021.
1. Since that Kraken wick, Eth has experienced an uptrend from 700 usd the bottom of the Kraken wick to a high of $4200 mid may.
2. Dominance has been favorable towards the ALTS and has not broken below the All Time Low BTC Dominance support (Red) line.
3. The Purple line in the RSI has been creating lower highs keeping a down trend in the macro daily RSI.
4. Current PA of ETH is currently above the 50 D MA (green line) and we are still in a eth golden cross.
5. I am interested to see the 50 day moving average (Green) to cross that yellow resistance trend line, or have price action confirm support on that yellow line to become more bullish on ETH.
6. As one possible bullish scenario , I copied the price action back in November 207 to May 2018 and pasted it above the yellow line where it broke out to simulate a possible bullish scenario to create a Higher High in price action.
7. In my opinion only do I think there is a good probability that the RSI will continue to form another lower high, and with a higher high in PA leading to a possible macro bearish divergence.
However it is possible for the RSI to form a Higher High and break the downtrend purple resistance line.
Everything is in my opinion only.
