ETH Bottom Is In? Long Term Log Pitchfork Analysis

Just thought I'd share something I found a little interesting. I was looking at the ETH/BTC chart and switched it to log scale. Then I through a pitchfork in lining up the two huge run ups. An whula - it lines up perfectly! The upper line fits resistance twice, while the inner pitchfork lines act as support/resistance multiple times. And now we are hitting the bottom of the lower support line. Weekly Stoch RSI has just formed a bullish cross, and RSI is starting to creep up. Its currently sitting at the most over-sold it has ever been.

This is the first time this support is being tested, so it is far from a sure thing. Now we will have to see if it holds, but it is giving me some hope. What do you guys think?

Commentaire:

Gearing up for showtime. Let's see if this actually holds.