We had a submerged crossover and a long correction at oversold levels… we walked on the under part of Bollinger Bands for a long time and we’re at the bottom at this moment.
It’s likely that we are approaching the end of this correction!
Let’s take a look at each indicator of our setup…
RSI – This is the ideal scenario for anyone looking for an entry. Strong buy signal here.
Stochastic RSI – That little bump is not enough to drive a reversal and we’re not yet at oversold levels.
Stochastic – Already in oversold levels. We’ll likely oscillate here for a little while before a reversal.
MACD – The blue line has crossed the red line down, confirming that we’ll have to wait a little longer until the next trend reversal.
Despite the downward trend in the short term, the MACD in a broader view is almost inviting for an entry into the short to medium term.
Conclusion: If you are thinking about buying ETH, you are well on your way… just wait for oversold levels (between 0 and 20) in Stochastic RSI to jump in with a more secure margin.