Peaking Daily Stoch RSI on ETH correlated with 20%+ Corrections
In my last idea, I posted a correlation between peaking Stoch RSI levels on BTC and subsequent corrections (see related idea link below). Since Ethereum correlates with Bitcoin's movements, it is not surprising that we are also seeing a similar pattern develop, where peaking Stoch RSI is followed by a 20%+ correction period.
Note that there is also a rising wedge situation occurring. If ETH does break the rising wedge and keep pushing upward without correction, keep in mind that there is also a big resistance wall ahead (the downward channel -- upper red line -- stretching down from the all time high).
History shows this to be a risky area to invest.
Note that there is also a rising wedge situation occurring. If ETH does break the rising wedge and keep pushing upward without correction, keep in mind that there is also a big resistance wall ahead (the downward channel -- upper red line -- stretching down from the all time high).
History shows this to be a risky area to invest.
