goldbug1
Long

ETH - Clearly Following Bitcoin's Oct thru Dec Run

BITFINEX:ETHUSD   Ethereum / Dollar
It seems like it was months ago that Ethereum' went on its epic bull run, but it has only been a couple weeks. On January 17th we posted that we expected a pullback in Ethereum', and though many thought we were crazy at that time, it happened but only for a brief moment. I surely covered my sells and added a little, but did not add a full position as I did think we would fall further. Well expect the unexpected as they say. Clearly with Bitcoin             starting to gain some traction, trading just above its longer term trend line , and alt coins starting to also show bullish momentum, what are we looking for with Ethereum' and is still following Bitcoin's Rally pattern in October?

Charts:
On the chart above we have resisted the longer term trend where we have found buyers. As I believe this will play out as a "V" shape correction and we have already broken the down trend, I think it is not long before we rally. So I am adding a second position here which overall provides a cost average below our shaving points back before the pullback.

When we first threw up the first chart below, we got hammered by the perma-bulls. I remember the comments "We will never see below $1000 again" from numerous bloggers. Here's your sentiment signal! Shave off and move over. We did just that and the pattern unfolded like we thought it might and were able to cover.

Looking at the second chart below we have updated the chart and though and though the names have changed, the pattern is still in tact. So using this same pattern can we gain any insight to the future trend for Ethereum'?

First I drew the extension on bitcoin             for which resulted in the final blow off top which happened just above the 2.618 extension level. I also looked at the 4.23 corrective retracement levels which we found resistance on both the upswing and downswing off the peak. Looking at presumptive levels on Ethereum' if we follow the same pattern and trend that puts us at the $3600-$4000 level. I've also added a trading level along the way as I like how the levels line up but will wait for a final breakout before trading this.

Sentiment:
As I stated on the bitcoin             article this morning, market sentiment is starting to shift. We see that in the "mini" alt market where buyers are starting to come in on several of the better "mini alts". EOS' and other more blue chip "mini's" have been showing resilience through this down turn, though not escaping the volatility swings entirely. Makes for good bargain hunting which is why we like to have cash on deck.

Bottom line the sun is starting to come out, the waters             are starting to calm, which means beach goers will soon be headed for the beach. I'm looking to add to some solid alts, but will do so cautiously as the storm clouds are just beginning to subside. I want to be early enough to get a picnic table, but not too early that I'm setting up in the rain.

Again these markets are thin and shorting is limited, therefore the only way to really short is by selling out your long position. These types of short markets exhaust quickly as it is usually the retail buyer that is scared out of the market and exits on any signal of weakness. Until other products evolve allowing traders to short markets longer term, these corrections will likely be short lived for now. However, as we are starting the 5th wave in a longer term cycle (in my opinion) I want to emphasize caution. 5th waves end quickly and this is where traders can get destroyed and profits dissolved to dust. I want to be in for the final run, but we need to be looking for an exit door early, before the crowd realizes the concert is over!

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https://seekingcryptos.com/
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ETH has made a golden cross ! Loading Mooning ...


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Weekly review of what happen in the world of Cryptocurrency. "#Bitcoin Struggles, @coincheckjp hack, @Davos bitcoin talk, @BrisbaneAirport accepting crypto + more.
https://youtu.be/S2fRCd5iJ80
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Given the relative strength of Ether I'd say you're right - it could make new highs soon. But it also follows bitcoin which looks weak
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Your thoughts on likelihood of "The flippening"? @goldbug1
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Goldbug, I think your overly bullish this time. But lets see how it works out. ;)
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dariushmaatoon007 TheCryptAlpha
@TheCryptAlpha, it happened for all traders in this market but i think he is right and his idea is solid as rock
+1 Antworten
TheCryptAlpha dariushmaatoon007
@dariushmaatoon007, Time frame is incorrect. But its possible in the long run.
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thanks god
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Thanks for the teachings goldbug1
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Thanks
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