Still Inside a Consolidating Triangle, but look at Bitcoin.
Ethereum has behaved like a Bitcoin lager, it has been following the Bitcoin lead. It is still inside a consolidating triangle, but so Bitcoin was, it was not trending like crazy when Bitcoin was already in a frenzy uptrend. My forecast here is that this may as well break down the consolidating triangle, just like Bitcoin and the Ethereum market is going to start capitulating. Usually all elements inside a group tend to walk in tandem, some early some late. Ethereum has behaved like this related to Bitcoin. The Bitcoin market was looking for a support, but now the behavior is capitulation. Instead of a floor, the market is looking for an exit. There's no reason to start a position in Ethereum unless it confirms an uptrend is forming. It has lost 50% of its "value" and the volatility is wild. So far the indicators are pointing South.
Crytpo Currency is the future, absolutely, the Blockchain technology, just like internet is here to stay, but the natural greed of the market turned it into a speculative asset. Where in the "Crypto Currency" name says "Crypto Asset" ? This is currency and it is meant to be used as such. Currencies are tokens used to facilitate transactions, Ethereum is smarter than Bitcoin, since it facilitates smart contracts, but this is not gold, it is not an asset, it is not a share, it is currency. Think of it as an electronic bill, just that, and use it like a bill. In the long run this will behave like Forex, just let it settle, find its real support and let it kick in the market the way it was meant to be, currency. Invest wisely, invest in areas you know well and feel comfortable with, look for the indicators, follow the signals and never question the tape.
Consolidating triangle, levels to watch: 1,104, 771, 920.
Crytpo Currency is the future, absolutely, the Blockchain technology, just like internet is here to stay, but the natural greed of the market turned it into a speculative asset. Where in the "Crypto Currency" name says "Crypto Asset" ? This is currency and it is meant to be used as such. Currencies are tokens used to facilitate transactions, Ethereum is smarter than Bitcoin, since it facilitates smart contracts, but this is not gold, it is not an asset, it is not a share, it is currency. Think of it as an electronic bill, just that, and use it like a bill. In the long run this will behave like Forex, just let it settle, find its real support and let it kick in the market the way it was meant to be, currency. Invest wisely, invest in areas you know well and feel comfortable with, look for the indicators, follow the signals and never question the tape.
Consolidating triangle, levels to watch: 1,104, 771, 920.