dysonring2050

Long-term Short Position on Bitcoin/Ethereum

Short
Volume sell spike, Bitcoin is dumping as people realize it is less useful for real world transactions than Ethereum
Ethereum is created by Microsoft , is open-source and worked on by PhDs
Bitcoin’s dev team can’t even decide when to fork their code
Satoshi’s vision could not have been to create a dominant cryptocurrency - it was to share the idea of crypto itself
Read up on the power of Ethereum smart-contracts
Ethereum transfer time between two addresses is 2-8 minutes compared to 45-60 minutes of Bitcoin .

We see on the Renko chart that we are well, well below the Ichimoku Cloud .
ADX and DI suggest selling is the appropriate action.
MACD signal line well below 0, amplifying future sell signals.
Stock RSI says undervalued but pay less attention to it.
Squeeze momentum constantly in the red since August.

As you can see, Bitcoin is in a freefall state compared to Ethereum .

For those not margin or future trading, I would suggest selling Bitcoin and buying Ethereum soon.

Comments

Eth is not created by microsoft.
+3 Reply
@mljones, Sorry I misinterpreted some of the older news I was referring to. Microsoft has heavily contributed to the development of Ethereum.
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scottyg420 mljones
@mljones,if Microsoft created Ethereum,
Then where's my paycheck for doing all the work?I created all cryptocurrency dummy..pay me$$$$$

Scott Gasser
Reply
May I ask which trading platform you use for BTC?
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As a developer, I've studied Bitcoin heavily and are one of the few on here who has read the Bitcoin whitepaper and studied the competing cryptocurrency solutions.

Price action: BTC is experiencing a sharp drop so ETH and all ALTs *will* drop in the short term. If BTC was to have a bounce rally ETH might have a chance to bounce up with it. BTC sets the world belief in all crypto. To put this dip positively, the price was ahead of itself by the world at large and is undergoing a major correction down.

In short - be careful going long on any crypto while BTC is dropping and if there is a bounce, anticipate it potentially coming down harder afterwards until this bear cycle has completed.

BTW: The lightning network is *already* right now allowing instant, low cost, scalable transactions for Bitcoin/BTC. Time will tell if adoption takes off which is key.

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dysonring2050 David_Aus
@David_Aus, You are correct, but I'm not sure that arbitraging ETH/BTC as a pair is conducive to the acceptance of blockchain. BTC has a bad name due to its history with the black market. Ethereum has a "cleaner" name, I feel. I am currently short on Bitcoin and waiting for a long entry into Ethereum.
+1 Reply
David_Aus dysonring2050
@dysonring2050, ETH had the first-mover advantage as the first complimentary alternate to Bitcoin so it's widely known. Better technologies have developed since however ETH 2.0 is trying to overcome the crippling scalability and other issues that newer alternatives are solving. Bitcoin can do smart contracts as well but Yes, I believe there is potential for ETH to grow side by side and compliment Bitcoin. Only time will tell if BTC does become the one coin to rule them all and layer 2 solutions provide every other imagination service based on BTC without need for other coins.

I'd suggest best buy-in position for ETH will be close to when BTC has finished its current drop.
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