Bitcoin dominance is coming back. In the past 3 months we have seen bitcoin take back 10% of the cryptocurrency market. That money put into bitcoin is not being brought in from outside the market, but instead being stripped away from alt coins. In my opinion ETH is a project worthy of many more billions to come, but today is no time to be buying ETH simply because of market cycles.
If you take a look at the bitcoin dominance graph on coin market cap you will see that bitcoin is regaining traction. I believe bitcoin will double top at around 50-60% dominance, then alt coins will rally. ETH being one of them. From a technical standpoint, ETH looks like its correction is not over. ETH has crossed both the 50 day and 100 day moving averages and is about to cross the 200 day. There were no signs of support at the 0.5 Fibonacci level, and I believe there is a small chance of ETH finding support on the 0.236 Fibonacci line. This is a rapid fall.
I believe ETH will have a double bottom in price at around 25,000 Satoshi. And around the time ETH double bottoms, Alts will have another rally and ETH will rise from the dead. I don't know my exact target sell price yet, to determine that i will have to see what the bitcoin dominance looks like in a few months. I will keep you updated. I think ETH can be a very good trade if the stars align, so start saving up, and get ready to buy in at 25,00 Satoshi.
Happy Saint Patrick's Day, Colm
If you take a look at the bitcoin dominance graph on coin market cap you will see that bitcoin is regaining traction. I believe bitcoin will double top at around 50-60% dominance, then alt coins will rally. ETH being one of them. From a technical standpoint, ETH looks like its correction is not over. ETH has crossed both the 50 day and 100 day moving averages and is about to cross the 200 day. There were no signs of support at the 0.5 Fibonacci level, and I believe there is a small chance of ETH finding support on the 0.236 Fibonacci line. This is a rapid fall.
I believe ETH will have a double bottom in price at around 25,000 Satoshi. And around the time ETH double bottoms, Alts will have another rally and ETH will rise from the dead. I don't know my exact target sell price yet, to determine that i will have to see what the bitcoin dominance looks like in a few months. I will keep you updated. I think ETH can be a very good trade if the stars align, so start saving up, and get ready to buy in at 25,00 Satoshi.
Happy Saint Patrick's Day, Colm