Ethereum is slowly fading... Prepare to short!
We are at a buy point. Oversold, at S1 (pivot) and support area. I believe there might be a last leg up and then REKT. I will only be bullish on ETH/BTC if the price goes above 0.085.
ICOs banned in China and Korea, while the rest of the world is checking out the regulations. The DAO was defined as a security by the SEC. Ethereum was a security too, as it started as an ICO. If you don't know this you deserve to lose money, sorry.
I am not pro regulations, but this is the world we live in. The most 'importart' government (world police) is checking the waters before going after ICOs. It started a few days ago, by making the first arrests. Usually it takes years before they actually take action.
Even if ICOs go away temporarily, a solution will be found in long term (but that is another matter). Right now ICOs use ethereum as their main platform, both to function and to raise money. However the ethereum blockchain has a lot of problems, other than regulations cracking down on ICOs. Another issue is its high inflation of about 14%/year. A lot of the big ICOs are also selling some of their holdings or just diversifying from Ethereum to Bitcoin, as it is considered 'safer'.
If some news come out suddenly (about ICOs), they could affect Bitcoin too. We finally hit the 4450-4500 zone, where a 10-15% is reasonable before we move up again. If bad news come out against ICOs, Bitcoin would be dragged down with the rest. But... But! After the next FUD cycle is over, most of that money will flow into Bitcoin, as well as some alts. However people are gonna look for some speculative stability, and Bitcoin can and will provide that.
Finally, I have a tight stop loss on this. If we break the M Pivot P + cross the moving averages to the upside, then the price could move even higher before testing the support area again.
ICOs banned in China and Korea, while the rest of the world is checking out the regulations. The DAO was defined as a security by the SEC. Ethereum was a security too, as it started as an ICO. If you don't know this you deserve to lose money, sorry.
I am not pro regulations, but this is the world we live in. The most 'importart' government (world police) is checking the waters before going after ICOs. It started a few days ago, by making the first arrests. Usually it takes years before they actually take action.
Even if ICOs go away temporarily, a solution will be found in long term (but that is another matter). Right now ICOs use ethereum as their main platform, both to function and to raise money. However the ethereum blockchain has a lot of problems, other than regulations cracking down on ICOs. Another issue is its high inflation of about 14%/year. A lot of the big ICOs are also selling some of their holdings or just diversifying from Ethereum to Bitcoin, as it is considered 'safer'.
If some news come out suddenly (about ICOs), they could affect Bitcoin too. We finally hit the 4450-4500 zone, where a 10-15% is reasonable before we move up again. If bad news come out against ICOs, Bitcoin would be dragged down with the rest. But... But! After the next FUD cycle is over, most of that money will flow into Bitcoin, as well as some alts. However people are gonna look for some speculative stability, and Bitcoin can and will provide that.
Finally, I have a tight stop loss on this. If we break the M Pivot P + cross the moving averages to the upside, then the price could move even higher before testing the support area again.
Comment:
The price is flirting with three things :
1) The moving averages. Bearish if it doesn't go above, bullish if it does.
2) Breaking the 50 level of RSI, which is bullish.
3) Breaking 0.07 which is a round number (some psychological resistance). Bullish if it breaks, bearish if it doesn't.
This means that testing the pivot might not be the actual challenge, but breaking 0.075.
1) The moving averages. Bearish if it doesn't go above, bullish if it does.
2) Breaking the 50 level of RSI, which is bullish.
3) Breaking 0.07 which is a round number (some psychological resistance). Bullish if it breaks, bearish if it doesn't.
This means that testing the pivot might not be the actual challenge, but breaking 0.075.
Comment:
Comment:
Final update. Think look bearish again. In the end the weekly and montly pivot acted as resistance.
Bitcoin pumping and ETHBTC is going down. Now it all depends on whether BTC breaks 4500.
Well done to those who longed and exited based on the first idea. Shorting it was probably a good idea.
Bitcoin pumping and ETHBTC is going down. Now it all depends on whether BTC breaks 4500.
Well done to those who longed and exited based on the first idea. Shorting it was probably a good idea.
In case that you short, set a stop loss above 0.075.
And final not : Study hard before you start trading with more money. Start with small amounts, go through a lot of material and never trade based on others people analysis.
Good luck!