ibankbitcoins

Ethereum price movement and update. Bearish

POLONIEX:ETHBTC   Ethereum / Bitcoin
A short update on ethereum prices.

Ethereum price has dropped by a good margin and people are plenty bullish . Look at the price action now. Does it look like a bottom? It kind of does with a massive support around 0.023, previous lows. Is there much panic selling? Some, but still low volume . However, the difference is that we are drifting down to these levels where as previously, it was a panic spike down. I am afraid to say this but when people FOMOed hard between the bitfinex ETH ramp, homestead and WSJ article, price movement will equally push to the opposite extreme. Price action is not there yet, volatility is still on the low side (compared to previous weeks). I think a price move on a large red bar with volume will convince me that the bottom is near. But not now.

Disclosure, I have been bearish and short at around 0.027 level. I trade on what I think, not to justify my trade.

I post live trades on twitter and my blog, follow me and my time-stamped trade performance at ibankbitcoins.com @ibankbitcoins
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