In my analysis from yesterday, named Potential for the Bull, I wrote about the new €240 support being tested and that €250 would be the major resistance to be tested before we know in what direction this, relative stagnant 12 hours, market will go. I mentioned that €245 could become the new support, which it has turned out to be.
If you only look at the short term graph, these levels doesn't seem to be as important as they really are though. As the Bollinger Band contracts, as we all know, there might be a storm brewing.
I read the post by Glg_trader - The "Wave Box Theory", and I must say that it is an excellent analysis.
So you also need to ask yourselves, what is Ethereum really worth? In my opinion it is fundamentally in a huge bubble, created primarily by all the money coming in for investments in all the recent ICO's. As soon as the big ones started to close the correction began.
That is why I have been margin trading shorts since about the €315 level on June 21.
If I had to throw out a "wild" guess I would say Ethereum is worth around €150. (More of a gut feeling than anything else)
That being said, I still stick by my Potential for the Bull. If we pass €250 and it holds as support for a couple of bounces, then I will happily go "all in" on the long side with 5x leverage :)
(But I will sit glued to the screen and be ready to cash in when it is time for a new correction) :)
If you only look at the short term graph, these levels doesn't seem to be as important as they really are though. As the Bollinger Band contracts, as we all know, there might be a storm brewing.
I read the post by Glg_trader - The "Wave Box Theory", and I must say that it is an excellent analysis.
So you also need to ask yourselves, what is Ethereum really worth? In my opinion it is fundamentally in a huge bubble, created primarily by all the money coming in for investments in all the recent ICO's. As soon as the big ones started to close the correction began.
That is why I have been margin trading shorts since about the €315 level on June 21.
If I had to throw out a "wild" guess I would say Ethereum is worth around €150. (More of a gut feeling than anything else)
That being said, I still stick by my Potential for the Bull. If we pass €250 and it holds as support for a couple of bounces, then I will happily go "all in" on the long side with 5x leverage :)
(But I will sit glued to the screen and be ready to cash in when it is time for a new correction) :)
Comment:
€250 held it's resistance. And now I'm short. Next support to be tested, €225 again. :)
Trade active:
Just a quick analysis of the 15 minute chart shows me that it is a good opportunity to place a short position. After a slight upward bounce at €228, we are now ready to go further down from €231.