JustChartThings
Long

ETHUSD bull technical thesis points toward 300s

COINBASE:ETHUSD   Ethereum / U.S. Dollar
With everyone seemingly waiting for Bitcoin to leave the 6000s, up or down, it seems like the entire crypto market is holding its breath. Some of the alts with decent fundamentals are showing continued strength, bottoming, and accumulation patterns indicating people are willing to at least jump in now, even if Bitcoin trends lower. Overall sentiment seems to be even if Bitcoin tumbles to 5s or 4s it will be temporary; so looking to be dollar cost averaging in for those cryptocurrencies with the most interesting and pragmatic use cases.

Ethereum showing signs of a good bottom here for now, based on the technicals indicated on the chart. Certainly a decent area for averaging in, but also for swing traders looking toward 300s. We've been seeing strong Bitcoin dominance over the past few months, but as the cycles continue, Ethereum may be indicating a short-term trend change where alt coins see more strength than Bitcoin alone. Of course, with high correlations among all cryptocurrencies lately if we see any strong bearish price action in Bitcoin expect the rest of the market to follow.

One thing that doesn't stack up is the high ratio of ETH margin longs to shorts on Bitfinex... could the crowd be right in this instance? Hard to say, but in general that's not supportive of an obvious oversold bottom yet.

Lots of noise in Twitter these days indicating everyone is more or less ready to jump onto the next strong thesis, bullish or bearish . In times like this it's important to remember which player you are in the market - swing trader, investor, scalper, etc. Focus on your defined thesis and, above all, a time-tested strategy that allows you to cope with quickly changing environments. As mostly a long-term investor, it's difficult to not see the potentials for swings here and there but remember to keep those positions separate (in mind and practice) from your long-term theses.
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