Descending triangle usually means watch out! If ETH breaks below horizontal orange line, expect a plunge to the red hill.
Personally, I don't expect this, given Litecoin's momentum up, and Bitcoin's less than decisive movement, which I anticipate will also be UP, based on its historical movement.
Cryptos tend to move together, too.
ETH might be nearing the end of it's downward trend. A couple more days and we'll know!
I'm praying to Jesus that ETH crashes to $140, btw.
nakov
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@mightytrader, kinda stupid, this will reflect to all crypto, to your Decred too. I am no ETH holder, but watching closely due to the growing role ETH has earned itself in the cryptoworld. I don't want ETH to crash.
demogirl06
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@nakov, I think eth probably has a greater chance of going downward. If you look at the ETH-BTC chart, shows the same descending triangle pattern. they might both move up relative to USD, but to each other, eth may move down against btc.
if it does crash, I'm going all in.
nakov
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@demogirl06, I concur with your analysis. I was just astonished by @mightytrader who was praying to Jesus that ETH crashes...so his coins XRP and DCR fly high or so was his assumption what would happen. And I was telling him if ETH crashed, this will have ramifications for all crypto. So he should hold his horses.
On a side note, @demogirl06, what do you mean if ETH crashes you're going all in - all in shorting ETH, or all in buying cheap ETH?
NoCode326
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@nakov, I imagine buying cheap as no trader worth any amount of salt would go all in short after a crash. If ETH does crash you will see ETH double or triple or more shortly thereafter followed by new high in short order. Eventually ETH will overtake BTC in cap.
nakov
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@NoCode326, she could go all in shorting after breaking down the support line, at say 240 USD and then buy back at 200 USD. I know what I am asking.
mightytrader
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@nakov, Of course they should all drop! I sold my DCR when it hit $50 the other week. I also increased my XRP by 10% when ETH flashed-crash a couple weeks ago. Right now, I have a lot of fiat just waiting to find a home. Currently I got some DCR at $30 from $50 at a 40% discount.
I guess you're not a Christian and do not understand. So I will leave you my favorite quote from Jesus, himself:
"You don't have enough faith," Jesus told them. "I tell you the truth, if you had faith even as small as a mustard seed, you could say to this mountain, 'Move from here to there,' and it would move. Nothing would be impossible." Matthew 17:20 (New Living Translation)
But ETH, long-term, has a very bad history with it being hacked and I think it will be hacked again one day in the future.. The banks will never let XRP fail and DCR won't do bail-outs like ETH did. Ethereum is way over-hyped for such a new technology that needs lots of testing with what it claims to do. I like it and Vitalik is a genious but I think it's way too expensive for 1 Ether. It should be around $80. That's why I will not invest in it. I will trade it but I will not invest in it long term.
nakov
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@mightytrader, well if you are in fiat, then I understand. The thing with DCR and XRP waiting for ETH to crash just didn't make sense. Otherwise I agree about ETH, that's why I own 0 ETH and I only bought once ETH at a serious dip to sell higher later. I just don't want it to crash to have repercussions on BTC and other alts. I am a Christian :)
mightytrader
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@nakov, =D Well the Lord was good to me and let me get the rest of my DCR position for 29.5 cents yesterday. I'm 90% DCR and 10% LTC; bought both of them at a discount yesterday. My Decred is already up 22% (I'm up 22%!). I'm anticipating an exciting week for DCR of which I will put the profits likely into Litecoin.
I sold my DCR about 2.5 weeks ago when it hit its ATH at $50 (when Exodus released their new wallet which included DCR). I waited patiently and bought it all back and then some at an average price of $30 per DCR.
I wish XRP would crash to 15 cents =)
Yeah, you gotta cash out into fiat. I learned this when ETH kept stealing the show these past couple months. But the link been severed more and more as evident with Litecoin. Don't you think?
But ETH can flash-crash and not bring down the whole market. It has done that quite a few times! I made $500 a couple weeks ago when it flash crashed for a brief moment when Coinbase had the margin selling debacle when Ether went to 13 cents or whatever. I did not buy anywhere near that amount but I still made money from the panic.
So, I hope I am more clear to you now. ;)
God bless!
nakov
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@mightytrader, well said, you know your business. Buy low, sell high. That's all that's important. It seems you have some insider info as well. That's good.