-There was fear of being left out in the $80.00 area causing a rebound which appears temporary.
-Short-term outlook: BEARISH
-Long-term Outlook: BEARISH
Traders analysis:
There is fear that a BIG BOUNCE is due and some investors do not want to miss it. This caused the volatility I wrote about in my previous posts. I indicated that there was SUPPLY around $100 which signified capitulation and the attitude, "I GIVE UP" and I'm out! The bears are in full swing and have a number they want this to trade at. I wish I knew what that number is, but my prediction is $25.00. It seems we don't have enough investors who see this as the lowest low, in fact, I believe confidence in Alt-Coins has been lost for the rest of 2018. So we will likely trade under $100 thru the rest of the month.
My Trading Strategy:
I have been buying as close to the 4-hour lows as I can determine on the way down, dollar-cost-averaging into ETH with the expectation the whales will run it again generating irrational exuberance and new near ATH's before it's shorted again.
A valuable lesson has been learned in the crypto-market that a bubble formed quickly and this bubble was structured and preordained (IMHO) only to get shorted while writers sang the praises of cryptos on the way down. I have written about this while it was happening, so I am not looking back and stating the obvious.
TA: I decided to complicate my TA because it seems people like the complex charts (I don't). I like traditional support and resistance charts, with quality written analysis. But what the heck, let's give you guys something new to critique!
-Short-term outlook: BEARISH
-Long-term Outlook: BEARISH
Traders analysis:
There is fear that a BIG BOUNCE is due and some investors do not want to miss it. This caused the volatility I wrote about in my previous posts. I indicated that there was SUPPLY around $100 which signified capitulation and the attitude, "I GIVE UP" and I'm out! The bears are in full swing and have a number they want this to trade at. I wish I knew what that number is, but my prediction is $25.00. It seems we don't have enough investors who see this as the lowest low, in fact, I believe confidence in Alt-Coins has been lost for the rest of 2018. So we will likely trade under $100 thru the rest of the month.
My Trading Strategy:
I have been buying as close to the 4-hour lows as I can determine on the way down, dollar-cost-averaging into ETH with the expectation the whales will run it again generating irrational exuberance and new near ATH's before it's shorted again.
A valuable lesson has been learned in the crypto-market that a bubble formed quickly and this bubble was structured and preordained (IMHO) only to get shorted while writers sang the praises of cryptos on the way down. I have written about this while it was happening, so I am not looking back and stating the obvious.
TA: I decided to complicate my TA because it seems people like the complex charts (I don't). I like traditional support and resistance charts, with quality written analysis. But what the heck, let's give you guys something new to critique!