First of all, I hope you are all doing extremely well! Bearish times mean bullish opportunities to come. Trade on the other end of your emotions, and you will trade well.
I am not going to speak about Ethereum today. Instead, I want your opinion on the following:
(1) Do you think Ethereum is a superior cryptocurrency? Yes/No & Why.
(2) Do you think Ethereum will outperform Bitcoin one day? Yes/No & Why.
(3) What price do you think Ethereum will find as it's new support level?
Here are my short term technicals.
TECHNICALS
Rising Wedge Formation
A rising wedge in such bearish circumstance is a strong bearish continuation pattern. Buying pressure is reducing as selling pressure is maintained constant. Once bullish pressure eases, we will see another rally to the downside with two projected targets. Let's see how far we go.
M Pattern
We see a very strong M pattern form on the 4H. This is a bearish pattern with a W being a bullish pattern . Shoutout to @transparent-fx for teaching me this one. Very repetitive pattern in the crypto market. The baseline was retested followed by a strong move to the downside.
Breakout of Parabolic Trend
We have recently seen a large breakout from our parabolic upwards trend. We are no longer parabolic and unfortunately in a bear cycle. Many believe we may see a continued bull run next year instead of waiting 2 years due to increased interest in the market requiring less consolidation. I personally am not too sure if this is correct, but we should treat it as a bear cycle and not a retracement.
Love, peace, Seb .
I am not going to speak about Ethereum today. Instead, I want your opinion on the following:
(1) Do you think Ethereum is a superior cryptocurrency? Yes/No & Why.
(2) Do you think Ethereum will outperform Bitcoin one day? Yes/No & Why.
(3) What price do you think Ethereum will find as it's new support level?
Here are my short term technicals.
TECHNICALS
Rising Wedge Formation
A rising wedge in such bearish circumstance is a strong bearish continuation pattern. Buying pressure is reducing as selling pressure is maintained constant. Once bullish pressure eases, we will see another rally to the downside with two projected targets. Let's see how far we go.
M Pattern
We see a very strong M pattern form on the 4H. This is a bearish pattern with a W being a bullish pattern . Shoutout to @transparent-fx for teaching me this one. Very repetitive pattern in the crypto market. The baseline was retested followed by a strong move to the downside.
Breakout of Parabolic Trend
We have recently seen a large breakout from our parabolic upwards trend. We are no longer parabolic and unfortunately in a bear cycle. Many believe we may see a continued bull run next year instead of waiting 2 years due to increased interest in the market requiring less consolidation. I personally am not too sure if this is correct, but we should treat it as a bear cycle and not a retracement.
Love, peace, Seb .
Trade closed: target reached:
Trading Target 1 Reached
Comment:
Upwards pressure and not much downwards momentum means we wont be going for TP 2