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 .
Trade closed: target reached
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Trading Target 1 Reached
Comment
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Upwards pressure and not much downwards momentum means we wont be going for TP 2
Liking this idea, maybe the arrow needed to be stretched wider. Worried about a breakout for the upside, I have FOMO buy orders for 2,620 which is the top of your drawn resistance range.
Literally on my knees praying to god for a crash.
yamgaexpress
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I believe that ETH could flip BTC by either the end of the year or next bullrun. However, I would consider BTC hegemony if some utility is brought to the protocol via a partnership with FLARE or more solution to bring DeFi to its network.
The only thing that makes ETH the potential best coin in the market, is DeFi and NFT on its blockchain and being the first to offer it. Nothing else ... if gas fees issue isnt resolve, or transactions scalability not enhanced, ETH could be flipped in return as well (SOLANA being a huge competitor)
A nice support would be around 2280-2300 imo.
Nice chart btw, will follow you more closely
Cheers
SXTrading
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@yamgaexpress Thankyou for your answers! Will give you a follow.
Literally on my knees praying to god for a crash.