ETH MAY have formed the low!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello everyone,

If you are an ETH fan, you should be excited about the recent move up because that is really well and truly what ETH NEEDED. There is no more real support guys, if we go much further down, $70 is on the cards. There is just nothing holding it up.

I am still recommending that you hold off buying until the weekly ashi closes green. Overall, I think crypto in general is beginning to become bullish again. Why? Simply because I think the selling has been dropping off a ton.

We as good traders MUST remember that price is determined by some economic activity. The reason ETH has crashed so hard is because so many ICOs have been forced to sell to maintain some money. Read Ran Neuner's (spelling error maybe) twitter - he has been talking to people who have been forced to dump for a while. That's the beauty of crashes. Even whales - despite how smart they are - sometimes need to sell at the lows for security reasons. They probably don't sell a large portion of their wealth, but they NEED to secure their futures and at least sell a little. This is why the distribution of bitcoin has been becoming more and more spread out - everyone has a price at which they sell some.

Looks promising people!

Comment: I just want to remind everyone that if this is the start of a bull market, you still need to remember not to bet more than you can afford to lose. Also, I do not know if the bottom is in, shit could get worse, it's just that I can potentially see it ending about now with the smoothing bottom going on in bitcoin.
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Hi, thanks for your analysis. I shorted a bit at 200 and didn't close the short when we dipped to 18x.. go long again at a loss or wait it out?
YoungShkreli sebastiankovacssk
@sebastiankovacssk, I would wait for the weekly. I'm just going to make a quick update right now, you can see why you should wait.
any update on this?
has it found the bottom? is it a good time to buy?
NinJa9000 last.samurai
@last.samurai, You have to wait months to get that answer.. but if you look at the chart. In April there was something wich looked like a buttom. It was red, red, red, red, green, green, red, red and then super green. I expect somethinge like this to happen here if it is a (or the) buttom. (aka dubble buttom)
YoungShkreli last.samurai
@last.samurai, Wait for now. Look at the eth weekly chart with ashi candles. You will then understand why you'll want to wait.
Salsy YoungShkreli
@YoungShkreli, I like this analysis a lot. How can you tell on the chart how long the candle has before closing?
@Salsy, I'm not sure on this chart, but I know on bitfinex if you right click a candle, it will give you options and one of them is the time left. Of course, you can always look at the dates at the bottom to determine that as well.
Great work as always, will never understand why the likes are not coming in thick and fast
+1 Reply
YoungShkreli BCryptological
@BCryptological, Appreciate it, man.
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