While Bitcoin has been having its bull run, and now at a very chaotic state, I can't help but notice alts are underperforming. This makes me worried that there isn't as much market growth as I would like to see and that most of Bitcoin's growth has been from money shifting around and not new money in the market.
For ETH, I'm seeing that the price adamantly wanted to stay along the green trend line. You can see the price crash when it broke the red trend line. The orange trendline extends all the way to December 2018 that I think will be supported but the line is so gradual that you could enter a short here and have plenty of time to exit before losing much capital. If we wait until the 23rd to see if the price breaks the green trend line you can switch to long.
When the public gets to paying attention to crypto again, likely many people will have maybe have the Coinbase app on their phone and buy $50-$500 in ETH hoping for the chance it will rise in price much greater than the already dominant Bitcoin. It definitely has the opportunity to outpace Bitcoin but Bitcoin's current performance seems to have many people pulling out of alts and switching.
For ETH, I'm seeing that the price adamantly wanted to stay along the green trend line. You can see the price crash when it broke the red trend line. The orange trendline extends all the way to December 2018 that I think will be supported but the line is so gradual that you could enter a short here and have plenty of time to exit before losing much capital. If we wait until the 23rd to see if the price breaks the green trend line you can switch to long.
When the public gets to paying attention to crypto again, likely many people will have maybe have the Coinbase app on their phone and buy $50-$500 in ETH hoping for the chance it will rise in price much greater than the already dominant Bitcoin. It definitely has the opportunity to outpace Bitcoin but Bitcoin's current performance seems to have many people pulling out of alts and switching.
Trade closed manually:
I thought we'd dump after the wedge but we had an upward breakout. I'm in an awkward situation where I'm stuck in an ETH short. I currently rent a bot to handle part of my capital and it did by and catch the pump on multiple currencies, ETH, XRP, and BNB.
I'm gonna take this as a lesson in risk management and so should anyone reading. In the meantime, I'm going to wait to see if I can't close the short at a better price, and hopefully my long on bitcoin will make up the losses soon.
I'm gonna take this as a lesson in risk management and so should anyone reading. In the meantime, I'm going to wait to see if I can't close the short at a better price, and hopefully my long on bitcoin will make up the losses soon.