ETH/USD Showing Emotional Selling over the last Two Days
Looks to me like the last couple of days of decline in the ETH/USD chart is charged with some emotional selling. That likely means we are near a short term bottom since it is typically the emotional crowd that buys high and sells low.
The chart still has the large consolidation pattern that we are STILL over. In fact, we could trade down another 8-10% and STILL look OK in the bigger picture. I tend to believe that those who do not panic and either hold or buy around 400, or possible as low as the 360's will be rewarded in the long term.
This chart shows the descending megaphone or broadening pattern that shows more fear as we headed down. It is disconcerting to some degree, but it does NOT change the big picture unless we hit the low 300's. I have turned all of my mining capacity over the Ethereum as of 12/6. Watch the upper line of resistance in the descending broadening pattern. A clean break above this line is needed to indicate that we have made a short term bottom.
Color me... waiting patiently for the reversal back up and an eventual move to 1000 and beyond.
The chart still has the large consolidation pattern that we are STILL over. In fact, we could trade down another 8-10% and STILL look OK in the bigger picture. I tend to believe that those who do not panic and either hold or buy around 400, or possible as low as the 360's will be rewarded in the long term.
This chart shows the descending megaphone or broadening pattern that shows more fear as we headed down. It is disconcerting to some degree, but it does NOT change the big picture unless we hit the low 300's. I have turned all of my mining capacity over the Ethereum as of 12/6. Watch the upper line of resistance in the descending broadening pattern. A clean break above this line is needed to indicate that we have made a short term bottom.
Color me... waiting patiently for the reversal back up and an eventual move to 1000 and beyond.
Comment:
Those that sold in the throes of emotion (as evidenced by the chart) did indeed do the wrong thing while those of us who knew better have already been rewarded.