Traders!
It has been quite some time since I posted a public analysis, but that does not mean that we've stopped looking at the Crypto Markets!
Given the start of a new month, I thought this would be a good time to provide a brief update on what I am anticipating in Ethereum world!
When we take our Fibonacci and draw it from the low consolidation zone (sub $10/ETH) and bring it up to the All Time High, clearly the primary Fibonacci levels that most traders use are no longer any help. There are hidden "shadow" levels that could be considered but we are not going to go into that in this particular analysis because it's all purely speculative anyways.
The red rectangles are the expected range of trading that we could see ETH pull into considering that Afri Schoedon, a developer working on the Parity client for Ethereum, recently asked users to “stop deploying dApps to Ethereum”, as it was running at full capacity. There is some controversy around this topic in particular but it does not change the facts, Ethereum is still going through growing pains and investors may continue to lose confidence.
Look at how quickly price action moved away from the yellow rectangle where there was an extended period of consolidation back in Sept/Oct of 2017, and then again at the beginning of Sept this year... this is highlighted where the arrows are pointing.
Price is not giving us any clear indication of a bullish market as of this moment.
We are still in a downtrend with the clear signs of lower highs, and lower lows.
We are not financial advisors. We do not know how high (or low) any Crypto could truly go... but right now remember this:
Fundamentals triumph over technicals in this industry!
All it takes is one story that is mass promoted through the media to cause mass panic regarding Cryptocurrency, or fear of missing out like we've seen already near the end of 2017.
The future of the industry is bright but in the short term this particular cryptocurrency more than likely will see more bearish activity.
It has been quite some time since I posted a public analysis, but that does not mean that we've stopped looking at the Crypto Markets!
Given the start of a new month, I thought this would be a good time to provide a brief update on what I am anticipating in Ethereum world!
When we take our Fibonacci and draw it from the low consolidation zone (sub $10/ETH) and bring it up to the All Time High, clearly the primary Fibonacci levels that most traders use are no longer any help. There are hidden "shadow" levels that could be considered but we are not going to go into that in this particular analysis because it's all purely speculative anyways.
The red rectangles are the expected range of trading that we could see ETH pull into considering that Afri Schoedon, a developer working on the Parity client for Ethereum, recently asked users to “stop deploying dApps to Ethereum”, as it was running at full capacity. There is some controversy around this topic in particular but it does not change the facts, Ethereum is still going through growing pains and investors may continue to lose confidence.
Look at how quickly price action moved away from the yellow rectangle where there was an extended period of consolidation back in Sept/Oct of 2017, and then again at the beginning of Sept this year... this is highlighted where the arrows are pointing.
Price is not giving us any clear indication of a bullish market as of this moment.
We are still in a downtrend with the clear signs of lower highs, and lower lows.
We are not financial advisors. We do not know how high (or low) any Crypto could truly go... but right now remember this:
Fundamentals triumph over technicals in this industry!
All it takes is one story that is mass promoted through the media to cause mass panic regarding Cryptocurrency, or fear of missing out like we've seen already near the end of 2017.
The future of the industry is bright but in the short term this particular cryptocurrency more than likely will see more bearish activity.