Lanmar

ETHUSD - where is the bottom?

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Before you read, this is not a prediction - just a possibility.

The "never gonna happen" people probably haven't traded markets long enough to know there's no such thing as never gonna happen in the market, let alone in crypto.

So this is a look at the quarterly chart and what I'd view as the "Armageddon scenario" where BTC retests 15-12k (yes it can...) Just take a look at the weekly with a 200 week moving average applied. That zone would be a major buy if it gets there.

It ain't that crazy to retest that zone, is it? But again, not saying it will. Just pointing out that it can and still be in a healthy uptrend.

I am a long term super bull in crypto and have been since 2015. Nothing's changed, and if price breaks down another 50% from here that still won't change. Because I am bullish over the next 10 years +, it's important to have the birds eye view and see what the possible crash prices could be to prepare new buys.

Zooming into ETH on the weekly chart, we can see *how* this could look if the next major support doesn't hold (which looks like anywhere between $1400 - $1500).

This is all pretty deja vu... In 2018 I posted "where to find the bottom in Bitcoin". You could read what my thought process was in the post below:

Sentiment was the same - lots of denial and disbelief on the way down. When the train finally goes, it'll leave as many as it can behind. Welcome to markets. You learn that the hard way.

Third reminder. I don't have a clue where it bottoms just like anyone else. But it's a good time to create a shopping list of your favorite projects and find where the most volume traded in the last year and a half. Set buy limits at zones you wouldn't believe could hit, and maybe they do.

GL


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Comments

Technically possible, People deny the bear run only to end up selling at loss in bottom.
100 coins
+6 Reply
This was selected for Editors' Picks! Please keep sharing your work.
100 coins
+5 Reply
Another one with no clue of trading. Starting 2021 is a new era of crypto currency and there’s no way that we will have 650$ on ETH. Even less for BTC 12-15K. ETH could drop the lowest 1500$ and than the only way is up. You should do a lot of research of how many ETH are locked in contracts now and forward and how many ETH were in 2018. Good luck on your shopping list but be careful not to loose your bags!
+9 Reply
Lanmar LaSombra1978
+9 Reply
GregoryAF79 LaSombra1978
@LaSombra1978, you're trolling?
+2 Reply
apsnt LaSombra1978
@LaSombra1978, I remember the Winnie the Poo Comics...

Sweet Jesus, Pooh! That's Not Honey! You're eating crypto propaganda!
+2 Reply
CromCCCXVI LaSombra1978
@LaSombra1978, Are you aware that 65% of all crypto trades involve Tether? Are you aware that Tether was initially marketed as a 1 to 1 backing by the US Dollar? Are you aware Tether in 2019 began using things like unsecured corporate debt and junk bonds to replace their actual capital to the point where now they have less than 10% in actual cash? Are you aware 90% of Tether is owned by 10 people, like 6 of them in China? Are you aware most exchanges don't actually have most of the Bitcoin their clients hold, instead they hold and equivalent amount of Tether, some are even levereged with Tether? Are you aware the founder of Tether was arrested for running a Ponzi scheme?----- and you think that guy has no Clue? ... Crypto is in an extremely dangerous position right now, Tether is a ticking time bomb- Chase and Goldman Sachs are moving to increase the usage of USDT in place of Tether to avoid an absolute catastrophe, maybe they will make it... maybe they won't. Good luck on your shopping, hope you don't keep all your Crypto on some exchange and lose, not "loose" your bags
+1 Reply
CommandoKal CromCCCXVI
@CromCCCXVI, He was being sarcastic... Learn to take a joke
Reply
Raf1981 CromCCCXVI
@CromCCCXVI, Great point about Tether, and in my opinion Tether is a Weapon of Mass Destruction. if it turns out that they don't have the $66b in cash to match the $66b they have minted in USDT it would devastate the crypto market and set it back years!
+1 Reply
watchtrend LaSombra1978
@LaSombra1978, Since BTC did confirm the 30800, its possible we can see new uptrend. waiting for confirmation 32370, trend looks good
Reply