Recap here is the same as with BTC: Green Target 1 reached (more solidly than BTC though) followed by a failure that did not muster enough momentum to reach Red 1 in either ETH or BTC. Money Man, at the risk of repeating himself as this is discussed in the BTC analysis as well, drew a box on the chart as to what he sees as space that would allow further pattern formation. This leaves space for some surprising moves. BTC and ETH are both forming a triangle, but ETH is printing a more positive angle. Is this simply as traders see the bigger potential in percentage gain upon a breakout or is the general sentiment recovering and ETH’s price is more revealing?
The whole discussion around the reasons for the correction has died down, but there is a good chance that it would flare up again once we get to the perimeter of the pattern. Money Man, as he is sure you too, has long ago realized that there are only a few ‘fundamentals’ that can be used in arguments pro and anti-crypto: Security, Volatility, Regulation and Sustainability. Without news on this, he believes price would crawl higher. Positive news would make it fly and negative news would cause a correction. The math of this would sum to more positive than negative in the long run.
Conclusion: Does news drive the price or price the news? The answer does not matter. What does matter is that you are prepared. If you are unable to trade on the fly or price sucks too much emotion out of you, plan for that and trade when the chart suggests meaningful space will be covered. Remember that there are no guarantees, only probabilities. Very Important to Me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
The whole discussion around the reasons for the correction has died down, but there is a good chance that it would flare up again once we get to the perimeter of the pattern. Money Man, as he is sure you too, has long ago realized that there are only a few ‘fundamentals’ that can be used in arguments pro and anti-crypto: Security, Volatility, Regulation and Sustainability. Without news on this, he believes price would crawl higher. Positive news would make it fly and negative news would cause a correction. The math of this would sum to more positive than negative in the long run.
Conclusion: Does news drive the price or price the news? The answer does not matter. What does matter is that you are prepared. If you are unable to trade on the fly or price sucks too much emotion out of you, plan for that and trade when the chart suggests meaningful space will be covered. Remember that there are no guarantees, only probabilities. Very Important to Me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
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