If someone said to me that Ethereum would be at 226.80 in September last year, I likely never would have believed them. But this is what is happening across the CryptoCurrency markets right now. When Bitcoin rallied in December, all the other coins were dragged along with it to the upside, even the most useless altcoins were brang to the upside, creating a swirled market cap. This year, for most traders, has been about excepting the fact that most altcoins don't carry much value and watching them go down and just not trying to pick off the lows and lose more capital.
Although I knew that some altcoins would always tank after the rally, there's some I didn't expect. 2 of those were (Maybe almost obviously) Litecoin, and Ethereum. Ethereum has been the victim of a technical downtrend, and ignorance. When Bitcoin has been going downward, Ethereum has been dragged with it at every turn, and when price rallies, Bitcoin ends up with around 50% domiannce and the other markets tank. Can you see the paradox? Simply put, people simply LIKE Bitcoin, that's why it stays high. It's a belief system created by hype that's always been centralized around Bitcoin so that's how it is now.
Because market makers know this, they can just manipulate it, and take significant positions in altcoins, and drag everything along with it, and just come out of the markets when done with it. This is the consequence of people believing and relying on Bitcoin to be the best.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
Although I knew that some altcoins would always tank after the rally, there's some I didn't expect. 2 of those were (Maybe almost obviously) Litecoin, and Ethereum. Ethereum has been the victim of a technical downtrend, and ignorance. When Bitcoin has been going downward, Ethereum has been dragged with it at every turn, and when price rallies, Bitcoin ends up with around 50% domiannce and the other markets tank. Can you see the paradox? Simply put, people simply LIKE Bitcoin, that's why it stays high. It's a belief system created by hype that's always been centralized around Bitcoin so that's how it is now.
Because market makers know this, they can just manipulate it, and take significant positions in altcoins, and drag everything along with it, and just come out of the markets when done with it. This is the consequence of people believing and relying on Bitcoin to be the best.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
Comment:
Nice bit of recovery today, but means nothing AT ALL. downtrend is still in play and any upside is short profit taking before approaching support or traders making a bad portfolio decision.
Either way, we can wait for it to bottom and monetize from it! :-)
Please leave a LIKE. I'd really appreciate it.
Either way, we can wait for it to bottom and monetize from it! :-)
Please leave a LIKE. I'd really appreciate it.
Before hitting the worst case scenario, there’s a few more obstacles before hitting the low for sure and will update and analysis as it progresses.