ETH/USD OVERBOUGHT ON 4 HR, SMALL SHORT (suggests trend reversal or sell-off) 50-200 - cross a few candles back is bullish (significant). Question is can it sustain this? stoch rsi - nominal other data show fundamental events are not significant enough to justify a bull run.
On the other hand, total crypto market capital has reached a new all time high. I would say ETH will go bullish toward end of August.
Targets for taking profit are $251, $237, $210
I suggest being in and then get out if you are going to short...or plan to buy a bit lower as we are still sitting on overbought levels. Price can potentially swing $50+ downward
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4 hour rsi is at ~72-73 which says trend reversal / sell-off is more likely. 4 hour t-k cross shows bearish, but may very well change soon 4 hour 50-200 EMA shows a bullish TK cross occurred already. Generally speaking this would normally be a signal to go long, but fundamental events and other proprietary data says events are neutral - bearish. Meaning this is not a good time for a pump just yet.
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Eth/btc dropped by over 3.5%, but eth/usd went the other way. Total crypto market cap has hit a new ATH.
-4hr rsi - 82.8437 - overbought -4hr stoch rsi - 83.6612,60.4332 overbought, but could pump more before resetting -50-200 ema cross is bullish -t-k cross is bullish -proprietary technical data says this thing should decline. -Fundamental events analysis - Decentraland, Kuna Exchange, 0x registration does not seem to be significant enough yet. Neutral bearish.
However, total market capital has hit a new all-time high. $122 Billion USD. Before it was ~116 B. This means the total crypto market is growing. If you guys are shorting, put in stops and set your targets.
1h and 4 hour is screaming overbought. Stoch RSI on 1D is screaming overbought. I see absolutely zero events to justify such a pump. Maybe I'm missing something, but I'm checking and don't see anything. Lowstrife's idea also says we are looking at a possible bulltrap. I'd say this is a bulltrap....unless Russia or someone is buying ether. If you guys know something I do not know, please post comment.
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The eth/usd trade went the other way because total market capital for all cryptocurrency has hit an all time high. Currently at 128.556B. Otoh the eth/btc trade did take a dip as btc/usd market cap has increase more versus eth/usd market cap. On the 4 hour for eth/btc I see a 50-200 happening probably within the next 1-5 days. I am closing this idea as a loss, but keeping my eth/btc position open and then going long once significant profit has been hit.
Trade closed: stop reached
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closing this trade idea, this one was a loss. charge it to the game. gonna leave it up here to show my losses and wins.
@GreaterNinja did you catch the zerohedge article on "spoofy"? with arbitrage action I wouldn't be at all surprised if Bitfinex had naked orders pumping the price and profiting on other exchanges following. Bitfinex has been trying to recover from a hack that occurred Aug 2 2016. Still no published audit since the hack, and strong links between Bitfinex and the introduction of USDT.
guppy_
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Technicals seem to be largely out the window the last few days. Everything pointed to Dash headed for the sewers in the immediate future and I awoke today to find it up ~6% and now it's climbing again. The crypto world has gone mad.
GreaterNinja
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@guppy_, well usd values are up because total market cap for crypto has now hit 120.8 billion USD. The high before was ~115-116B. We are pushing new ATH. Ethereum's price will go up as long as btc/usd goes up, but on its own it does not have any significant fundamentals. Technicals say ethereum is significantly overbought with 4 hour rsi. OTOH it does have a 50-200 bullish cross. I"m basically saying we can expect a significant dip of a few percent soon. Get in and get out quick is my strategy. Reduce risk.
NoCode326
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@GreaterNinja, Tough to short during a bullish reversal and breakout.