Do not be fooled -- BEARS ARE IN CHARGE!

It is very clear Bears are charge of price action at this point. Until buyers step up and squeeze ETH, we can look forward to more sideways trading before the next fall south. Bitcoin is the same. I am seeing 6k for Bitcoin as a realistic number in the coming weeks. Do not despair. If you plan to go long take my advice from my previous post and Dollar-Cost Average in small amounts on the way down so you do not miss a short squeeze. Interest in cryptos is fading and the people sitting on ETH holding long at $400+ are capitulating. Fear is running this price action and with Thanksgiving and Xmas coming who has the loose change to risk the crazy volatility we could see in the crypto-market?

The News:

On October 5th, the core developer of Ethereum , Péter Szilágyi announced that the plan to launch the upcoming hard fork, Constantinople on the Ropsten Testnet has been delayed.

Péter Szilágyi explained that the decision comes collectively from the Ethereum community. The core developer stated that the main reason behind the delay was an encountered Ethereum Virtual machine Denial of Service attack vector. Szilágyi stated that the delay will allow clients to implement, test and release an update on the CREATE2 Ethereum Improvement Protocol , to counter the DoS attack vector.

Earlier, on 15th September, another member of the Ethereum community, Eric Conner announced that the Constantinople hard fork will hit the Ropsten Testnet on October 9th . Conner also stated that once the hard fork hits the Testnet, it will be implemented on the main chain soon after the Ethereum Devcon 4 event, held from 30th October to November 2nd.

According to Szilágyi’s recent tweet, the Testnet launch has been pushed by 1 epoch to block #4230000, resulting in a delay of 5 days. The developers, however, have not commented on whether the delay in launching Constantinople on the Ropsten Testnet will push the dates for the main launch of the Ethereum hard fork.

The Constantinople hard fork was first announced in July this year, during a developer and stakeholder meeting that addressed the issues in the blockchain and cryptocurrency space with a focus on further upgrades.

The development team stated that the hard fork was being created to signal a new era of blockchain network usage. The community also claimed that Constantinople will see a cost-effective Mainnet and will be more efficient to use.

Cryptohulk, a Twitterati and cryptocurrency enthusiast said:

“Delay means problems $ETH“

Responding to the Twitterati’s comment, the core developer Szilágyi assured that they were taking time because they did not want to “break the Testnet.”

Afri Schoedon, another Twitterati and blockchain minimalist commented:

“Perfect. 4230000 was my favourite block choice anyways.”

The Constantinople will be the second in the series of upgrades, the first being the Byzantine hard fork that took off in October last year. It went live at block #4,370000 and includes nine Ethereum Improvement Protocols.
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biffbifford sean_holuc
@sean_holuc, I am a professional trader. I use volume profiling as my main TA for nearly all my trades, and I do this from the comfort of my vacation home my friend. I have nearly 30 years of experience trading everything from Forex, Commodities, stocks, bonds, and of course, my main trading method, synthetic option contracts. I appreciate your insights, but I have only been trading cryptos for less than 3 months. The value I bring to the table is my experience which has been of value to many if you have followed more than just this post. Anyone can make money in any market regardless of how rigged, or how sophisticated trading bots are. I run bots on the TOS platform exclusively for scanning trade setups. But I will take your advice and try to better educate myself because there is always something new to learn. Good luck.


poor logic
I disagree and do not think you are reading the charts correctly. ETH shorts are at an all time high, and have spiked the past 18 hours. That said, the price of ETH bounced off $190, and moved to ~$199 while shorts continued to pile on. That means the amount of buying exceeding the short selling and normal selling in the market. Shorts are unable to push down the price. This means the logical shorts will begin to cover, and we will see a very fast exit as more shorts cover.
Also, the news you posted is old. This is from today - ETH upgrade on schedule.
Good luck.
@tcfrank, Thank you for your post...There has been a steady increase in short positions since Sept 22. Alt-coin ICO's have saturated the virtual currency market space. Too many people falsely believe that ETH is worth exponential the amount its current value. I would like someone to explain to me how this is possible, not to mention how anyone can even value a crypto-currency. Yes, the news is old as is the same use of technical analysis used in forecasting. Maybe another hard fork will bring some value to ETH; maybe not, but I remember the DOT COM era, and this feels very much the same way. The prior price action of any coin means nothing but historical data points on a graph and does not portend future value. Data is data whether it is 18 hours old or one 10 years old. Since we are unable to see the future historical information is what we use to forecast. Hopefully, ETH shoots much higher because I am dollar-cost-averaging into it hoping for a short squeeze. I happen to believe that 90+ percent of all cryptocurrencies will not be around in 10 years but the blockchain will revolutionize the way we do banking, conduct business, and ultimately become the internet within the internet. Thanks for the link!


+1 Reply
cocoadreamboy biffbifford
@biffbifford, seeing how you say you can't value a coin how are you able to value it less than it is right now.
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