Ethereum update for all the traders who sold before or during the initial bear market dump. You are now a no-coiner or a low-coiner and see prices going up again! FOMO?!
I see a lot of people who are inpatient and having FOMO while seeing prices pump over 50% over the last days and want to get back in or are already back in... For the ones who bought the dip and are planning to sell soon; good job! For the ones who sold the top and didn't buy back in (like myself); good job! Our buy opportunities will come in the coming months or weeks depending on how the bear market develops...
So at first; how do we know we are in a bear market? I have three important reasons for that:
- Bitcoin topped out at a key resistance area between 63-67K and dropped below the bull market support band. - Most alts topped out with fast (read; false) moves AFTER Bitcoin topped out exactly like in 2017/2018. - Substantial red volume has come in on all coins after Bitcoin topped out.
Now beyond that, lets look at Ethereum because I have the same struggle not holding any coins at the moment as you guys because we don't like to hold dollars instead of crypto. However sometimes; dollars are the best hold and will give you great buy opportunities in the coming weeks or months.
So, I overlayed previous bear market fractals from 2017/2018 and 2019 and placed them in alignment with the current move down because we currently have more of a blow off top than the previous two. (believe it or not) Now let's look at the all time volume for ETH on Binance; we have two high volume days; 13 March 2020 and 19 May 2021. The 13th of March being a green volume day where we started the bull market coming out of the corona dump and the opposite for the 19th of May 2021 with a high red volume marking the current blow off top. This day also marks the most volume traded for Ethereum on Binance ever; unfortunately the volume is red!
So that leaves me with the following conclusion for the upcoming period; tomorrow, this weekend or next week we will see a continuation to the downside and possibly a big correction. Given that we just entered the bear market I expect substantial corrections along the way in the coming months and weeks; moving in waves down and in smaller waves up. We are currently in one of those "smaller" waves up; yes we saw +50% but we didnt take out any substantial highs and aren't even close to ATH. So in short; I am looking for buy opportunities in the low risk or steal boxes displayed on the chart. Sure, the price could even go lower (never rule out a black swan) however even so; Ethereum will always manage to recover the low risk buy zones within months or less. So that is my current stance on the market and same applies to ALL coins just on different price levels.
Last note; in case of a correction, we will see much lower prices given we are at a far lower price level now than at the time when the previous correction started.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
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MORE INSIGHT: I expect ETH to tap the 3K mark in the coming days and come down from there. Have a look at my previous (bullish) ETH chart, the parabolic structure that acted as support now acts as resistance. You might argue that analysis is wrong but I do believe ETH getting to 10 and even 20K in the long term, hence those green boxes (at the top) are going into 2022. ETH already tapped below the bull market support band which means it will likely revisit that area (around 2K). I see a huge bull trap unfolding in the coming days and Saturday / Sunday or Monday will rekt the market. As of for now; everything lines up in that direction. I am only wrong when we haven't seen a correction before the 4th of June. This is why post my long term charts so I can fact check myself and once models seem to break, we correct our strategy before the dump! Check:
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ETH: you see now why you want to control your FOMO?
sir some events are coming in june for ETH, you stilll think it will go low? just asking because i have fomo, missed the opportunity at 1800 :(
cryptobullethbtcxlm
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@GautamVerma007, Yes I think we will have another drop before any real bullish action... ETH will probably go bullish in summer but its not summer just yet... as long as BTC is bearish, ETH will be bearish...
stevegrnprison
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@GautamVerma007, most reputable traders are saying it will go to sub 1K this cycle. But remember in 2022 you could get it for $700. So if your not a trader but a HODLr (like me) just wait, buy in prebull prices and set calendar reminder to keep an eye on prices starting in Nov 2023
ydhruv078
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What is the bottom for BNB? When will it achieve?
stevegrnprison
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My recommendation is to go ahead and set limit buys all the way down to $500 so that you dollar cost average your ETH purchases. Please note that if you're using binance.US all it takes is someone selling 1 ETH below market price and that will close out all of your limit buys. It's a trick that the whales due to shake out people who use mobile apps to buy crypto
gata9aigata9ai
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Your theory doesn’t really align with Kaleo’s 2019 prophecy which has predicted every Bitcoin move with precision for 2 years straight, including the exact dump from 64K to 30k/25kish in May 2021, followed by a parabolic move to 250kish by 2022. Kaleo is almost never wrong on the Marco level so would be curious to know why you disagree with his prediction.
twitter.com/CryptoKaleo/status/1095831891033448448?s=20