IvanLabrie
Short

Ethereum: how altcoin bull markets usually die...

KRAKEN:ETHXBT   ETHXBT
Ethereum looks really bad, and without any fundamental catalyst, the best trade here is "no trade".
I think it's due for a long term decline, based on the 3-week timeframe signals, we could see some buying when we hit the 0.0075 mark, give or take.

It appears as if it's simply drifting down, on low activity, due to lack of any developments, and investors giving up, and simply accepting any fill to get out of this market. Fills are rare, as you can see in the volume graph, so, it creates this slow drift to the downside, with smaller and smaller bar ranges.
I hope no one is long this here, and if you do, I'd assume you're insider cause, as of today, there's no reason to buy it.

Good luck,

Ivan Labrie.
Comment: Update: There was a hard fork, deemed succesful, we could see a turn here.
You can buy a small position, risking a new daily low perhaps. But keep risk small.
Comment:
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Comment:
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If price doesn't come and close back above the key level here, the downtrend will resume.
Comment: Looks dangerous for longs, better to stand aside, or short possibly. If we break into new lows, it's probably continuing lower.

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Comment: We hit the bearish target and bottomed here!!!
What in the world is Etherium??!!
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IvanLabrie PRO RJHumphries
@RJHumphries, an alternative coin to Bitcoin :p
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@IvanLabrie, you ever heard of carbon coins? A friend of mine is trying to set it up...
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IvanLabrie PRO RJHumphries
@RJHumphries, no idea, no. Most altcoins are like penny stocks, they go up briefly, then fade into oblivion. Most likely not worth your time.
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