Bitcoin! Bitcoin, wow look how good it's doing let's buy some!! No. If you have been in crypto more than a few months you already know to NEVER BUY INTO A BULL RUN. So while I'm waiting for a good entry for BTC I decided to check on good ol' Ethereum. The chart honestly looks amazing so unless you truly think Ethereum is about to totally die (it's not). I got in at $283 , noticing some serious short term bullish indicators on the RSI. As you see we are being confined to my "red zone" , price staying steady but RSI experiencing some pretty heavy swings. Ethereum is still #2 under Bitcoin for overall market cap and it's oversold with extreme upward potential. So many ways to play this, but I think the best bet is to HODL. I remember Ethereum going from 350 to 700 almost overnight shortly after some negative press, and surely has the power to do this again. This looks like a perfect setup for alt season. ETH/BTC and ETC/USD are both looking very tasty right now. I think BTC needs some sort of correction before heading upward, so maybe the focus will shift to overlooked ETH for a bit. That's what I'm hoping on. Of course I am not a professional financial advisor and this is not financial advice. Trade safe. Please leave a like if you agree and feel free to troll me in the comments below!!
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I just noticed the bullish divergence I saw on the 45 minute chart earlier, is forming a hidden bearish divergence. I closed my position slightly higher than I bought, pretty much broke even but hope to pick up if it dips out of the red zone. Especially, looks like BTC might be headed downward so could lead to more downside in the short term. Still a great time to accumulate and HODL long term.
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Good time to buy back in now ;) ... whoops accidentally posted that in comments instead of Idea update. Right now ETH trading at about 255 USD, if I had more capital would surely buy more lol
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This is just too ugly for my taste guys. I need to admit defeat here. After hitting lows around 170, we are now sitting around $215. I'm going to abandon this trade with this 15% run up and cut my losses. It comes down to the fact this coin essentially represents a company I don't believe in. Chances are a new platform will emerge before they can get the flaws fixed. Don't get me wrong, I still feel there may be more upside for Ether in the short term, but the small chance it could tank to "being a double digit shitcoin" is enough to scare me off. For me it comes down to the fact I feel more comfortable investing in something I believe in. For now I'm shifting my focus to LTC to see where the Litecoin summit takes the price. Also I feel much more confident HODLING LTC, as it could easily be the next to explode. ETH is just not worth the risk / reward in my eyes when I could be holding a much more reliable bag.
@JevonJeweather, I think Bitcoin and Litecoin are stealing some of the thunder. When the cryptos boom, ETH will follow suit. It's still father of all the alts, so it's all tied together. Of course there are faults in the code, blah blah, but for now the erc20 tokens are still the most popular for ICOs. ONE DAY ethereum will either improve or will eat it. So I'm short term bullish on ETH but it's hard to tell what will happen 5-10 years from now...
JevonJeweather
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We need more volume, the price will pump hard, but now, bag holders are being punished hard by vitalik
peakindicator
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Good time to buy back in now ;) ... whoops accidentally posted that in comments instead of Idea update. Right now ETH trading at about 255 USD, if I had more capital would surely buy more lol