I believe many traders or investors are probably aware about the recent rise in cryptocurrencies. Some of you might have even invested into it. With the recent 'crashes' on Bitcoin and Ethereum, some of my trader friends started talking and asking what my perspective on Bitcoin and Ethereum.
Personally, I do not believe in trading or investing in either of this cryptocurrency. Not that I don't see a future in cryptocurrency, but I simply believe it's not stable yet. It's lacking a lot of fundamental backing for the strong rally in prices. I personally feel that the rally in prices isn't backed by real value, and it's mainly from speculations. This to me, is not sustainable and eventually we will see price correct to it's fair value.
What's the fair value to me - it can go to zero!! (at least from my personal perspective)
Having said that, given there is a chart and traders are trading it, here's a technical perspective putting wave analysis onto it -
I'm still expecting one more move to the downside towards 111.26. Short term wise, we might see price experience a relief rally towards 249.41.
Short term traders can look to buy and short at the respective key areas; while longer term investors can perhaps be a little more patient, and look to accumulate Ethereum around the 111.26 level.
P.S. This is not a trade call or investment idea. Just putting my analysis on a technical chart. Do your own due diligence.
Nice work :> I do trade cryptos but I believe its a bubble.
KarYong
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@btcana, you can still make money even though it's potentially a bubble. Just have to be extra cautious and cash out whenever profit :)
ScottWilhelmsen
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wow, do some research on cryptography first, BTC and ethereum to zero? you are living in 2011. BTC is sound money and ethereum is a decentralized computer with so many applications the two together are the most important world changing technologies since the internet. I would argue that since decentralized networks like bitcoin and ethereum with dissolve away all the centralized power in the world and the meek will inherit and are inheriting that power. IF you don't get it, go back to trading stocks manipulated by the powers that will slowly die off like the dinosaurs as their centralized parasitical institutions will fall to the way side. The market cap of this industry will continue to pour into cryptography until these parasitical and corrupting organizations shrivel up and die. freedom has arrived from debt slavery, tis is the gold rush of the 21st century... get a fuking clue... with that said, be careful of scam coins and tokens, but ethereum, veretesium, siacon bitcoin, cloak, NEO and other prven cins are decentralized unstoppable power houses that will not only set us free from the centralized organization that control your lives and extrt you money and create wars, deth and destruction will be destroyed by these incredible technology to the people that hands the power over from the controllers to the people. freedom if here, learn about it and get in!
navidfathi
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@ScottWilhelmsen, crypro, real currencies, forex assets or centralized companies stocks are not different! charts and TA are the only real things what can help us determine the movement. I am the crypto concept fan but after a long period I got that price movement is not even related to the concepts or the technologies.
KarYong
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@navidfathi, I must say that I am not very keen into cryptocurrencies for now, and thus I must also admit that I'm not very well researched into this at the moment. But from what I'm seeing and hearing in the retail scene, the fluctuations of prices in cryptocurrencies are now are mainly based on speculations. And since the liquidity in this market is still relatively low, it's not the safest market for us to be trading in.
*But again, that doesn't mean traders can't make money. We just need to be extra cautious :)
NoCode326
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With all due respect, I do not believe you understand cryptos, specifically Ethereum. It's not simply a currency, it's a decentralized development platform that is changing the face of business as I type. Have you heard of Brave Browser and Web 3.0? Perhaps the 220 company trillions plus net worth consortium called the Enterprise Ethereum Alliance? Do you value Java, or Windows, or iOS, or Hadoop? Better yet, would you value something that can allow every single application you've ever worked with to seamlessly communicate with one another? I could write a 10000 word white paper on this. Here's a small taste of what Ethereum is about - please read. inc.com/brian-d-evans/heres-why-microsoft-jp-morgan-chase-and-these-entrepreneurs-are-all-in-on-ethere.html