Is the Correction Over?
So in the past week or so we had a massive correction in the entire cryptocurrency realm. Bitcoin went down from 5000$ to 2980$, Ethereum from 390$ to 233$, and many others got decimated.
I already see shills on the forums saying that everything is over now, the storm is over, it's time to buy, etc... Well I beg to differ, it’s just the eye of the storm for now.
Remember when I did the research between the BTC & Altcoin correlation:
This rule still holds, so it all depends on BTC. While ETH is becoming more and more independent, it is still massively tied to BTC, so do everything else.
Ok so what's up with BTC?
What we see is that it suddenly crashed to that 2980$ zone, people got greedy and they immediately bought it up believing that they will make a lot of money buying in relatively cheap, and then it quickly rebound as people are getting greedy thinking it will immediately rally up back to 5000$ or something.
Well I got bad news for you, this almost never happens. And what is more likely is this:
This is a sucker's rally and I think the price might go as down as 2000$, perhaps not as low, but around 2500$ then would be a better place to buy. The current rally in BTC is really foolish, I don't know who was so dumb to buy BTC at 5000$, the same guys who cried after 2013 at 1000$ that they are in loss, now they will sit 3 years in despair until BTC might break it.
I don't think BTC will break the 5000$ mark anytime soon, if at all, I might also think BCH has a potential chance of replacing BTC, but I'd not buy BCH either, it has shitty software.
But I would buy ETH, and other altcoins, and they pretty much depend on BTC's performance. If BTC goes down 1 more level to 2000$ or 2500$, then ETH will go down too to 200$ or 180-190$, which I have predicted here weeks ago:
- https://steemit.com/money/@profitgenerator/eth-going-down-as-predicted
- https://steemit.com/blog/@profitgenerator/i-predicted-the-eth-crash-and-trolls-are-attacking-me
If you notice ETH is rebounding as well, but this also looks like a suckers rally to me mirroring BTC. So I'd buy ETH below 200$ personally, that would be a good place to buy.
ETH will have some issues as the ICO bubble pretty much popped with this China ban nonsense, but who cares, it's still a viable platform, this is just scaremongering. So I'd buy ETH below 200$.
Steem took some damage too, but nothing bad really, I haven't even moved my Steem, it's undervalued despite the shenanigans in BTC and ETH. Steem and Steemit can easily rise by the end of the year in my opinion.
I wanted to get into Monero too, but it's too undervalued right now, so I'll skip it. I have some other plans right now that I will reveal in the next post after I have executed it, hopefully the price will still be low by then.
Disclaimer: The information provided on this page or blog post might be incorrect, inaccurate or incomplete. I am not responsible if you lose money or other valuables using the information on this page or blog post! This page or blog post is not an investment advice, just my opinion and analysis for educational or entertainment purposes.
Sources:
- Charts via Bitcoinwisdom
- https://pixabay.com
Buen post, a ver si acaba ya todo esto de China
well, turns out that your prediction was not correct. I encourage you to have a look at this:
https://steemit.com/blockchain/@leonid20000/how-well-do-you-know-blockchain
I still think it will go down. It's not over yet.
The downtrend was way to fast (read : steep) , a bounce was very logical. But even the large green daily candle on the long term chart matches perfectly in a downtrend. On short term chart we see a V-recovery which is strong. Long term wins, but because of the V-recovery it won't fall immediatly. Normal patern is a long dump period after the relative short pump period (since march 2016) on the long term chart. imo
I'm still bearish...
Exactly what I'm saying over long term.
Not within days back down.
Markets wants people to be confused about it.
I share your vision.
Yes that is true, in the short term markets are irrational.
But I think the crash will continue pretty soon, perhaps by next week.
09/20 Anything is possible in crypto. :-)
And it's all going very very fast.
I don't know and cannot give a prediction. really it's brrrr... haha
09/22 Your wrong , starting this week.
Kidding , profitgenerator. Great call / vision ! congratz :-)