Ethereum Breaks Resistance Against Bitcoin 19th July 2017
Ethereum breaks the downtrend resistance line against Bitcoin. Even after some profit taking, the momentum behind Ethereum is now in a bullish trend. This could be short lived as all of a sudden an ICO could dump its Ethereum in the market. Still today, there are more people trading their Bitcoin for Ethereum.
This is after 34 new companies have joined the Ethereum Alliance, including Mastercard, Cisco and one Indian state.
To me, I am getting apprehensive about the price of Bitcoin dropping just before segwit2x gets implemented. I was going to sell Bitcoin for Dollars soon, but Ethereum looks like a more profitable option. I personally think that most investors care more about certainty than a protocol upgrade, despite Bitcoin actually being the more stable technology.
BTC - will trade between 2300-2500 through the end of this week unless more good news about SegWit implementation comes out at which point it could break through 2500 and test 2750 again. The move down could test the 2100-2150 levels but I would see that as a huge opportunity to open up some long positions.
My morning thoughts below.
https://steemit.com/cryptocurrency/@ladimando/overnight-thoughts-and-entry-points-btc-eth-ltc
Thanks. I still think Bitcoin wont go above $2,400.
Ever or this week?
This week.
Thanks for the clarification. That could be very true. Still within my perceived range.
I am happy to be wrong. Technically tomorrows price determines if it broke the line(Bitcoins resistance line).
If it settles under 2400 tomorrow I'd be quite surprised. Based on the volumes and price action.