1/2/2017 The Market View and Trading Outlook
Go Etherium, GO!!. Unfortunately I was so wrapped up with analyzing BTC and smaller Alts that I did not buy enough ETH, nor did I take enough time on its chart or I would of noticed the nice period of consolidation occurring and the long term hold above the 1 hour trend line. I was lucky in that I bought a fair amount on Bittrex as a store of value against BTC while BTC was getting beaten down by the $14,000 longer term moving averages.
Well on a positive note we are in a 12 hour buying period, but we are still below the longer term moving average around $14,000. We need to break this and stay above it for some recovery and hopefully serious gains. Basically all is as it was yesterday, we are still waiting to see if this 12 hour period has sufficient conviction and buying enthusiasm to turn the 1 day, 3 day etc. In the event that it does we could pull $15,000+ or so. Let us keep our fingers crossed.
Last night I posted an image of the 2 hour with projected moving averages. At current the 1 hour is bouncing consistently above the longer term 77 which will bring the moving averages for the 2 hour up in a commensurate amount of time. The 1 hour 77 stands at $13,200 which is below the 2 hour 77 of $13,700 so it will bring the 2 hour 77 down while bringing the lesser 7/21 from the 2 hour up. I hope that makes sense. Essentially we are hoping to get the 7 and 21 from the 2 hour time frame to cross above the longer term 77. Once it does the 77 will begin to act as upside support for future gains. There will be a few crosses above and below by the 7 but hopefully the 21 will stick once it breaks through. I will post my drawing from last night as well as the updated one from this a.m.
As you can see the 77 is trending down and we have finally at least been able to break price above the 77 if only for a minute. As the longer time frames, 6, 12, or in a buying session I would expect that there will be sufficient momentum for a break through. That said we are not out of the woods as both the 1 and 3 day are decidedly bearish.
BCH, is entering a solid 12 hour buying period after a somewhat brief period of consolidation. In the chart above the 7 on the 2 hour has followed price and broken the longer term 77. This is essentially what we are waiting to see for BTC. Hopefully the 21 will follow and price will stabilize in the mid $3000 or better range during this 12 hour period before entering the next wave. At current I would call this a buy, I expect a pull back to $2500ish again today at some point as it tests moving average support.
Previous Analysis:
https://steemit.com/bitcoin/@pawsdog/1-1-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-31-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-30-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-29-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-28-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-24-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-19-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-17-2017-the-market-view-and-trading-outlook
I was telling people that Ethereum might have a little more potential than BTC because ETH has smart contract capabilities and when you combine that with the ability to issue ERC-20--that turns ETH into a platform to launch other stuff. My only fear is if ETH will be scalable?
It is supposed to be, that aside it has price potential for 1 k easy prob $1500 as I stated a couple weeks ago in a previous analysis
Did you mean ETH in that first paragraph?
I honestly could not believe the ETH price when I woke up this morning... is it just me or does it seem that there is way more price action overnight than during the day?
So glad you had some ETH as a store of value... that's awesome.
I had been using my ETH to buy alts... which have mostly done fairly well... luckily my recent ETH purchase at $707 is still 8 days away so that stopped me from spending it.
Sorry, I typed fast and that whole first paragraph did not make sense. I was not buying BTC lol.. I was watching BTC and other charts. I kinda let ETH fall off my radar as that chart was not an open tab and I was using it as a store of value against BTC so it went on the back burner. I was happy with it at $716-$730 treading along and somewhat forgot about it. I moved 1.5 BTC worth into it around that price on Bittrex so I did not MISS MISS out but I could of done better if I was able to track all charts all the time. Instead I was checking steem, bought some NEO, moved my other positions around, sold some AMP, sold some verge grabbed some LTC at $214 etc. To much to keep track of.. LTC should do good here soon, as should BCH.. and maybe your waiting period is a good thing...:).. I think I may get back to doing the big three, now 4 with BCH, alts take up so much time and somewhat remove me from my zone of trading 90 percent BTC, LTC and ETC. Information overload..
It really must be so hard to keep track of everything. I personally liked the articles with the big 3 (now 4) and would be pretty excited if you kept that formula. Once I get that drivers licence and get onto GDAX I'll be even more keen. Things seem okay now, but there is definitely more positive returns to be made from trading over buying and holding.
Very interested to see how BCH goes from here now that BTC is getting some traction again...
I agree, you have to get into the system and get that I.d. first... :)
#bitcoin
Frankly I will do as you tell me but I see first what I should do