The most bullish chart out there?
I'm not a long term believer, nor do I have short term trades on - I am zero involved in ETH - but it just might be the healthiest chart out there. It certainly looks like a clear bullish above/bearish below level that price is sitting right on top of.
Great low risk entry for the seasoned trader who wants entries with close stops. For the rest of us, well, ETH might be a bit of a leading indicator, with, ahem, don't look now, STEEM? And BTS consolidating under the belly of the 200 DMA?
Look who's in the top three. Then think about who was at the top first, and who's come up challenging from behind. That's a real good trend for STEEM and BTS: to have become part of a select group standing shoulder-to-shoulder with the best chart out there while gaining ground in absolute terms at the same time. When do we overtake it?
Are we on the backstretch with this?
Three great leading indicators in any event. 😎
@cryptographic,
In the trading space, I do short term trades! I hate to keep or bet on a currency for a long term unless it's STEEM or BTS!
(I prefer STEEM and BTS as a long term trading currencies - Probably 2020 or +)
But what you just highlighted in the today's market space, I see there is a hidden BULL, who is preparing to make atleast 150% ROI for this trade! But I feel we want to hold few days to week to get that BULL in!
If Season trend happens, STEEM, BTS, SBD (I am not a believer of $1 peg) are nice bets! Coz I only feel UP TREND with those currencies!
Cheers~
The trend is your friend, and even more so if you have seasonality on your side too.
It would definately be nice if we get bounce to the upside with high volume. You are right, ETH might be the leading indicator. I tend to be diversified, that’s why I don’t hold only BTS, SYS, LTC or EOS. ETH was actualy one of my best buy dip coins. It’s recent pullback to $380.00 was my exact price where I bought it. It was actually at $377.00. I remember it dropped all the way from $1,400.00. Down to about $350.00. That was surprisingly a huge drop. I remember that time when ETH was rising every single coin went down. Of course, ETH fallowed eventually. Let’s hope we hold this 200DMA and sooner than later make higher highs and higher lows. There is a significant support at around $690.00 and volume is decreasing. Most people are waiting for the next move, that’s why volume is that low. If you look closer, it might be forming small H&S which could potentially take us a bit lower. Let’s hope this won’t happen, but at the same time I’m prepared for this worst case scenario. If that happens, it will be very quick once it breaks, but than we should expect nice run to the upside before getting rid of weak hands. I’ve seen it so many times especially with H&S. Still patience, patience, patience!
It’s currently breaking below the 200 and volume is increasing slightly. The question is whether it is a definitive break lower or a trap.
Very nice entry BTW!
Look who's in the top three. Then think about who was at the top first, and who's come up challenging from behind.This is a very nice way of analysis.I never thought like this way.I completely agree with you about ETH.Even in this market trend ETH is going good.It is still holding 700usd+ i think that's a good sign.I am confused about steem and bts.I think both of this two coin has got great potential,but for this unstable market it has become tough to decide what is going to happen.Every time when steem price goes up sbd price also goes up,but this time sbd price is holding it's position.As a steemian i am concern about sbd price also.Let's hope for the best.
Bargain Basement prices for SBD!
Thank's for your reply.
I just bought a little more than a half of Ether now, after long time, and seeing your post about ETH in this evening makes me feel like an investor (even though at the sums that I am playing with, I know it is nothing) but still, I feel like making the right choice. Especially when ETH will start to move on PoS (after long time, I know, Steem has DPoS for years already) but the popularity and hype that Ether will generate then will make it a good moment to sell.
Maybe the Sun will start to shine again on the crypto street, after all this time when we had such a bearish market, but who knows? I can just hope, even though I am more than sure that things will move up on the long run :D
The planned move to PoS is probably one of the main reasons why ETH is relatively stronger than the rest of the “Blue Chips”.
Indeed, this is what attracts a lot of people, besides the fact that ETH is easy to spot because it is right there in the top. Plus, it seems to have a pretty good development team and a big use case with the ERC20 tokens, like Steem will have with SMTs
I am a long term believer in the technology (well until we have widespread quantum computing capable of breaking the encryptions) but I am not a long term believer of these high prices.
I think we will see a few more new ATHs and massive “Bitcoin frenzy” periods before we really see prices decreasing long term. Hence still bullish in short to medium time.
It still goes without saying that most crypto projects will go to zero, just like the dot com bubble. Question is, which is the next amazon?
The best chance we have of catching the next Amazon is by having a diversified portfolio.
As always thanks for the analysis.
I hold a bit of ETH just to have some in my portfolio. I am not a big believer in it although I do believe it can go much higher (simply because I believe most cryptocurrencies will end up going higher).
As you know, STEEM and BTS favorites of mine. We are closing in on some things which should make those tokens bounce. Will it happen in another month or another few months, I dont know.
@stan has a team working of the Bench project which, he feels, will change the entire crypto world in 5-11 months.
I believe we are closing in on a tipping point with blockchain, time to put up or shut up. Those with development are going to jump to the front of the class.
Change the entire crypto world in 5-11 months?
I’m going to have to look into the Bench project. 😌
Despite all the FUD related to potential regulatory oversight in the US and other developed markets, Ethereum continues to be the go-to platform for ICOs so demand is someone a given for a good period of time. This should provide good price support and potentially a breakout if a catalyst occurs. As other platforms gain steem (pun intended), the demand can overwhelm the supply as markets are traded thinly with low volume as participants wait on the sidelines for prices to decide their direction.
ETH certainly has the first-move advantage, no doubt about it. Now, as you say, if the upstarts can just establish themselves as legitimate contenders and start eating into its market share.
Great catch in ETH. Right now, it’s a wait and patience time. We will probably keep bouncing around 200 day moving average for a while with some dips and buyings as well. If too many people expect one thing usualy the other happens. That’s how it works. That’s why everyone won’t become rich. That’s when people get scared and with blink of an eye it will all turn back up. For most people it will be too late if they are not in already. The best strategy is to expect unexpected. Think outside the box. If most of us expect sideways for the time being we may see bigger move soon. Anything could happen, even BTS and Steem taking off and not looking back while ETH still bouncing around 200 day moving average. At some point it’s frustrating this mouse catching game, but at the same time it’s exciting. Even mouse could be caught with patience or couldn’t be caught without patience? You got the point.
Not a bad idea at all. 😃
Hi there @cryptographic.
One more fine analysis. I have to admit also that I don't possess ETH at all.
And the main reason is because in my humble opinion it showed massive profits over the last 12-13 months. I believe that we see its "ceiling"
By now you must know my favorites are Steem BTS and ZIL as I mentioned in a previous post of yours.
Also since you mentioned SYS which I was unaware of I am constantly reading and searching for info.
I agree that ETH is a little frothy.
Yeah I agree with you that ETH might be a bit of a leading indicator but I think Steem and Bitshares are quite better performers than Eth. As we know eth rose higher in the end of 2017 then 2018 it it's rising slowly but Steem and Bitshares rising higher than eth and have a standard position. So I think Steem and Bitshares will be the leading cryptos as still have a good position. It's right that Eth is also the number two coins in crypto market. But I think very soon steem will be the top 10 coins as Bitshares also improve it's position. As you have described about their ability in your previous post. Thank you for always sharing crypto analytic content.
ETH is the aging leader. STEEM and BitShares the new leaders? That's very possible.