As Im part of that generation that didnt find out about Bitcoin soon enough when it was at least $100, IN MY PERSONAL MOST LIKELY WRONG OPINION, Ethereum is the one that we all might be ontime, despite there been other coins going up like crazy on every trade I look for some sort of stability, its true that nothing is gurantee on trading but I really cant put my money on something that has no deep fundamentals or have provent to work that was 2017 when I didnt know much about investing, crypto market or trading when I was mining obscure projects and investing in the first S coin I found on a forum just because to get in early. After making a very good amount of crypto, for my needs and expectatives, on 2017 to then sell it ALL last year due to certain economical circunstances now I value more my crypto investments than before and I find that Ethereum could be one of the coins that can provide the most returns in the short and long run, thats the main reason I buy on spot and dont sell since the June of this year and have been trading on futures like a mad man this past week.
1hr Ethereum chart
For anyone day trading Ethereum here my 1hr chart so far that has been for me very succesful trading mainly support, resistance and the ascending channels it has been forming, I can tell that this is one of the only coins I can leave a trade overnight and not wake up to confront depresion, I still use tight stop looses and recognize when a trade is not going in my favor but this past week has been going ALL LONG, pedal to the metal, until this morning when I basically saw Bitcoin preparing for a small drop and it would carry altcoins with it
After dropping from the channel it was traveling on yesterday I find that ETH might start to take a breath here and retrace a bit, might retest $455 to then keep going a bit down although this is just a theory I wont be putting up any shorts, I dont think this is a market to short unless its very very evident and this means Bitcoin has to show signs of weakness for me to short Ethereum.
Here the 1hr Bitcoin chart
Reasons I took a short:
- Retest of 20EMA
- Possible descending triangle
- MACD bearish cross
- Histogram just starting negative momentum
It did drop for an hour but then got bought back up, this is how risky is to go short on this market, bulls are still strong, I was able to pull this one but not trying to constantly go short.
I base my Ethereum trade on Bitcoin price action, at the same time taking another short on Uniswap Token since its a coin I consider week and has no mind of itself, it just follows Bitcoin price no matter what, this is all on futures market.
Daily Ethereum Chart
Things to take in consideration:
- Lower high, no new higher high or wick
- RSI bit overextended
- Declining volume
- Possible symmetrical triangle on the works, a 50/50 move
I think that soon, most likely before the end of the month we might have Bitcoin over $16,000 and Ethereum over $500, although it wont be easy since Bitcoin is starting to give some signs of weakness, not saying its all doom just that a correction as mention on my previous post @cryptoxicate/bitcoin-price-action-and-possible-reaction-to-legacy-markets might happen soon and we would have the oportunity to buy cheaper Bitcoin and go LONG.
Hope you find this articule usefull and my TA doesnt change that much before it goes public :p
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