Ethereum Rebound to 3700 in trend channel - See it!
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Dear traders,
A picture says more than a thousand words. You see here the hourly chart of Ethereum and we have just made a double bottom, reached the bottom of the trend channel and are heavily oversold. It's time for a short recovery in my opinion. Prices never go down in a straight line but they do go down in a saw tooth pattern.
Let me be clear, I am not bullish anymore for this moment on Ethereum but for the short term I see a possible rebound to around 3700 / 3800.
As a trader and investor, I believe more in the value of Bitcoin. Simply because the circulation is limited to maximum 21 million coins while with Etereum it is unlimited. Yes there can be mined coins as much as they want. One can just change the algorithm there. Not with Bitcoin because the maximum is already known. What they do is halving Bitcoin every 4 years. You can read about it on the internet. It means that the degree of difficulty is doubled. This means that mining can continue for a very long time with very powerful and expensive equipment that quickly becomes obsolete... That mining is necessary to validate the payment transactions on the blockchain.
Because it takes more power each time to mine, Bitcoin does need to get more expensive to get out of the cost as a miner. I know this because I was a miner myself but changed because trading is better and less risky.
If Bitcoin starts to rise faster than the ALTS we are also going to see a correction in those ALTS but that all remains to be seen. That is the Bitcoin dominance.
It is important to trade what you see and not what you think! Patterns change all the time and you need to adopt you to the new situation. You need to be able toswitch from long to short and vice versa without hesitation. This market is volatile and goes fast up/ down. Don't run behind prices because often you are too late. Better plan your trades at the lower boundery of trenchannels for longs and simular techniques. Than you can make better profits with less risk. Risk management is everything!
Traders, this is purely my personal idea about Ethereum /ETH and not an investment or trading advice! As a trader you should always do your own research and protect your capital with money management. The famous 1% rule or you risk to get to a zero account. With the 1% max loss per trade rule you can trade for a very long time. Do also not overtrade!
If you guys appreciate my work it will be a motivation for me if julle give a thumbs up and follow me for updates.
Wish you all great and safe trading with lot of profits! Take care!
A picture says more than a thousand words. You see here the hourly chart of Ethereum and we have just made a double bottom, reached the bottom of the trend channel and are heavily oversold. It's time for a short recovery in my opinion. Prices never go down in a straight line but they do go down in a saw tooth pattern.
Let me be clear, I am not bullish anymore for this moment on Ethereum but for the short term I see a possible rebound to around 3700 / 3800.
As a trader and investor, I believe more in the value of Bitcoin. Simply because the circulation is limited to maximum 21 million coins while with Etereum it is unlimited. Yes there can be mined coins as much as they want. One can just change the algorithm there. Not with Bitcoin because the maximum is already known. What they do is halving Bitcoin every 4 years. You can read about it on the internet. It means that the degree of difficulty is doubled. This means that mining can continue for a very long time with very powerful and expensive equipment that quickly becomes obsolete... That mining is necessary to validate the payment transactions on the blockchain.
Because it takes more power each time to mine, Bitcoin does need to get more expensive to get out of the cost as a miner. I know this because I was a miner myself but changed because trading is better and less risky.
If Bitcoin starts to rise faster than the ALTS we are also going to see a correction in those ALTS but that all remains to be seen. That is the Bitcoin dominance.
It is important to trade what you see and not what you think! Patterns change all the time and you need to adopt you to the new situation. You need to be able toswitch from long to short and vice versa without hesitation. This market is volatile and goes fast up/ down. Don't run behind prices because often you are too late. Better plan your trades at the lower boundery of trenchannels for longs and simular techniques. Than you can make better profits with less risk. Risk management is everything!
Traders, this is purely my personal idea about Ethereum /ETH and not an investment or trading advice! As a trader you should always do your own research and protect your capital with money management. The famous 1% rule or you risk to get to a zero account. With the 1% max loss per trade rule you can trade for a very long time. Do also not overtrade!
If you guys appreciate my work it will be a motivation for me if julle give a thumbs up and follow me for updates.
Wish you all great and safe trading with lot of profits! Take care!
Nota
IMPORTANT UPDATEGuys, I have analyzed the market and I come to the following conclusion for now.
I personally close my LONG positions if the price of Bitcoin closes below 40000 with a day candle.
For the ALT coins this is also very important because if Bitcoin starts to dive then the ALTS will go down much faster.
However, I am now expecting a recovery and that is perfect for the ALTS an BTC but it is temporary. The long term picture looks bad for Bitcoin.
I will keep you posted but note that level of 40000! Recovery I expect in Bitcoin to 50 max 52000 USD before we start another ride down!
Disclaimer Traders this is my view no advice to buy or sell. Also, always do your own research!
Nota
IMPORTANT UPDATEGuys, I have analyzed the market and I come to the following conclusion for now.
I personally close my LONG positions if the price of Bitcoin closes below 40000 with a day candle.
For the ALT coins this is also very important because if Bitcoin starts to dive then the ALTS will go down much faster.
However, I am now expecting a recovery and that is perfect for the ALTS an BTC but it is temporary. The long term picture looks bad for Bitcoin.
I will keep you posted but note that level of 40000! Recovery I expect in Bitcoin to 50 max 52000 USD before we start another ride down!
Disclaimer Traders this is my view no advice to buy or sell. Also, always do your own research!
Nota
Oeps a double post. Cannot remove it anymore! Anyway it is very important one to protect your hard earned money from the big boys who are specialised in manipulation. Elo....Nota
Traders here a new ETH chartNota
If price goes below the heavy support we will continue to decline right to the HS target as per my analysis before. It looks like ETH found support in the first red support line.The market is again manipulated to get your stops hit! That is why I wait for a close of a candle.
Nota
Check Bitcoin for the bottom with a possible volume spike, a selling climax Nota
Hello Traders,I think we have seen the lowest point now at 2600 also my head and shoulders target. We see a massive sell and heavy volume.
Be prepared for a strong countermove now!
Wish you good trading guy's
Nota
Intraday we can even see further downward pressure but a close of the day will tell more without the noise from intraday movement!The bottom is very close in my opinion. Please share your thoughts traders!
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