Hello traders,
Longtime trader and investor of the stock market recently moved over to cryptocurrencies. Hope to bring some insight and maybe a new perspective.
I believe longterm, Ethereum is bearish with the anticipated emergence of EOS and dark horse Hedera Hashgraph. As always market adoption is the greatest barrier for new ventures so ETH is still king, though the daily chart shows a good shorting opportunity short to medium term.
With the recent run up, Ethereum seems to have broken out of a downtrend channel, but that is open to interpretation. Still, there is a lot of work that needs to be done if ETH is to go on another prolonged run upwards making for a good shorting opportunity short term.
From what I see, the yellow region should serve as strong resistance and a run up into that region would be something I would look to short.
As with any form of trading, do your own research and remember that consistency is the key.
See ya next time
-Dan
Longtime trader and investor of the stock market recently moved over to cryptocurrencies. Hope to bring some insight and maybe a new perspective.
I believe longterm, Ethereum is bearish with the anticipated emergence of EOS and dark horse Hedera Hashgraph. As always market adoption is the greatest barrier for new ventures so ETH is still king, though the daily chart shows a good shorting opportunity short to medium term.
With the recent run up, Ethereum seems to have broken out of a downtrend channel, but that is open to interpretation. Still, there is a lot of work that needs to be done if ETH is to go on another prolonged run upwards making for a good shorting opportunity short term.
From what I see, the yellow region should serve as strong resistance and a run up into that region would be something I would look to short.
As with any form of trading, do your own research and remember that consistency is the key.
See ya next time
-Dan