Hey guys, welcome back to my series commenting on ETH/BTC
First off, today has had great moments and less great moments. The good side of things is that we are well on track, even though we've had some resistance that I thought we would get around the 3000 ETH / 41-42000 BTC mark. This is by no means a reason to panic though, as a slower way up with more points of support forming is healthy and protects us from future sudden drops better.
I do think the Iran ban of crypto coupled with the NY open has led to this correction, but I personally welcome it. I have filled my bags long ago and hopefully so did you. If however you haven't hopped on the train yet, I do advise you to be cautious here, but not a coward. Odds are very much in our favour, but fear is looming and it might resurface again, because as I have said, not everyone pushing this up is fully convinced from a fundamental point of view. There's still a lot of newbies in the market who bought the dip and who are easily scared, which is why I advise you to get a conservative stop loss here. In the big picture, I still think we go up, however if a bigger dip is triggered by bad news/panic, you want to get out early so you can buy more when it ends. My approximate value would be around below 2600 for ETH.
To go onto more positive things, we are forming an organic powerful growth at first glance and I think there will be enough power to break the first resistance level without problems. The second resistance level, should we reach it, might be a little tougher. We might get rejected and dip back down to support though, only to break it the second time up. Ride the waves and don't be afraid to take profits from time to time. All I am urging you to do is keep a clear head and observe the market. I could sit here taking exact predictions out of my magic ball full of fibs and indicators, but as I have said before, I don't believe everything that applies to regular stocks applies to crypto. Don't let permabulls and permabears convince you everything is mooning/crashing. Keep a clear head and go out there and make some money!
First off, today has had great moments and less great moments. The good side of things is that we are well on track, even though we've had some resistance that I thought we would get around the 3000 ETH / 41-42000 BTC mark. This is by no means a reason to panic though, as a slower way up with more points of support forming is healthy and protects us from future sudden drops better.
I do think the Iran ban of crypto coupled with the NY open has led to this correction, but I personally welcome it. I have filled my bags long ago and hopefully so did you. If however you haven't hopped on the train yet, I do advise you to be cautious here, but not a coward. Odds are very much in our favour, but fear is looming and it might resurface again, because as I have said, not everyone pushing this up is fully convinced from a fundamental point of view. There's still a lot of newbies in the market who bought the dip and who are easily scared, which is why I advise you to get a conservative stop loss here. In the big picture, I still think we go up, however if a bigger dip is triggered by bad news/panic, you want to get out early so you can buy more when it ends. My approximate value would be around below 2600 for ETH.
To go onto more positive things, we are forming an organic powerful growth at first glance and I think there will be enough power to break the first resistance level without problems. The second resistance level, should we reach it, might be a little tougher. We might get rejected and dip back down to support though, only to break it the second time up. Ride the waves and don't be afraid to take profits from time to time. All I am urging you to do is keep a clear head and observe the market. I could sit here taking exact predictions out of my magic ball full of fibs and indicators, but as I have said before, I don't believe everything that applies to regular stocks applies to crypto. Don't let permabulls and permabears convince you everything is mooning/crashing. Keep a clear head and go out there and make some money!