Ethereum will be the money maker during Alt Season!
Hello,
Happy Sunday! Quick post for today. I believe Ethereum will be the money maker in this alt season. Ethereum has not had a big run up like some of these other alt coins. The chart on the right side is showing a really nice breakout on the ETH/BTC weekly timeframe . I think Ethereum is really going to rip this coming alt season. I also believe bitcoin has either bottomed or is very close to its bottom of the previous correction. Why do I think this? Well, alt coins are popping off.
Here are some technicals:
1. There is a double bottom on Ethereum's hourly charts. It was confirmed as we closed above the "middle point" of the W as well as the breakout of the symmetrical triangle.
2. Price action is validating this move. It looks like volume is coming in and we are seeing higher prices, this is bullish price action.
3. The ETH to BTC chart is extremely bullish for Ethereum . There was a breakout on the weekly timeframe and it looks like we are going to close over the previous resistance.
4. Considering that the ETH to BTC chart is breaking out, I think Ethereum will be a market leader for the future. If Ethereum goes up, so does everything else.
A few things we need for this to happen:
1. Bitcoin needs to bottom. If bitcoin continues to see more pain alts will feel even more pain.
2. Bitcoin needs to consolidate or slowly rise in price. This will help exponentially increase Ethereum's value and allow it the time it needs to grow in price.
My price targets for the end of this bull run are $10,000 - $20,000 per ETH. This may seem a little outrageous but in 2017 we saw a $76 ethereum go to $1000 in 6 months.
As always, use risk management, be patient, and good luck trading!
Happy Sunday! Quick post for today. I believe Ethereum will be the money maker in this alt season. Ethereum has not had a big run up like some of these other alt coins. The chart on the right side is showing a really nice breakout on the ETH/BTC weekly timeframe . I think Ethereum is really going to rip this coming alt season. I also believe bitcoin has either bottomed or is very close to its bottom of the previous correction. Why do I think this? Well, alt coins are popping off.
Here are some technicals:
1. There is a double bottom on Ethereum's hourly charts. It was confirmed as we closed above the "middle point" of the W as well as the breakout of the symmetrical triangle.
2. Price action is validating this move. It looks like volume is coming in and we are seeing higher prices, this is bullish price action.
3. The ETH to BTC chart is extremely bullish for Ethereum . There was a breakout on the weekly timeframe and it looks like we are going to close over the previous resistance.
4. Considering that the ETH to BTC chart is breaking out, I think Ethereum will be a market leader for the future. If Ethereum goes up, so does everything else.
A few things we need for this to happen:
1. Bitcoin needs to bottom. If bitcoin continues to see more pain alts will feel even more pain.
2. Bitcoin needs to consolidate or slowly rise in price. This will help exponentially increase Ethereum's value and allow it the time it needs to grow in price.
My price targets for the end of this bull run are $10,000 - $20,000 per ETH. This may seem a little outrageous but in 2017 we saw a $76 ethereum go to $1000 in 6 months.
As always, use risk management, be patient, and good luck trading!
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