Ethereum Rises from Dollar's Downfall 7/27/2020
This is Ethereum at the weekly view.
The DXY or dollar strength has been tanking harder than my faith in humanity. As a result of the dollar being shorted and inflated, both Bitcoin and Ethereum have benefited from this event.
How much will it rise? There is definitely more room to the upside. That said, the dollar needs to bounce and Ethereum will require a pullback. You don't want any asset to go purely a parabolic rise. That's usually a sign of a bubble or a blowoff top forming.
The train left for Ethereum for now. If it does pullback, then this may provide a pretty good opportunity for those who missed the first ride. I don't want to chase. It usually blasts back at me by the time I enter.
This does bring the question if cryptocurrency would be a legitimate currency. Banks were recently allowed to hold more Bitcoin which was unheard of back in 2013. Cryptocurrency may be like the internet back in 1998. It may seem ridiculous now, but their status will become normalized in the next few years.
I also view cryptocurrency to be one of the last investments for Gen Y and Gen Z. Real estate is bloated in price. The stock market may ultimately go sideways for the next decades. Most of the companies' growth in shares was primarily due to taking on more debt. Savings accounts used to have a 15% return back 50 years ago, but now offer virtually nothing. That's why I think cryptocurrency may be the next frontier for young people.
My hesitation is that I cannot track or figure out the internal data of ETH and BTC. I can figure it out in commodities and equity. They provide internal data.
The DXY or dollar strength has been tanking harder than my faith in humanity. As a result of the dollar being shorted and inflated, both Bitcoin and Ethereum have benefited from this event.
How much will it rise? There is definitely more room to the upside. That said, the dollar needs to bounce and Ethereum will require a pullback. You don't want any asset to go purely a parabolic rise. That's usually a sign of a bubble or a blowoff top forming.
The train left for Ethereum for now. If it does pullback, then this may provide a pretty good opportunity for those who missed the first ride. I don't want to chase. It usually blasts back at me by the time I enter.
This does bring the question if cryptocurrency would be a legitimate currency. Banks were recently allowed to hold more Bitcoin which was unheard of back in 2013. Cryptocurrency may be like the internet back in 1998. It may seem ridiculous now, but their status will become normalized in the next few years.
I also view cryptocurrency to be one of the last investments for Gen Y and Gen Z. Real estate is bloated in price. The stock market may ultimately go sideways for the next decades. Most of the companies' growth in shares was primarily due to taking on more debt. Savings accounts used to have a 15% return back 50 years ago, but now offer virtually nothing. That's why I think cryptocurrency may be the next frontier for young people.
My hesitation is that I cannot track or figure out the internal data of ETH and BTC. I can figure it out in commodities and equity. They provide internal data.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.