ETHUSD - capitulation imminent!
Updated
This is my first chart published here. Privately, among a few other traders, I've been maligned for my bearishness since the holidays. I was calling for a healthy bias check of the overwhelming bullishness among small traders and adopters in the market.
As you can see, I've drawn up where there is showing support, but the bears are still very much in control of this market. ETH is still tied to BTCUSD's fate, but I still believe it will remain strong over the longterm, creating a wonderful buy in once our qualifiers are met. Right now, we don't want to catch this knife. I have seen $650 as the threshold to be crossed for capitulation and $500 is our despair floor. We can always go further, but we should see some good back and forth here for a bit.
Charts aren't everything. I look at them this way: Charts are Tarot Cards, in that there's a fair amount of chance/luck involved, but we are all looking at a similar set of cards. Along with news, great projects, sentiment, we can use charts to trade with a bit more confidence.
I'm just putting this out there. I am not a seasoned trader by any means. I traded options in '09 and '10, and am new to crypto, but I love the volatility. Loads of opportunity here once things settle down again.
Good luck out there.
As you can see, I've drawn up where there is showing support, but the bears are still very much in control of this market. ETH is still tied to BTCUSD's fate, but I still believe it will remain strong over the longterm, creating a wonderful buy in once our qualifiers are met. Right now, we don't want to catch this knife. I have seen $650 as the threshold to be crossed for capitulation and $500 is our despair floor. We can always go further, but we should see some good back and forth here for a bit.
Charts aren't everything. I look at them this way: Charts are Tarot Cards, in that there's a fair amount of chance/luck involved, but we are all looking at a similar set of cards. Along with news, great projects, sentiment, we can use charts to trade with a bit more confidence.
I'm just putting this out there. I am not a seasoned trader by any means. I traded options in '09 and '10, and am new to crypto, but I love the volatility. Loads of opportunity here once things settle down again.
Good luck out there.
Note
I don't know why it cropped so far zoomed out. I'll keep that in mind for next time!
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