Follow Up: Short-- Crypto Market China's Grip
Updated
I know everyone is screaming "TO THE MOON" but seriously, we haven't even broken the resistance line. Not saying we won't but it sure feels like this run is forced. My guess, whales taking dumb money for a fomo run so they can either 1. get out at a nice comfortably high price or 2. Short the hell out of everything.
Could go either way, the moon kid fomo is real. Be careful out there.
Could go either way, the moon kid fomo is real. Be careful out there.
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As I suspected the wedge broke, first target for me is 250 then 205. However, seeing that Korea and Russia just banned ICOs and bitcoin payments respectively...I see us heading to break 135 in the coming week or two.This would confirm my original prediction of the M shaped double top and the crash of the bubble from ethereum's meteoric rise to 420. If we reach capitulation I can see double digits as a real possibility. I see the US possibly passing regulation and reform for ICOs in the near future as the head of the SEC is now publicly criticizing ICOs.
I think the eth/btc ratio will tank, eth is in the center of all this ICO fraud and is likely to crash harder than BTC itself.
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Bottom support line has now turned into resistance. Overly exuberant permabulls being trapped by larger investors offloading all of their bitcoins and ether. Should resume dumping soon.Trade active
It seems that we have reach the typical tail end of these runs where we have a last FOMO induced run before the crash. Right now the market is irrational so trade carefully everyone! Lots of sidelined money and amateur investors so set your stops tight.
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