Ethereum's Path to 600With world wide adoption set to occur over the next decade, many have reason to believe that cryptocurrencies are no where near being close to a bubble. Technical Analysis can be very hard to predict. With the speed of recognition and adoption exponentially growing everyday, it is hard to say that Ethereum will ever go back down to test the 200 or 90 dollar levels. I have just drawn these lines in coordination with the fibonacci retracements and key support levels.
Vitalik
XRP Update - Expecting $0.30-$0.32 soonI'm fairly new at technical analysis but I think XRP is on it's way up to at least $0.30 shortly. It has been traveling along nicely like I hoped (besides today's ETH crash over the Vitalik Buterin fake news). It seems to be back on its way up like it's 'supposed' to be. Hoping to see some $0.30's soon. I entered at 0.29 a few days ago and held through the storm down to 0.21 and I bought more at 0.24.
BITCOIN SINCE INCEPTION vs ETHEREUM SINCE INCEPTIONI believe Ethereum can soar a bit more, but it is about to touch the top of the channel, so I believe this bubble will pop soon. Maybe it will reach 0.22 btc, but It is obvious for me that it needs a correction.
Another sign of the "Ethereum bubble" is that every Ethereum Maximalist (I love calling them this) really believe ETH is going to replace BTC, the same way that Bitcoin Evangelists thought that BTC was going to replace Fiat back in 2011 (and again in 2013). This means we're in the "New Paradigm!" phase.
Ask yourself where does the demand of ETH come from, is it because of the state of the art of Ethereum or because of the I.C.O. bubble. IMHO I think what is driving this madness is the demand for I.C.O. tokens. But soon, a whale that has nothing to do with these people will cash out (Just because ETH is overheated), and these people will start panic selling in order to fund their projects. This will be the burst of this ETH bubble (the second one), and will drag Bitcoin price down. If you check the timing, you will see that BTC is about to reach a resistance just in time. The red dashed line is placed when prices will reach their corresponding resistances.
Will this be the end of ETH? Probably not. And I will buy ETH whenever the price drops to the bottom. I don't really know when this event is going to happen but remember... last bubble bursted when a whale named Lord Vitalik sold 25% of his eths . :)
Anyway, here you have my chart of the whole history of both coins and you can Zoom in and take your conclusions.
Happy tradding!!!
DAO and BTC - Hedging positionsBitcoin up 11.15%
$DAO down 5.16%
Indicating strength in $DAO.
This can be used to hedge your
Bitcoin long position.
$DAO has a reverse relation with $BTC.
If Bitcoin goes down a bit, $DAO
will go up more aggressively.
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At this moment $DAO has not been on the market.
But it seems like it does have an inverse relation with $BTC.
$DAO might be usefull as a hedge but I am not sure how
competent the team of $DAO is.
There is an article on coindesk.com with the title
"Will The DAO Become Ethereum's Mt Gox?"
You can look it up. The headline seems very weird to.
Too much speculation. Coindesk.com was hyping $DAO before it got in
the market. Made me think that the coindesk.com team bought $DAO.
If they try to manipulate the market with that headline to buy cheap ?
We migght never find out.
This is just an analysis. Consider the risks on every trade
Second 0.03 attempt incomingAfter yesterday's strong buyer's momentum that broke 0.03 on Kraken but was denied by Polo sellers, we are gonna have another try at 0.03. The reasons are written in chart:
Quick denial of dump, downtrend didn't even form.
Inverse H&S
RSI holding support, quickly rising with higher lows and higher highs