I would not advise shorting the rocket. But I would be patient and keep your antennas up for the peak euphoria/hype. I know I know, I am an ETH hater, okay, but to be fair, everything in crypto has bull markets and bear markets. ETH absolutely will not replace bitcoin, its not even worth comparing, two different animals, and when bitcoin gets going and the reasons are related to geopolitical events, there will be no reason for ETH to continue its epic rise. Food for thought. Just a chart.
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Just providing a bigger picture which shows more of the preceding price action before the blue box:
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The less umph version:
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*The less umph version:
Trade active
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Looks like the less Umph version?
Honey Badger is about to go wild, people are quitting their jobs to trade alts, noobs running wild. Short, will probably add more if we happen to go higher.
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Which will break first...the neckline or the wave 5 high?
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Added a bit more here. Let's see if ETH/USD can break/maintain triple digits, if that happens, even I will be impressed and probably close the trade.
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M for murder? Looking good.
If and when we break .0057 the doom should kick in, well see:
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wow such rektage fell out of the 1d rsi channel/support: took some profits at the neckline as per the fractal, but will prob sell them on the bounce to better my cost basis, this is just getting started IMO
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Improved cost basis here: Now i will just be patient and wait for the big drop as shown in the fracal. It may not go exactly the same but I do think there will likely be a big drop eventually when that black trenline breaks...and then a good amount of time of consolidating/drifting up after that to keep hope alive.
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Just providing a better view of the fractal as it got cut off on that snapshot...here it is:
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Increased short position a bit more here, bitcoin going wild for geopolitical/economic reasons as anticipated, there is zero reason that ETH should do well in such an atmosphere. ETH has a nice pump there from the conference yesterday, but the hype should die down. If we make new highs here than trade will be closed, as stupidity will have taken over and I simply wont fight the market. Gluck.
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While the price did make new highs, it slowed down at a level fairly similar to the fractal initially shown in this chart. So I haven't panicked and decided to stick with it for now. IMO ETH is wildly overvalued relative to bitcoin, but of course that does not mean it can't go higher. We shall see, glad to take a loss if I am wrong.
Anyway, here is the updated chart:
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Still sticking with this, small position can have a very wide stop. ETH is now worth half of bitcoin which is literally insane. This is very likely the top or close to it:
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captainbluff
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So you are a BTC maximalist :)
TheManInBlack
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I agree that every crypto has bull markets and markets - often in the same day!
TheManInBlack
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@TheManInBlack, meant to say bull markets and bear markets
TheCryptoKing
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Please, explain what is there in the chart? Difficult to understand. I am sorry, I apologize, I am not here for a BTC/ETH Debate! :)
ltc-joe
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@TheCryptoKing, personally, I see similar price action to what preceded the price action in the blue box, do you?
TheCryptoKing
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@btc_joe, I dont think the same history will repeat! Although I think ETH will come down! but not as in this pic! :) Lets see! :)
I mean, if raiden gets put in place, etherprice will be the fastest and cheapest wealth transfer network in the modern world, which would put it in direct competition with bitcoin.
ltc-joe
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@mpharr, actually no, that is not the point of bitcoin and what attracts its value.
mpharr
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@btc_joe, I disagree. Bitcoin is a private, decentralized, Blockchain-based payment and value holding network. Allowing for these speedy Ethereum transactions would allow it to be viewed more comparatively with bitcoin than it is today. BTC dominance is falling progressively and inevitably, and I personally believe ETH has a bright future and will take over a majority of what bitcoin loses.