Ethereum is ON FIRE! Crypto Recap 5/29
With crypto currencies rebounding the past couple of days, one crypto is showing exceptional strength!
Ethereum is currently hitting all time highs against Bitcoin and is showing no signs of slowing (just yet). Let's take a look at how we got here.
Ethereum is looking very strong against Bitcoin. Traders need to keep an eye on the continued strength here. If we continue to rally that will be a great sign. However, if we just kind of hang out here at all time highs, it may show the buyers aren't completely convinced and eventually will be overwhelmed by sellers. The good news for Ethereum and other cryptos is that we are starting to make higher highs and higher lows showing that the selling could be over in the short-term.
Was this a head-fake "bubble pop?" Look at the move down which I have highlighted. Everyone one on message boards all over were calling for the top and how the bubble was finally popping! There was a huge spike in volume and volatility, and just like at tops, you can identify bottoms this way. Weak hands are shaken out as people lock in profits, or those who bought at the top can't handle the pain anymore and look to get out. But who was buying during this sell off? The people who don't pay attention to hype or doomsayers. They see a bargain and they back up the truck to load up more. Which one were you?
Financial markets have a funny way of tricking people into euphoria and desperation. One thing I have learned in trading is if you are thinking like the rest of the market you are probably on the wrong side of the trade. I will dive deeper into this topic for another article.
- Disclaimer: All of the information presented is for educational purposes only. I do not not recommend the buying or selling of any of the mentioned assets. I do not assume any responsibility for your trading results. There is an inherent risk in trading cryptocurrencies due to volatility and liquidity so trade at your own risk!*
Is the disclaimer really necessary? I mean.....is somebody stupid enough to consider that buying and gaining profit is for himself but when loosing it's time to blame what others said? :)))).
You never know, people will always look for a scapegoat!
Interesting post. Interesting to see I'm not the only one that is thinking about this. The biggest group of uneducated investors in mankind get's a shot to determine the price of a crypto. It's an interesting world we live in. An interesting website I found: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market. On: https://www.coincheckup.com/coins/Ethereum#analysis To check Ethereum Investment research report.