Having a position in ETH' over the past few months was like watching paint dry as BTC', BCH', Dash', and XMR' along with several others were soaring to new highs. Believe me, the past week it took everything to hold me back from liquidating the ETH' and LTC' positions and going all in on BTC'. I was tempted as I'm sure many of you were. But as a long term investor I have learned from past experiences that the emotion of "impulse" has often led to missing out on gains or actual losses as I buy into a hot stock selling a flat one only to watch the flat one take off and the hot stock pullback.
Well ETH' has finally left the station and appears to be full steam ahead. On Nov 23rd we posted a chart with a target level of $458-$482. It actually hit our target level and consolidated nicely in the channel with a short lived spike that surged past $500 temporarily before pulling back and testing the previous resistance line where it found support. After completing an ABC' correction is it quickly retesting the previous resistance level. In my opinion this is a bullish sign and I will trade a breakout. I have updated the chart from Nov 23rd with revised target levels.
As we enter a "brave new world" of cryptos, Ethereum' has many more applications than just being a peer to peer means of barter/exchange, and much less competition. Bitcoin competes with a number of coins. Contract based payment systems and the applications for them are endless and this is truly and internet of things play moving forward.
Before I get 30 contract based coins that are in development, many I already own, most if not all all speculative at this point and do not have the market penetration ETH' does. ETH' has a working product and market penetration. Many alt coins use the platform as well. First to market advantage!
Very good writing, intelligent message and great chart. Thanks a lot ! :) I also had that emotional "impulse".. but each time you remind the past experiences - you realize that you need to be smart.
gusccbb
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Hi, what is your opinion regarding the impact of futures negotiations on the value of the BTC?. There may be a significant downward correction?Tks
It has market penetration and a working product, it's the "first of it's kind" but... The network is congested and I do not think Ethereum will scale up enough to attend demand next year. IMO demand will grow so much that Ethereum will not find enough developers with Ethereum protocol skills and that will be a huge issue for Ethereum growth. There is where Lisk kicks in with it's JavaScript based protocol... Lets see.
goldbug1
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@BrunoDanteSampaio, There are many competitors and Lisk is one that I own!
raghavgrover013
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What a price action today. Bought this morning at 484 and sold at 518. Then bought again at 505 and SL got hit at 494. Still overall profit but price action was too quick above 500 and looks like people are not ready to main tain that level unless BTC goes above 20k :)
535 got hit and then later panic sells to 450 on Gdax in matter of minutes after people seeing bitcoin selling off. ( first signs of weakness short term in BTC ) . ETH is just way too attached to BTC. If BTC goes up it goes down. BTC consolidates and ETH rises and when BTC goes down ETH goes down at 2x rate.
Any thoughts on how future markets would impact the price action @goldbug1
BrunoDanteSampaio
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@raghavgrover013, nice overview. I'm afraid BTC will sell of a bit on monday. Maybe short term dump, but overall trend is up up up :D