I believe many traders or investors are probably aware about the recent rise in cryptocurrencies. Some of you might have even invested into it. With the recent 'crashes' on Bitcoin and Ethereum, some of my trader friends started talking and asking what my perspective on Bitcoin and Ethereum.
Personally, I do not believe in trading or investing in either of this cryptocurrency. Not that I don't see a future in cryptocurrency, but I simply believe it's not stable yet. It's lacking a lot of fundamental backing for the strong rally in prices. I personally feel that the rally in prices isn't backed by real value, and it's mainly from speculations. This to me, is not sustainable and eventually we will see price correct to it's fair value.
What's the fair value to me - it can go to zero!! (at least from my personal perspective)
Having said that, given there is a chart and traders are trading it, here's a technical perspective putting wave analysis onto it -
I'm still expecting one more move to the downside towards 111.26. Short term wise, we might see price experience a relief rally towards 249.41.
Short term traders can look to buy and short at the respective key areas; while longer term investors can perhaps be a little more patient, and look to accumulate Ethereum around the 111.26 level.
P.S. This is not a trade call or investment idea. Just putting my analysis on a technical chart. Do your own due diligence.
Personally, I do not believe in trading or investing in either of this cryptocurrency. Not that I don't see a future in cryptocurrency, but I simply believe it's not stable yet. It's lacking a lot of fundamental backing for the strong rally in prices. I personally feel that the rally in prices isn't backed by real value, and it's mainly from speculations. This to me, is not sustainable and eventually we will see price correct to it's fair value.
What's the fair value to me - it can go to zero!! (at least from my personal perspective)
Having said that, given there is a chart and traders are trading it, here's a technical perspective putting wave analysis onto it -
I'm still expecting one more move to the downside towards 111.26. Short term wise, we might see price experience a relief rally towards 249.41.
Short term traders can look to buy and short at the respective key areas; while longer term investors can perhaps be a little more patient, and look to accumulate Ethereum around the 111.26 level.
P.S. This is not a trade call or investment idea. Just putting my analysis on a technical chart. Do your own due diligence.
