I don't usually post /BTC analysis but looked into ETH/BTC because a comment was made as to how fine it looked and nothing seemed bearish. Take a look at the chart. Now, if that isn't the biggest and baddest looking Head and Shoulders Top BEARISH PATTERN, then only denial can keep one from seeing it. The H&S Top pattern leans to the left and has two shoulders on each side: Left Shoulder (LS-1) and LS-2. The Right Shoulder also has a set (RS-1 amd RS-2). The Head (H) is also very prominent. More importantly, the symmetry is just textbook. In other words, you can slice the pattern down the middle of the Head and the simlarity of the halves in their form is uncanny.
What is ominous is that price pierced the Neck Line and remains below it (circle)! That is NOT BULLISH!
So, what event or news could fuse such a masive potential decline? I don't know. I do know that a news or an event shall arrive to justify the forecast. Perhaps EOS will truly be an ETH killer?
Be cautious on ETH/BTC!
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Thx :)
So now that BCH BTC and ETH are all Bearish in a major way. Where in the hell does one pivot to during this possible upcoming madness!!??
Thanks so much for your constant updates. Nothing worst than making massive profits and having to give it all back because you can't see into the future. Your charts are a great help for smart decision making. Thanks!
USD
I use Bitfinex, though they'll soon kick out US accounts. I setup without my SS so no tax event.
Iv'e yet to try Bitfinex. I will research now.
tax event should be on your total profits that you withdraw. not every time you sell.
Not sure if IRS has given that guidance. My understanding is that a sale at profit within 12 months is 30% tax and 15% if held longer.
Are you really promoting death of eth? ETH has much more fundamental basis than any coin. I follow your charts but such claims should be left out, it makes it seem you are promoting eth sell off. Not something I wanna see in a post. What news are you talking about that could possibly kill eth? Metropolis is coming out at the end of month, you possibly cant be serious here!
I see, I wasn't trying to debunk ETH, only conjecturing a possible event or news. I could have said anything like the Russian gov bans it. Was just trying to use an example. I see, though, the examples need to be carefully chosen.
Haejin trades the technical analysis, not fundamentals. As he has said before, if required, an event will happen to justify the technical prediction, not the other way around.
I like Ethereum and am confident about their roadmap, but this market is setting up for a big crash. The chart is looking scary and you can't ignore it!
Why is it scary? Because it didn't crash to 200? No one can guarantee that. It crashed to 270-280 as almost everyone else predicted. Plus I do not like opinions in post such as EOS will be ETH killer? That sounds like a strong opinion to go sell your eth! I understand it may look scary but it could easily break out to the right here and be alright. We will know more tomorrow.
hey @alexandermccoll, it feels like a profound statement you made there so I would like to check if I understand correctly.
Could you please elaborate on 'what is required?' and define 'event'. Greatly appreciated.
Eye opening!
Any tips on coins that would outperform USD in a BTC bear. I don't want to get into USDT. It's not fun. Maybe I shout try a good ICO instead. Chinese coins that took a massive dip may have a chance.
Well, I placed a small bet on BCH for a possible inverse correlation but it's been almost lock in step with BTC!
After looking at fundamentals I realized it would take some time (probably even about 3 months) for BCH to have an inverse correlation. So I was in ADX. I sold it after some profit and after reading your ADX post I bought it back again. Hoping for it to shoot up. I also had about 35% gains from WTC. It's a great undervalued product I think.
At least BCH performed better than BTC. So that's a good plus.
hey @vimukthi, perhaps this is useful to you, I have noticed my Quantum (Qau) went up nicely before BTC bounced. Its definitely outperforming BTC in last week. At moment of writing, according to coinmarketcap.com BTC is down 0,28% last 7 days and QAU is up 17,21%.
Its a small coin though and not traded on many exchanges.
Yeah I noticed that. I was on RISE which also did nicely. But looking at this makes me sad: https://coinmarketcap.com/gainers-losers
I've also noticed that my Monaco holdings were pretty stable during everything. It has great fundamentals and low market cap. That must have helped a lot. I'm watching Bytom,Hcash and WTC. They are Chinese coins which already had great potential before going down practically 75% Now all I care is an uptrend. At current price they are steals.
I'm here wondering the exact same thing. Where has the lowest potential % loss at the moment? I'm ready to short most of my holdings and buy cheap. Steem and RLC are the only two holdings I'm still big in and both performed okay during the last dip. I plan on buying lot's of cheap NEO ETC and OMG.
I don't mean lowest potential % loss. I mean this: https://coinmarketcap.com/gainers-losers/
While the big players were going down and market was crashing, there were triple digit gains to be maid. That's what I'm interested in. Also I believe NEO will recover faster than BTC or even ETH. Try the reddit page for NEO and just go through the fundamentals. I've also taken interest in WTC, Hcash and Bytom. They dipped too much too soon with so much potential left. Check them out.
I know adx in the list. Serious coin with vood people behind. I am not sure how it can perform.
ADX won't be as big as NEO or even Maidsafe IMHO. But I do believe in their product and I'm also a big fan of https://basicattentiontoken.org/ which like even more than ADX. Check it out. Here is another something to enjoy: