Fellow Steemit Users, it’s always a good day in the crypto-space. Whether markets are up or down, a wise trader can always find a way to turn a profit! Sometimes it is all about finding arbitrage opportunities between various trading platforms, sometimes it is about anticipating a rise after a coin experiences a slump, and sometimes it is just about holding your coins and watching those values tick higher. Whatever your preferred method of trading, we here at Cryptonews 24/7 will strive to provide you with daily analysis of various markets to help you in your quest to acquire more wealth, no matter how much or how little capital you are starting with.
When analyzing cryptocurrencies, it is important to look at historical trends in addition to the current market trends. This expansive analysis can provide you with a better picture of where the market has been, and thus, where it might be trending towards next.
Here is what the 1-Month Chart is looking like:
Here is what the 5-Day Chart is looking like:
Here is what the 1-Day Chart is looking like:
As you can see when comparing these three charts, Ethereum values took a dive at the end of May and had been steadily consolidating to the $600 level throughout the month of June. Unfortunately, Ethereum has lost approximately $100 in value over the past 48 hours, but that could provide some opportunities if the market behaves in a similar manner to how it handled the last precipitous drop. As you can see from the 1-month chart, Ethereum experienced a similar drop at the end of May, before steadily climbing back up and stabilizing at the $600 level. As a result of this historical trend, markets will likely see an influx of traders seeking to exploit a “buy low, sell high” opportunity here before the markets recover to somewhere between $550 and $600. Prior investors who believe that the value will continue to drop, possibly down to closer to $400-$450, might also attempt to flood the market with sales hoping to bait new traders into buying at current prices and then buy back all of their Ethereum (and then some) when the value continues to drop and the new investors panic-sell for a depressed value.
We hope that you have found the above information useful, and we wish you the best in all of your endeavors.
Sincerely,
CryptoNews 24/7
Disclaimer: As with all investments, only invest in cryptocurrencies up to an amount of money that you are willing to lose. All information contained in this post is designed to reflect the personal musings of CryptoNews 24/7 and should not be construed to constitute financial or investment advice. We here at CryptoNews 24/7 seek to provide information about the cryptocurrency economy and not to offer investment advice or suggest any course of action. Nothing contained within this post should be construed to be an endorsement of any cryptocurrency or trading platform that is mentioned. Do your own research and contact your financial advisor prior to any investments. Invest at your own risk.