There are plenty of indications that we hit a temporary bottom and the latest pullback was a bull flag. We are seeing higher highs in the short trend plus higher highs from the bounces on the way down. This is a great sign. We're also seeing a spike in volume so signs are good that it's likely to increase.
We should see plenty of upside for the next duration on to a new all time high! If we see the same movement from the flag pole, we are looking at a target of $1,470-$1,500.
We are looking good to hold, so let's just keep seeing those higher highs and highers lows!
Thank you for sharing your notes, @exxodus! I am a bit bearish about the ETH and here is my idea of the correlation between ETHBTC and BTCUSD. What do you think about the money migration from ETH to BTC. Most of potential BTC buyers are ETH holders :)
Thanks @dkn! Yea I'm short term bearish on a lot of the market....but I'll just stay in for short day/swing trades. I think the market explosion is totally unsustainable and is a worse clone of the dot-com bubble. So yea Long term I definitely wouldn't be surprised to see a lot of the markets back to where they used to be. No one knows how soon the bubble will pop though.
To my layman's perspective, Bitcoin looks like proof of concept and Ethereum looks like an actual resource to be used. I commented in another post that the legal community seems to be jumping on the concept of the smart contract. That's the real indicator of success - when an existing industry wants to use it.
Definitely. Much greater use case with ETH. However, I'm sure we will be saying ETH is proof-of-concept someday and XXX coin took over and is even better!!!
Yeah you're right. It's the same arms race of "network solutions" companies that littered the dotcom bubble.
cool man. I just learned about this bull flag. Looks perfect. From your perspective, how does the sudden cliff dive happening now play into that analysis?
That's natural. We expect it since short term charts get overbought and such. As long as the highs and lows keep getting higher on an up trend, that's all we can hope for! Clear rejection is at the $1,320 level, which is pretty substantial over the $1,280 rejection level we saw earlier this morning. In addition, prices were higher than prior to the run up and dump where they bottomed at $1,312 and then after the dump they hit $1,314. Everything is still looking good and we're still on the same upward flagpole trend line. If $1,312 breaks that'll be something different. I'll probably set my stop loss right below that.