While some folks think, Bitcoin might be REALLY going up, Bitcoin and altcoins are indeed going up. "It might be worth a look at what Ethereum does" was the first thing I could think of - considering how weak Ethereum performs at the moment.
First things first: Indicators are bearish. That's what you can expect, if the chart moves down for a longer time. But that's also the important point here. Ethereum went down for days. Can Ethereum change the direction? Of course. When will it happen? Maybe not today - that would be bad for all those who hold ETH instead of BTC/Alts right now.
The important stuff starts, when we look at Fibonacci and trend lines. There is a huge support at around 0.0377 BTC. This is also the fibonacci level. This means that ETH could easily go down to that level. But that could even result in more price drops and ETH could even go below that mark. A thing that also could happen would be a sideways movement passing through the trend line on the right of the actual position, going more sideways and going up then.
The price for ETH is low. Prices for buying could not even be 10% lower than here. Buying and setting Stop-Loss under ~0.0377 BTC is also a bad idea as it might easily drop below that point and push hard after your stop-loss was triggered.
My advice would be stay away from ETH for now and consider buying it after crossing the right trend line. If you wait for breakout of 0.04 BTC, your loss would be at max still way under 10%. So, it would be a better idea to wait until ETH surpassed that mark and don't touch it until then.
If ETH goes over 0.04 before crossing right trendline, then there probably will be enough time to jump in as it will consolidate afterwards.
First things first: Indicators are bearish. That's what you can expect, if the chart moves down for a longer time. But that's also the important point here. Ethereum went down for days. Can Ethereum change the direction? Of course. When will it happen? Maybe not today - that would be bad for all those who hold ETH instead of BTC/Alts right now.
The important stuff starts, when we look at Fibonacci and trend lines. There is a huge support at around 0.0377 BTC. This is also the fibonacci level. This means that ETH could easily go down to that level. But that could even result in more price drops and ETH could even go below that mark. A thing that also could happen would be a sideways movement passing through the trend line on the right of the actual position, going more sideways and going up then.
The price for ETH is low. Prices for buying could not even be 10% lower than here. Buying and setting Stop-Loss under ~0.0377 BTC is also a bad idea as it might easily drop below that point and push hard after your stop-loss was triggered.
My advice would be stay away from ETH for now and consider buying it after crossing the right trend line. If you wait for breakout of 0.04 BTC, your loss would be at max still way under 10%. So, it would be a better idea to wait until ETH surpassed that mark and don't touch it until then.
If ETH goes over 0.04 before crossing right trendline, then there probably will be enough time to jump in as it will consolidate afterwards.
