ETH... Coming close on time before we can call it a year
Hello Traders,
Hope all have been surviving and better yet thriving in these conditions.
Whether you're looking at the charts, the news, or talking to a neighbor, it's difficult nowadays to not hear some form of FUD. Politically & economically.
Though, I do believe we still have a little gas in the tank, as long as the car doesn't sit idle for too long.
As many of us already know we are headed for rate hikes. With the first set to happen sometime in March after the FED meeting. With most of us aware of this news and expecting it, I see this adding fuel to the risk-on asset classes. Humans love to gamble, and if they know there's one more strong hand on the table, they usually, more than not take part.
Besides pure speculation and an assumptive thought, the chart is still showing us we are in a downtrend. Yes, we've seen some positive price action to the upside as of late until yesterday's dump. But we have to keep this in mind.
Bull Market:
Positive news: Price goes up
Negative news: Price goes up
Bear market:
Positive news: Price goes down
Negative news: Price goes down
So long are the days of BTFD. And having some course of certainty that our bets will pay off. There's a lot of teasing happening in all markets right now, except for mostly Metals & oil. You think you're good, still good, still good, and BAM.. Market tanks 15%.
Here's my timeline of what I believe we could see happen. Pending no further devastation with a pending war on the horizon. The last week and first few days of March will be primarily Bullish for most risk on assets. We'll call these the Tech stocks and larger crypto assets ( Tesla, Meta, ETH, BTC, SOL, FTT, ETC). As we get closer and closer to the FED meeting, we will start to see smart money exit positions, as they've taken the gamble of buying now while prices are down. Then we will see the hesitant buyers who bought green days start to sell a day after our first major red day. Then lastly it will be the complete Noobs who lose their shit with frustration and sell on the day of the fed meeting/ first rate hike.
If for whatever reason this little thesis plays out and we get a week or 10 days of bullishness then I'm targeting a price of around $4400-$4800 for ETH. (DYOR/ never financial advice) Do not listen to me. Im crazy.
Thanks for taking the time to read this Rant/ Forecast/ diary.
Take care.
Mark
Hope all have been surviving and better yet thriving in these conditions.
Whether you're looking at the charts, the news, or talking to a neighbor, it's difficult nowadays to not hear some form of FUD. Politically & economically.
Though, I do believe we still have a little gas in the tank, as long as the car doesn't sit idle for too long.
As many of us already know we are headed for rate hikes. With the first set to happen sometime in March after the FED meeting. With most of us aware of this news and expecting it, I see this adding fuel to the risk-on asset classes. Humans love to gamble, and if they know there's one more strong hand on the table, they usually, more than not take part.
Besides pure speculation and an assumptive thought, the chart is still showing us we are in a downtrend. Yes, we've seen some positive price action to the upside as of late until yesterday's dump. But we have to keep this in mind.
Bull Market:
Positive news: Price goes up
Negative news: Price goes up
Bear market:
Positive news: Price goes down
Negative news: Price goes down
So long are the days of BTFD. And having some course of certainty that our bets will pay off. There's a lot of teasing happening in all markets right now, except for mostly Metals & oil. You think you're good, still good, still good, and BAM.. Market tanks 15%.
Here's my timeline of what I believe we could see happen. Pending no further devastation with a pending war on the horizon. The last week and first few days of March will be primarily Bullish for most risk on assets. We'll call these the Tech stocks and larger crypto assets ( Tesla, Meta, ETH, BTC, SOL, FTT, ETC). As we get closer and closer to the FED meeting, we will start to see smart money exit positions, as they've taken the gamble of buying now while prices are down. Then we will see the hesitant buyers who bought green days start to sell a day after our first major red day. Then lastly it will be the complete Noobs who lose their shit with frustration and sell on the day of the fed meeting/ first rate hike.
If for whatever reason this little thesis plays out and we get a week or 10 days of bullishness then I'm targeting a price of around $4400-$4800 for ETH. (DYOR/ never financial advice) Do not listen to me. Im crazy.
Thanks for taking the time to read this Rant/ Forecast/ diary.
Take care.
Mark
Penafian
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