In my previous idea I signaled one more wave down for ether to complete the wave structure. The target was @ $182. And the price hit it: Currently we're seeing an impulsive bounce to the upside. It may be part of a bigger move up. Upside potential is 13-17%.
Eth tends to follow bitcoin like a lof of other coins. So if bitcoin rises drops (as it just did) eth tends to follow. Downwards a lot but not always upwards or delayed. bitcoin seems to be overbought or almost on every timescale from 5 min to 1day. To me it seems as if a wave downwards is coming unless enthousiast trader push it slightly upwards first. So how does this affect a strategy such as this? If bitcoin was oversold i'd say everythings point in the same direction. This makes me stay in fiat out of fear it might not only turn bearisch but also buying on top.
zephin
⋅
@saschaberer, I agree with your assessment. As tempting as it is to buy up cheap alts, I will be on the sideline until the dust settles. 8/1 is a very unique situation and I'm not sure how the market reacts on that day and the following week.
saschaberer
⋅
@zephin, The problem is that it isn't over after 8/1 there are more bumps coming for bitcoin the next few weeks/months. this segwit (2.0) is at best a compromise for what i have been reading so far. also if you scale outwards to a fay or longer it seems as if the stochastic rsi is oversold for a long time. if this was a daily cycle i would wait a day or 2 for it to drop since i only go long. coinigy.com/s/i/597f7da5a4bb3/ I hope i'm wrong.
zephin
⋅
@saschaberer, I'm with you. My thought was that we should get a better feel of the direction in the first week of August. Maybe even day 1. My gut says to short but I don't think I can do it with. I'll sit this one out in fiat where I can. And try to forget how much I have in storage. LT we'll be fine
zephin
⋅
@saschaberer, The one area that I do sort of disagree is the coming months. I think there is a lot of money on the sideline waiting to see what happens. Goldman and players like that. There will be some buying pressure in the coming months. IMO.
saschaberer
⋅
@zephin, To me it seems this was one of two options. The other a long term head and shoulder. This being the start of the head. Ask yourself why goldman would share this info instead of just with their customers. Why do others need to read their info. They might represent a few whales perhaps who want to short big or cause a panic sell. When better than at peak price. If they were telling the truth i wouldn't be happy to be their customer. I whish we get.regular patterns asap. I rather buy small at regular intervals.
ahmedpharm
⋅
great work nick,
where do you anticipate the next move to go?
Nickonomics
⋅
@ahmedpharm, Thanks.
It depends on where this decline ends. Currently, $224 is the first target.
nafnar
⋅
Thanks for sharing. When is a good entry, sorry for asking?
Nickonomics
⋅
@nafnar, There are a couple of possible entry levels base on your strategy and risk management: