In my opinion; I think everything is still bull’ish and Eth will once again continue it’s slow and steady climb upwards. Here are my reasons why:
- Upward Triangle – Eth is closing in and can’t make up it’s mind right at the $370 mark. However, it’s “consolidation” is shaped upward triangle’ish. This usually signals a continuation of it’s previous trend (which is upward)
- Past History – Yeah, yeah. C’mon man, you have to be more Technically analytic or you’re not legit. TA is for stocks that’s regulated, this is the wild wild West. Different ballgames ha! (plus, show me a TA expert daytrader who does better than a well-seasoned crypto trader). Anyways, take a look at a very similar pattern from the 12th to 14th. In it’s recent past; investors usually broke Eth out upwards from an upward triangle.
- Holiday Season – (in my previous Litecoin post) I know I know, what? Traditionally, crypto coins have done nothing but go up during the holiday season. Especially during late November heading into the holidays. People spending money, people thinking about ways to re-coup the money they just spent, people feeling spend risky during the holidays, etc.
- Fiat Sitting – (just like in my previous Litecoin post) I believe the reason why volumes are low is because investors got spooked about the recent tether hack & have pulled money back into fiat waiting to pounce on the next opportunity. Imo; I don’t think this money is sitting in another Alt, just fiat. So volumes will pump once again at the drop of a hat.
There you have it. As always, we don’t really know the next resistance until we get there, but I would assume Eth has a clear rally to $380-385 once it breaks out from $370. Check back soon!