Ethereum buy opportunity – one of the greatest trade entries you will ever see
Ethereum is the most beaten down of the major coins. It’s down move is perhaps the most extended (bordering on silly) when compared to the top 10 market cap coins. This provides probably one of the greatest buy opportunities we will see in a long time.
Mr. Wonderful from Shark Tank has a phrase that I have used with Ethereum since it broke below it’s long term uptrend line:
You’re dead to me.
The combination of horrible technical performance, inability to catch a bid, failing and falling volume, and horrible news related to almost every fake and scam ridden ICO being attached to the Ethereum block chain has yielded extremely strong and persistent down moves in Ethereum. It has underperformed Bitcoin and all other major cryptocurrencies with stunning downside pressure. It’s actually quite amazing the sustained beatdown that Ethereum has taken.
Now, though, things are different. Looking at the chart we see a combination of a great many bullish signals. The daily candlestick is right on the beginning and the end of a Gann Square of 144. The fact that is has been in a strong downtrend and that the RSI and the CI are in extreme oversold conditions mean that we have a long entry here.
And it’s probably one of the best long entries I have seen in my years of trading. I could pepper this article with a myriad of technical reasons why I just took a huge position in Ethereum, but maybe just pointing out these few points will do:
- The cryptocurrency market is reversing.
- When the cryptocurrency market makes a turn in a longterm trend, it is generally a violent move.
- There is an insane amount of reward VS very limited risk.
- Cryptocurrencies, even the majors, move in shocking huge percentages.
- Out of all the top market cap coins, Ethereum is the most oversold, undertraded and stupidly beaten down cryptocurrencies in the world.
- The fundamentals of Ethereum are still strong, the results of some bad actors using the ETH blockchain is not a blight on Ethereum, Ethereum is a legitimate victim of this news.
- This kind of trade opportunity shows itself only rarely. You should be giggling with excitement at these price levels. Honestly, if you have ever seen a stock or cryptocurrency chart and thought, ‘Gosh, I wish I would have bought that when it was stupidly cheap,’ then this is one of the times where you can get in early and instead say to yourself, ‘Gosh, I was smart to buy this when I did.’