Unfortunately, for now there are strong bearish market sentiments for Bitcoin that marked a low at 5858 in Asian session, which is indirectly from the contagion and for some a much delayed US SEC approval for ETFs. As CME Bitcoin Futures are much too expensive for retail speculative investors & traders to get into.
The correlated declines across Cryptos, for now is led by ETHUSD which just made a 2018 new low $268.83 as of this writing. A 9 month low equivalent to more than an 80% decline from its peak price at $1424.00 as of January 13, 2018. Check this Fibonacci Retracement Applied to measure its price from where ETHUSD came from before its rally.
FIBONACCI Retracement Applied
The correlated declines across Cryptos, for now is led by ETHUSD which just made a 2018 new low $268.83 as of this writing. A 9 month low equivalent to more than an 80% decline from its peak price at $1424.00 as of January 13, 2018. Check this Fibonacci Retracement Applied to measure its price from where ETHUSD came from before its rally.
FIBONACCI Retracement Applied
ETHUSD as of Aug 14, 2018
BTCUSD as of Aug 14, 2018
Apparently technical tools are lagging indicators that would not be as effective since the market is currently driven by bearish momentum sentiments. This will also lead to a spill over negative effects for ICOs backed by Ethereum on certain blockchain projects. Likewise, there has been an increase in failed ICOs as more investors are drifting away from offerings and cashing out as prices continues to decline.
Although the pace of the decline has been gradually accepted by now ever since the CBOE & CME came to light. And in comparison with it's 2017 fast price rally, the probability to have the same rate of acceleration is currently muted until such time when prices finds itself in a strong foundation.
ReplyDeleteAlthough there will come a time when prices does, and a new more meaningful catalyst can drive fresh interest to the market.