Day trading strategies: the complete guide with all the advanced tactics for stock and options trading strategies. Find here the tools you will need to invest in the forex market
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- Crypto-Currency is Not Money
Ethereum
The peak of the bitcoin was followed by the peak of various other crypto-currencies particularly Ethereum which showed a rise to maximum position in January 2018. This may be attributed to the hype created by Bitcoin at that time. More interesting is the fact that Ethereum doubled even after the fall of bitcoin. Such a movement was new for the Ethereum however; bitcoin has seen this up and down many times. Three downside pushes are evident from the Ethereum’s pullback structure. The Ethereum put an end to this move prior to reaching the third downside target. This was done through the resistance trend line’s breakout shown by an upward arrow. The breakout lead to an upwards move towards the peak of the channel due to the swing lows developed in the pullback process. It resulted in a situation where second swing held more importance. Currently, Ethereum is being traded at this zone (as at end of May 2018). In case of maintenance of this level, we can expect an upward move towards the start of the pullback as per the indication of the three pushes down pattern. The highest-ever level of Ethereum is the start of pullback. The potential situation of the bitcoin is different from this situation of Ethereum. However, this is not that simple. The daily charts still reveal a downtrend with a strong resistance being shown by the down channel top. Ethereum will not move upwards and will be kept low as long as the channel top is not cleared. The channel top will cause the Ethereum to break the record of the lowest level made in May 2018. Keeping the channel midpoint as the main target, even lower prices are expected. Currently (as of end of May 2018), the mid-channel level is almost 300. Crypto-Currency is Not Money In my opinion I must clarify the fact that crypto-currencies would not be able to rule the world in their current position as claimed by their promoters. They are not a valuable source or a monetary form. Although the concept of the significance of the crypto-currency for restoring trust was reasonable, it could not yield the desired results because of technological issues and issues in practical execution. However, no significant harm was caused to the assets. The longing to make money from technological advancements led to the emergence of various ideas. In particular, the advent of crypto-currencies is expected to bring revolutions in the future transactions. It is expected that the crypto-currency concept will bring about technological advancements causing massive revolutions in all aspects. It is not easy to determine the crypto-currency that can endure the current bearish market trends. Even if one determines the right kind of crypto-currency, it is expected to lose its significance with the technological advancements in the similar manner in which the advent of Facebook rendered the previous social media platforms as obsolete. Trading in crypto-currencies must involve a lot of caution on part of the trader since it is a hazardous play. It is better to understand the risky nature of crypto-currencies so that you don’t put the amount you cannot afford to lose for betting. This statement is right for all types of trades. There is no emphasis on the management of risk to be the only factor of concern for the survival of a trader in this market. |
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