Ethereum price prediction August 1st
Ethereum Price Prediction August 1st. Ethereum is currently in a downtrend with huge selling taking the price down to $9.2 at which point strong buying took over. Previous spikes out of the lower Bollinger Band range have resulted in buying over the next week. Ethereum should touch the top range of the Bollinger Band and should move higher to the $14 level. Taking a look at the chart below we see Stochastic RSI is at 19 and should reverse over the next couple of days. The CCI is at -112 and should recover. The equilibrium last month proved that there are sufficient buyers to handle any “dumps”. Right now we’re simply seeing some traders play their stupid TA game believing they can time the market better than anyone else while they should go long and accumulate at this point.
If you’re trading the ETC/ETH pair, now is the time to go long ETH and / or short ETC. on the 1 hour, RSI is over 70, just double-topped and failed to make new highs, and MACD is about to cross over.
This is the longest meaningful timeframe we have, so this is de-facto the long-term trend analysis and behavior.
Targets are 0.17, 0.155, and 0.148
As for my own editorial, fundamentals on ETC are weak. The community clearly reached a hashing consensus behind ETH, and i suspect a lot of ETC hash power is from bitcoin interests who have a vested motive in seeing ETH’s fork go as messily as possible, as well as crypto fundies who see ETC as a “true coin” and the ETH consensus as “illegitimate.” I expect a lot of ETC’s hash opwer to disappear over the next quarter.
For all the beginners that dont understand a good pump and dump and how it works, you better read this to understand what the market is currently doing:
- One or more persons do some big buys that produce price jumps. It’s of advantage if the order book is shallow (few sell orders up to a certain point)
- Create some chatter in the trollbox with various accounts (not blacklisted accounts already aware by the community for initiating some pumps)
- People start to buy at your manipulated prices thinking they can hop onto the wave. This pushes the price up even more. This is the time the initiators start making money as the price is now higher then when they bought.
- If the person(s) in point 1. are greedy/ want a bigger return they can now push the price up some more and make the pump seem more genuine.
- The trollbox begins screaming “To the moon!” and creating absurd predictions and praising how innovative this coin is.
- Even more people jump onto the artificially created wave. Now is the time the initiators begin to silently (no big sell orders) sell into the asks of the sheep or whatever you may call them and pulling in their profits.
- People see the price is not rising as quickly anymore and begin to sell and the price begins to drop.
- The Initiators create some more chatter that this is just a bear trap and real investor should keep holding.
- Very late people see the price drop and pull their bids/buy orders.
- The people described in points 3. and 6. see that their asks/ sell orders orders are not filling at the price they set in the first place and decide to set their prices at even lower prices (also called panic selling)
- The trollbox is now screaming “Crash!” and “Dump” resulting in in people selling for a lower price than having bought minimizing losses creating a major dip in the price.
- The coin in question is now described as dead and as a shitcoin.
- The market cools down.
- Manipulators begin slowly buying cheap coins preparing for the next pump and dump.
- A lot of sad people either bag holding expensive coins or thinking about losses 🙁
- Rinse and repeat.
It’s easy to speculate whos driving this PnD and if any evidence emerges this month we will see one of the big exchanges go bankrupt or at least severely damaged so brace yourself, be it ETC or ETH holder. Dont put too much money exchanges!!! Keep it in cold storage, regardless of what you are holding. Only keep trading positions on exchanges that you can afford to lose 100%
|Buy The Dip||5 – by now i have learned my lesson. these are the worst times to sell. this time, i am still adding to my eth stash. if anyone is wondering what to do in these troubled times, simply watch the following video.|
|Wagner: Tannhäuser Overture – Thielemann / Münchner Philharmoniker||1 – Here’s to the language we all speak.|
|Trading what you think||1 – So I posted this yesterday and got downvoted and flamed. Now I am up 30 more coins snce then, and you are still losing money. You guys on this sub are literally the definition of insanity — doing the same thing over and over and not realizing wha…|