What is not interesting about this chart pattern that is almost identical to BTC's pattern in November is not that the correction happened, but what happened after the correction. 300% RALLY!!!!
So do we get that with ETH' here? Only the market knows for sure but it has been trading above the 40 level on the which in my opinion means it is still in a bull market.
So price action, and bars aside, I am focusing on the pattern that often repeats when taken into context. What is the context? The crap coin market! The alt coins rallied with Bitcoin' from Oct to Nov going from 70 billion to 125 billion (aprox) then corrected to 90 billion. We have a similar setup here where ETH' has rallied with the alt coin market from December till now where we are correcting. So does ETH' do the same?
Well many think ETH' will replace bitcoin for #1. I'm not so sold, but I do not rule it out. It is a hybrid being not only a store of wealth (like bitcoin ) but a smart based coin of which many other alts use it for their base of coding as a side chain. So as I adjust my portfolio going forward I am going to add to my position of ETH' and bump it up to 20% along with bitcoin! So 40% of my portfolio will be in these two coins, and I am going to shave the remaining coins down to 6 at 10% each. I have not done this yet, but the correction has definitely shed light on where I want to be moving forward.
I have started to build a position at $915 and will look to add if and when we get a further pullback. $650 would be ideal and though we may not get there we can! We never thought we would see $915 again either right? But we do not have to here. Note I do not have any target prices as this is a long term holding which I intend to hold, and until we are done correcting I do not want to throw up any price targets yet.
Bottom line ETH' is a crypto silver , it not only is a store of wealth it has application purposes just like silver does in the metal industry. Of course I still love gold , hence the name, but I also know that silver outperforms gold in bull markets and I expect the same here.
Yes there are other contract smart coins that are coming out, many with much promise, but ETH' has market penetration and name identity. I like investing in equities that have name brand appeal whether they are better or not then another. I mean blackberry was the better phone at one time right? Does anyone have a black berry phone?