Conservative Attitudes Continue to Dwell Concerning the Bullish Bitcoin – Ethereum doing betterOctober 29, 2019
While the $10,000 breakout of the Bitcoin was short-lived, it has gotten the entire cryptocurrency market to go bullish over again. Even the most bearish of the investors are considering their investments into Bitcoin. So, the question that is left answered is the logic behind the market cycles.
Accumulation, mark up, distribution, and markdown are the significant features of the market cycle proposed by Richard Wyckoff.
One of the recent tweets read: “I’m not convinced with this weekly close guys, I’m sorry for not being bullish like everyone else. I guess somebody has to be the bear, right? Or at least have a Conservative approach.”
The current price trend of the Bitcoin is projected to be a replica of Wycoff’s model. Bitcoin is now clearly in a clear falling wedge pattern, which supports bullish reversals. The proposal is that even if Bitcoin enters into a down phase, the price trends up break up. This will eventually send the Bitcoin to retest the highs where the distribution primarily occurred. Although all the widespread prediction is that Bitcoin will continue to reclaim its all-time high at $20,000.
Ethereum has been acclaimed the world computer, and it seems that it is not able to keep up with its lofty ambition. The PoW has been raising a lot of environmental concerns, and it is demanding in terms of physical hardware and is demanding in terms of energy. The Ethereum network is all set to switch over to PoS. Several other tokens are switching over to PoS; however, being one of the most significant players making the switch off, they are likely to leave an impact. The cost of becoming a validator on the Ethereum network is 32 ETH.
The ETH price seems to be setting up for the next rally. The price is trading above the $180 support area versus the USD. There was resistance near $185 on the hourly chart of ETH/USD. It is expected that the pair would gain above $188 and $190 resistance levels.
As ETH 2.0 is unfolding, enterprises are paying attention to the network. This is considered to be one of the reasons that ETH should consider celebrating. The ETH protocol has so far been subject to several protocol issues. The storage requirements for the network are increasing, and there is an overall performance decline.
However, ETH 2.0 is expected to eliminate most of these issues. WASM – will be used to provide for enhanced utility. With the PoS, the ETH transactions will be final, and there might not be any 51% attack reversal tactic.