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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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ajtj99
Lou Weed
To: ajtj99 who wrote (25510)5/15/2021 9:51:25 AM
From: ItsAllCyclical2 Recommendations  Read Replies (3) of 96636
 
Would be curious for your latest read on ETH and BTC. My read is BTC while in a consolidation pattern is bearish until proven otherwise. ETH looks like an H&S on the 4 hr, but not a conventional H&S. Big time negative divergence on the MACD daily on BTC.

While there's some support at 45 and 42K respectively for BTC I think if it closes below 45K for more than 2-3 days, then decent odds mid to low 30's comes into play. A lot of institutional money would love to buy there given the chance, but more people are realizing BTC doesn't do anything. Real power of crypto is the networking effect, Defi, protocols, governance w/3rd generation block chains like Cardano. ETH is a second generation trying to go from POW to POS. They'll likely be successful, but timing is still questionable.

Much of this is related the recent news on power consumption, but anyone who did any research whatsoever already knew this. ADA/Cardano and Polkadot (both POS) holding up very well in a down tape this morn. For most I think this concern will be transitory, but sector is due for a pullback at anytime regardless.

Bitcoin power consumption has been discussed previously and tend to agree these miners are not using coal. They are forced to use the cheapest power available which is usually green in nature, power that was not getting used otherwise and power typically in remote areas - so it's building infrastructure in a sense. That said LT it's a terrible model and power consumption whether green or not has a LT consequence on the sustainability of the planet.



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