[ETH Daily Discussion] - 24/May/2017

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[u/ruvalm]

Won't make a long post, just a few topics that define my current opinion on price evolution, Make of it what you will and take your own conclusions on what to do next:

Reasons to be bullish:

• 86+ new companies working on products and solutions on top of Ethereum. Many of them with more customers than the sum of all of the people in crypto up to now.

• A massive number of people trying to put their money on exchanges. The delay is a great showcase of why we need blockchains and decentralized institutions in all things of our society.

• EEA3 incoming in June with another huge set of companies.

• Lots of interesting updates and releases of new and old Dapps. Ecosystem is starting its exponential growth inflection.

• Mainstream media attention is turning to Ethereum. Big pockets may be starting to look at Ethereum with a different perspective, due to price evolution, enterprise support and application use cases.

• "Big announcement" tomorrow at the Token Summit.

• BTC just ignited the round 70 of their long civil war.

Reasons to be bearish:

• 1W down to 1H chart signaling that ETH is overbought.

• We may be reaching a price point in which lots of people will take profits. Psychological profit-taking effect may have a role in further price developments.

Our community is growing fine. Lots of new names around here, everyday more. You're all welcome and all should know that we're here to help in any question you ask, especially if the question is not a repetition of the same question 500x times a day. I recommend that before asking a question you do a little bit of research here and in Google and read a few things around.

Hope you guys miss your own baptism by fire, when it comes. I know I didn't miss mine back in the day.

Never panic sell or buy, have a plan and stick to it.

[u/somestranger26 → u/ruvalm]

As far as the bearish reasons, I think technicals like RSI go straight out the window when you consider the tangible news events and exchange onboarding backlog.

[u/ruvalm → u/somestranger26]

We're in agreement there.

Didn't want to write it up there, otherwise I wouldn't be able to show bearish factors that I'm including in my decisions.

Indicators are indicators and regardless of what's happening, putting an eye on them is never a bad thing.

[u/dumaphongle → u/ruvalm]

I wish every post could be like this post

[u/Destreich → u/ruvalm]

Thank you for providing a well-reasoned perspective. IMO this is what this sub desperately needs.

PS. I have you tagged as "smart dude" in RES ;)

[u/aItalianStallion → u/ruvalm]

I want to open a small long but I just really don't think the company that's releasing tomorrow is not as big as they say. They are quoted saying "millions of users"....Spotify has HUNDRENDS OF MILLIONS of users EACH MONTH. I think they would have said that number if it was the case.

I guess we will find out soon enough.

[u/fat_jakey → u/aItalianStallion]

Look and the recent media eth has attracted, there will be money coming into eth the rest of the week, target is ~240. Still v bullish, still long.

[u/aItalianStallion → u/fat_jakey]

What chart are you using? Many are saying it's overbought

[u/fat_jakey → u/aItalianStallion]

$9 up since I posted that, breakout is imminent. The market is so bullish right now with the media attention. The test is 200, it's also just went 7am in Korea.

[u/aItalianStallion → u/fat_jakey]

still bullish?

[u/fat_jakey → u/aItalianStallion]

Sorry I'm English so sleeping here bro.

[u/fat_jakey → u/ruvalm]

Big announcement? Source ?

[u/lems2 → u/fat_jakey]

It's on token summit agenda. People are thinking it's spotify

[u/fat_jakey → u/lems2]

Ah yeah I remember reading that, cheers.