Cryptocurrency - Ethereum's Price Pattern due to Chinese New Year Period
Hi fellow steemits,
Today, I am going to show you a possible causation of the dip in cryptocurrency this week, in particularly Ethereum by looking at previous statistics. Perhaps we might be able to narrow in on to when the next recovery in cryptocurrencies will happen.
2016: Chinese New Year - 8 Feb
Zoomed in:
2017: Chinese New Year - 28 Jan
Zoomed In:
2018: Chinese New Year - 16 Feb (Haven't yet occur)
Today: 6 Feb 18:
What we have today and what is happening is the dip at the start of the year. People collecting their gains from last year and chinese people withdrawing from the scene to get their momentary release from the pressure of cryptocurrency market to celebrate the Chinese New Year. This is causing the decrease in crypto prices now, as well as the effect from the conventional stock market going into a dip now.
However, there is nothing to be afraid of as crypto is very volatile in nature. I will not recommend buying them short term. But what I know is, there's a high chance of a boom in March when crypto picks up speed again according to the stats. Perhaps now is the right time to buy in on Ethereum again? Before it's prices go through it's yearly booming phase.
Now, as a disclaimer, I should say I am not qualified to give you any trading advice but I am just saying what I think will happen in the follow months. This article is purely speculative and giving my 2 cents in my thoughts.
Have a good day my fellow steemits. :) Do let me know your thoughts.
-faifaifai
*All images were obtained on https://coinmarketcap.com/currencies/ethereum/#charts