The market is currently only responding to BTC movements and until we have more exchanges that accept USD pairing this won't change. BTC will dictate the price of all tokens and coins. This means that they will have to suffer even if they are doing a great job and the whole project is working as intended.
For now, all I can see is price manipulations on BTC and this could continue happening for God knows how long. Just yesterday I saw it go up $500 and drop $500 within a 1-hour window. This is how a manipulated price chart looks like.
No natural momentum can cause such huge raise in such a small time frame. Also knowing that the market is completely unregulated whales can do whatever they please with BTC. People who hold large chunks of it can dump thousands of Bitcoins, crash the price and then rebuy with profit. This is why we need regulations and this is why we are bleeding so hard right now.
I had big hopes for this year but I changed my mind. Until some sort of regulations come in we could easily see BTC going down to a couple of thousands while pulling every other coin and token down with it. Investing in anything right now doesn't seem like a great idea and day trading is almost impossible because the prices are completely unpredictable.
I would say it depends on everyone's way of dong trading.One has different personality while other different.
If you think the market situation right now suits you then why not , go for it. Maybe you buy now at very low but at the end you sell it so high after some time that it was worth it.
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heartbreaking time of cryptocurrency
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Painful down means pleasurable ups..
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I am afraid this down is going to be very painful so I will definitely enjoy the up if it ever comes.
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Me too!
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I sort of agree, except that prices are not completely unpredictable. They're difficult to predict, but so too are prices of stocks/fiat/commodities. The volatility doesn't necessarily make it more difficult to predict movement, it just hyper exaggerates any movements that occur so it feels like it.
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The stock market has a huge market cap and trading patterns are "well known" so movement can be predicted because you can know that a lot of traders will react according to them. Our market is so small that even one whale can influence the price going up or down so no, you can't really predict anything except the resistance levels because these are psychological barriers and as such are hard to break.
This is why it is pointless to make TA for any currency right now.
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And, yet, people still are accurately making predictions. And I don't necessarily mean me, but there are some really good TAs out there, once you ignore the crap.
I think this is going to be one of those discussions where we're unlikely to agree. I'll contest that exaggerated price movements make it look like everything's unpredictable, but isn't, and you'll say the whales control everything. Neither of us will change our mind - it's a bit like atheism vs religion.
I do agree with the point on regulation, though. It'll do away with a lot of the volatility, which will mean lower potential profits, but it will also do away with a lot of these hideous crashes and help detach alt coins from Bitcoin's thrall.
...And I do concede that whales have SOME control over prices.
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As far as TA goes, I am yet to see someone who has made more than 3 consecutive predictions that came true. Getting right once in ten times can be luck, twice is even bigger luck but three consecutive accurate predictions would change my mind.
No need to argue, everyone has their views. I'm just not that easy to convince because I remember well the time when we hit ATH and everyone was losing their minds with predictions like "BTC hitting $200k in 2018 on it's way to a mill in 2020!"
I can always change my views on something if I am presented with enough evidence. The only ones that had good "predictions" so far were the people saying "If we test the support twice the price can either go up or down from there". Even the biggest newbs can do that. I'm looking for predictions that are clear on their view.
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There are a lot of crap TAs that aren't really TAs - something crypto definitely attracts. They got in during the bull run, predicted increases when everything was increasing, and think they're experts. They are being found out, to some extent, now.
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This post has received a 2.69 % upvote from @speedvoter thanks to: @proofmaster.
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You got a 22.22% upvote from @upyou thanks to @proofmaster! Send at least 0.1SBD or 0.1STEEM to get upvote for next round.
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Yes I agree. The market does look rather fragile right now. Followed and upvoted.
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