Score today
Bulls 2 | Neutral 7 | Bears 11
Summary for today: (New Signals, Bitcoin Volume 30 days and 6 months)
The market is trying to heal its wounds with positive news of coinbase adding a few alts to its product range. But volumes have had no positive impact on the overall market. There is a possibility that the alt market may take the positive news for a new short term rally, with XEM, NEO looking to be the most likely candidates for a possible upward break currently
ALTCOINS BTC pairings used for summary| ADA, EOS, ETH, ICX, NEO, DASH, ARK, XEM, IOTA, QTUM, NANO, BTCUSD
#WhyAmIdoingthis?
Just like in stock trading, where you use leading indicators such as 10 year yield bond rates, transport sector indicators and volatility indexes to suggest upcoming market movement, we need similar indicators for the crypto markets.
These indicators are not just used to say, ok its time to buy ADA or NEO NOW!!! No they are meant to help you to give you technical support when deciding to trade alts in top 50 range in general, perhaps even in the top 100 range. Again this is a trading technique not an investment technique. (trading - take short swings, investing - do research on projects and hold them over the long run, plus taking profits on bull waves) Trade can generate funds, which you may decide to invest on in larger long term investments schemese. Well this is my philosophy at least.
More over these indicators help you to make a decision to move out of a trade and into the safety of cash, even though our greedy mind is telling us - "But what if I’m wrong and it all moves up" you need technical and market indicators to tell you, its enough for now, take the profit and move into Bitcoin or into asset pegged crypto like Tether, or into the safety of cash, depending on your decision what is the safest move at that time for you and your portfolio.
Over the past 2 weeks I have followed the alt charts as much as possible, trying to take advantage of the alt upswing, here is what I learned - I will use ADA, NEO, NANO, IOTA, EOS, ETH, ARK, DASH, BTCUSD as altcoin indicators. If the majority of signs point to bears or bulls I will act on swing trading accordingly
(Not Financial Advice, Doing this for fun, have a good one)
Lets Start the breakdown!!
Bitcoin Volume 30 days (data.bitcoinity.org)
Volume on the 30 day overview has been decreasing, bear sign
Signal | Bearish
Bitcoin Volume 6 months
Volume for 6 months is steadily down at the time being
Signal | Bearish
Cardano has not made a new low, this is great news for now, a 2400 break would signal a bull market, until then we stay with a neutral signal. The upward move is correlating to the news that coinbase is ought to offer cardano , as well as zcash, stellar 0x and BAT on its exchange
Signal | Bullish Neutral
#ETHBTC
Ether is clearing trading within its downward 4 HR trading channel with a current move up, I remain bearish on Ether currently
Signal | Bearish
WE need to look at the whole period of ICX to see that we are currently aiming for a long term low support level, we are still in the downward channel, we stay bearish until we finally break the upper trend line.
Signal | Bearish
#NEOBTC
NEO is also still trading within its dowanrd channel, with previous support being far fetched, we may see a triangle pattern being formed within the next week on the 4HR channel, until that is confirmed, we remain bearish.
SIGNAL | Bearish
#XEMBTC
NEM is touching its upward 4HR resistance line, we may NEM being reluctant to touch late July lows, with current strong support
Signal Bearish | Neutral
#EOSBTC
EOS hasn’t made a significant move so far, trading within its pattern, with extremely low volumes.
Signal Bearish
#ARKBTC
ARK has formed its double bottom, nbut broken its important support, we need to break 22451 Satoshis to form a bull trend here
Signal | Bearish Neutral
#IOTABTC
IOTA is trading within its consolidation pattern, Neutral Signal until either line is broken, LOW Volume cause to add bearish flags
Signal | Neutral Bearish
#DASHBTC
Dash is alive, its broken its 4HR resistance line, but with low volumes, which are seen all over the place (with exception on Cardano so far)
Signal Bullish Neutral
#QTUMBTC
I should clean up this chart, the fact remains, QTUM is a red flag, its bearish all over the place with 4HR support line being tested
Signal | Bearish
#NANOBTC
Nano is looking strong, with support holding, 2 charts for you, so you can see at what levels we are trading currently.
Signal Bearish | Neutral
Signal | Neutral
As mentioned before, downward movement wasn’t confirmed, and BTC indeed is trying to rally up, but no significant levels have been broken so far, I remain Neutral for the time being.
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