Score today
Bulls 7 | Neutral 7 | Bears 5
Summary for today:
2 warning signals are Ripple and Ethereum, they are continuing their bear run despite increased volume and better Bitcoin prices.
Bitcoin is leading the way, and Cardano is leading the way of alts, sentiment today is bullish neutral, and if you have alts that didn’t make an upward movement yet and are trading at good buy support levels, it is probably a good time to take on some risk currently and take at least short term profits. I can only repeat myself though, Ripple, which normally has been one of the first alts to run bullish on new bull runs, is still trading in a bearish channel.
I myself will target 20% profits in this run.
Not financial advice, doing this for fun a good one
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 4 months 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 has shot up, marking a clear bullish volume development over the past 24 hours.
Signal | Bullish
Bitcoin Volume 6 months
Volume for 6 months is steadily down at the time being, not a surprise
Signal | Bearish
#ADABTC
Cardano broke out along with BTC, it has even past its previous resistance of 2400, we are on an all out bull sentiment for Cardano
Signal | Bullish
#ETHBTC
Ether is not making any signs of sharing the bull sentiment, the downtrend accelerates over the past few hours
Signal | Bearish
#ICXBTC
Icon is slowly breaking its 4HR resistance, neutral signal, clear bull sentiment if we break 2750 satoshi
Signal | Neutral
#NEOBTC
NEO broke out of outs resistance a few days ago, but has since been trying to find new support, currently the support trend line of July seems to be a strong indicator, staying with neutral-bullish sentiment on NEO
SIGNAL | Neutral Bullish
#XEMBTC
NEM has drafted a new support, that signals a bull trend for now,
**Signal Bullish **
#EOSBTC
EOS broke its 4HR resistance, now we just to break 140000 Satoshis for a clean Bull market on EOS
Signal Neutral Bullish
#ARKBTC
ARK has been fuddling close to its support level, upgrading the chart to pure neutral for now, bot scenarios are possible here currently
Signal | Bearish Neutral
#IOTABTC
I’m downgrading IOTA to neutral, while IOTA yesterday had broken out of consolidation pattern, it fell back in overnight, with increased volume compared to the past week.
**Signal | Neutral **
#DASHBTC
Keeping DASH Neutral until we break 3850000 Satoshis
Signal Neutral
#QTUMBTC
No changes at all to QTUM despite the uplift on BTC and several Alts, this crypto is still in control of the bears.
Signal | Bearish
#NANOBTC
Nano is alove, we can upgrade it today to neutral bullish, clear break of 4HR resistance and testing resistance of 4200 Satoshis
Signal Neutral Bullish
Signal | Bearish
This is the second warning signal, ETH and Ripple both keep bearish runs, this should at least keep you on alert, that not all alts are currently taking a fair share of the bull btc sentiment.
#BTCUSD
Signal | Bullish
BTC is up and running, indicating that we are entering at least a short term bull market
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