Score today
Bulls 5 | Neutral 10 | Bears 6
Summary for today:
It’s a neutral market, Blackstone rumours so far were not good enough. Coindesk news of being allowed to list security coins, may add further fuel to the coming trading day. If you didn’t place a low buy in at a good support yesterday, it is risky business enter today, as the market is clearly trying to find a new sentiment for the next few weeks over the next few hours. XEM and NEO were good entries yesterday, but would be risky to enter today, as we have no clear market signal. Stay on the sidelines, while bulls and bears are deciding who has the upper hand
ALTCOINS BTC pairings used for summary| ADA, EOS, ETH, ICX, NEO, DASH, ARK, XEM, IOTA, QTUM, NANO, BTCUSD
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 has not had an extensive growth with the rumours of Blackrock planning a crypto ETF, Volume is above average though we give a neutral bearish point to it.
Signal | Bearish Neutral
Bitcoin Volume 6 months
Signal | Bearish
#ADABTC
Cardano is testing current support line for the short term bull break out, current signal neutral bullish, clear bull sign at 2400 break.
Signal | Bullish Neutral
#ETHBTC
No new highs with yesterdays altcoin push, short term support for the uptrend of the past 3 days has been broken in the past hour, signal stays bearish
Signal | Bearish
#ICXBTC
Icon the same as ether has not made a new high, trading within its 4HR channel, and has broken the 1HR upward trend .
Signal | Bearish
#NEOBTC
Yesterday I had mentioned NEO as a likely candidate to break out, and it did, upward 1HR trend is still active, we broke the 4HR Resistence channel, with low volume, signal is neutral bullish
SIGNAL | Neutral Bullish
#XEMBTC
My other candidate for a possible short term break out was NEM, yes we also have the 1HR trend upwards, we wanna break 2815 Satoshis for a clear bull sentiment
Signal Bullish | Neutral
#EOSBTC
Its easy to draw a 4HR support channel on EOS, but resistance is not as easy to point out, with the most optimistic resistance, we could Say EOS Has broken out of its resistance of the past month, without clear bull signals, I will hand a neutral sign on to EOS today
Signal Neutral
#ARKBTC
Currently there is nothing positive about the ARK chart, price is pushing back towards double bottom support, bearish signal
Signal | Bearish Neutral
#IOTABTC
Yesterday IOTA was still in its consolidation area, today we are trading above it, we go from neutral bearish, to neutral bullish
Signal | Neutral Bullish
#DASHBTC
Dash is confirming the upward trend of the past hours, but may have found new resistance, breaking 3861 would be a great bull indicator
Signal Bullish Neutral
#QTUMBTC
QTUM remains untouched by yesterdays move, it’s a bear coin for now
Signal | Bearish
#NANOBTC
Nano has also broken out of its 4HR channel by breaking resistance, but we are missing volume and a definite break of 4260 satoshis to call it a bull chart, neutral rating
Signal Neutral
#BTCUSD
Signal | Neutral
BTC keeps testing the 6700-6800 resistence, if it breaks we would turn into a short term bull market for the least, until we break the price, neutral points.
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