CRYPTOCURRENCIES REMAIN SLEEPY (FOR NOW)
THE CRYPTOCURRENCY HIBERNATION (JAN 2018)
The cryptocurrency market has had a particularly difficult first month of 2018.
This is not out of the ordinary and on the chart below you can see that this happens almost every year in January. If history repeats itself we should see cryptocurrencies recover soon! (CHEERS)
Technical analysis of the Cryptocurrency Market Cap
When technically reviewing the market capitalisation chart below, we can see there is a head-and-shoulder pattern forming.
The course of the coming days will decide whether we are going down further to retest Bitcoins support at 10k usd or whether we finally recover from this correction/bear-market. I'm definitely hoping for the second: Bitcoin has already tested the bottom of 10k usd 3 times in the past week, so I'm hoping the support can also beat this 4th test. (If the support holds, the recovery should begin)
The market capitalization of $500 billion is an important technical support that the cryptocurrencies must be able to hold. (If this market cap doesn't hold, we might go down further (bear market))
Large differences between growth of cryptocurrencies
This month there were a lot of big differences in the growth of several cryptocurrencies:
For example, Ripple decreased by almost 30% in the past 7 days, while EOS increased by 24%.
TRON fell by 25% last week while Steem managed to rise 22%.
Therefore it seems to be the ideal time to take a close look at your cryptocurrency-portfolio and to rebalance your holdings if necessary.
Personally I'm HODL'ing most of my coins, I'm not satisfied with the current prices and I'm not planning to let them go this cheap. #HODL #belief #faith #bullrun
Bitcoin future (shorting) contracts expired earlier today
At 17 a' clock today (CET-time) the bitcoin futures contracts of CBOE expired. It was interesting to see what effect this would have on the prices of cryptocurrencies:
Personally I was expecting a bullrun when these contracts came to an end, but for now cryptocurrencies remain sleepy... (This could be a final manipulation-effort to bring the price of bitcoin down further below 10k usd, lots of professional traders wanted to see Bitcoin drop to 8k usd before recovering, but this hasn't happened yet.)
- What are your opinions on the current events and price evolution? Are you expecting more bears or bulls in the weeks to follow?
If you do not understand some of the terms or arguments stated in this article, feel free to ask questions in the comments, I will answer them carefully and maybe dedicate an article to explaining some of these.
Disclaimer: I am not a financial adviser nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
Thank you for reading.
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Cheers,
MAXIDIGI
It's also a good sign that the expected sell off of BTC because of the futures market didn't have a huge impact.
Yes I also feel that is true! They were unable to break the support of BTC and BTC only went under 10k usd for a very short time, so yes Bitcoin is a beast and did really well in my opinion.
I guess now the whales will wait a little more before pumping the price, hoping that some people will panic-sell? This is only speculation tho, I hope we go to the moon soon :)
i am not sure, but i feel market manipulated.
Yes there is definitely some manipulation going on in the market right now... Hopefully these manipulators will allow the market to go bullish once again, I feel now is the right time. But the whales have so much influence... They do whatever they want. WHALES IF YOU ARE READING THIS, GO BULLISH! :)
Coins mentioned in post:
Ah I wonder why it is this often happens for cryptocurruncies in the month of Jan. Oh yeah I have a question is it often the value of crypto coins change either up or down slightly? Like is there a type that always remains the exact same or no?
Almost all cryptocurrencies are very volatile so yes they move up or down most of the time, sometimes a coin can side-trade aswel and then prices can stay less or more the same for a while.
There is one type of coin I know of that always has a fixed value, it's called tether (USDT). 1 tether will always cost around 1$. But I would not recommend using this cryptocurrency as there are a lot of people feeling this coin will crash soon! You can find more info about tether here: https://steemit.com/cryptocurrency/@maxdigi/many-questions-arising-about-cryptocoin-tether-and-bitfinex
Thank you for your comment!
Ah okay so the value of the different coins for the most part always changes either from up or down now I am starting to see why so many people when they get the coins rather than use or spend them all right away they opt to save them. because value can either increase or decrease at times if anything I say crypto currency will show ya self control on spending and saving heh XD