Crypto Concerns
I have a few concerns ladies and gentlemen: not all strictly related, but all relevant. Read this post to avoid the pitfalls.
From https://pixabay.com/ ; used under CC0 licenseThe Price of BTC
This is a fairly obvious place to start. Rising crypto prices continue to affect market sentiment. I'm seeing more activity on crypto groups than I've seen at any other time in the last half of 2018. People are getting excited.
I'm also seeing analysts turning bullish, looking at the bullish indicators, while ignoring the bearish ones...
I must elaborate a little: It is not wrong to be bullish. It's my default crypto state - for very good reason - but please don't put your blinkers on and ignore the bears! See this post for more details: https://mentormarket.io/bitbrain/the-need-to-for-crypto-to-capitulate/
Volume is not holding and I still predict a return to $3200 or below. I know, it's frustrating - I've spoken over and over again about the insanity of a continued bear market when everything in the market is horribly under-valued. But just because something is insane, don't think that it can't happen! Even if market sentiment does come around and turn fully bullish, the threat of continued mass manipulation will always loom in the background (or even foreground).
If I was an Elliott Wave man, which I am not, then I would be speaking about 1,2,3,4 and 5 as BTC climbed this week, and I would now be saying something along the lines of "the current ABC correction phase". I wouldn't predict anything after that, because you know my feelings on Elliott Waves as prediction tools.
I mentioned active crypto groups...
...and that is a problem.
People are chatting again, bouncing ideas off one another, and I'm sitting there on the sidelines thinking: "why on Earth is everybody so uninformed?"
I belong to several groups, so there is no way that I can debate every person with strange views (besides, we all know that 99.9% of Facebook group debates are exercises in futility!), so I am attempting to do damage control in the worst hit areas of SS Crypto Group and her sister ships.
But the damage is severe. It seems to me that everyone who traded crypto 10 months ago is now crawling out from the rocks they were hiding under. Problem is, their knowledge is 10 months old too! People lost interest and haven't been keeping apace with what has happened in the crypto world for the majority of 2018. I'm seeing terrible advice being dispensed and even worse, people slating good advice!
When someone is arguing for Cardano, yet has no knowledge of the massive management issues and the major issue with the non-performance of the Cardano Foundation this year, then we have a big problem. Perhaps this explains why a now severely hamstrung coin like Cardano has such a high market cap compared to my old favourite: NEO - which has a much better product - and a very good team who continue to perform. People simply haven't been reading the news and have become stuck in the past.
I have asked this literally hundreds of times, and now I ask you again:
Please; Do Your Own Research!
Go re-look at the big name coins. Re-look at the coins you hold. Definitely re-look at the coins you may want to buy. Much has changed and you need to get your knowledge up to date!
If that sounds too much like hard work, then come read my blog instead. If you want the real "gold" option, then head on over to TIMM and signup there. TIMM continues to grow and our trading pits are now operational. There are several mentors who you can have one on one discussions with - including yours truly.
Too many coins!
I was hoping that many weak and unnecessary coins would have died out. during the bear market. Good news! They have!
Bad news! They have been replaced by more "shitcoins" (the standard crypto term for the millions of little altcoins with no real future).
There are literally thousands of cryptos to choose from, probably more than you think. I promise you that there are more than just the 2067 (at time of writing) that you see at http://coinmarketcap.com. It is my hope that in the next big bull run, many of the weak coins will be left behind. Note that by "weak" I don't mean small, I mean "have no future/real purpose/proper leadership".
Sadly I am sure that many people will invest in bad coins, which is rather tragic to watch. I will continue to help steer people away from coins which I believe have no future or which have a very risky one (unless they really want risk).
I also hope that those coins which have survived, the good ones at least, will finally get noticed and do well. Many fantastic ICOs of late 2017/early 2018 listed in Q1 and Q2 of 2018 and have never had the chance to perform at all. Back in better times almost every ICO that listed immediately "Mooned" to massive returns of probably 20x or more. While that scenario was silly, it shows that such things can happen. The coins didn't maintain their 20x, but they did tend to settle a lot higher than their ICO price. All the more recent coins are trading at far below their ICO prices. I would like to see that rectified, and I believe that it will be.
Footnotes
We are going to have an exciting end to 2018 and 2019 looks to be a very interesting year for crypto too. Nothing is more important than empowering yourself with knowledge before you trade. Take this time to research the markets, but more importantly, research the coins!
The future of cryptocurrencies lies in their fundamentals, not on their charts! Those who master an understanding of the crypto space are those who stand to benefit. Spoiler alert: that automatically excludes Dimon and Buffett!
Yours in crypto
Bit Brain
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Published by BitBrain
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I am also surprised more coins have not died off yet but I am sure many are on their last breath and will not survive even a good return to the mean for assets. Also, I think regulatory issues will continue to place a cloud over others as well which will also make their projects fail. Those with products working will be the first to gain traction in the bull run.
Posted using Partiko iOS
Well as I said above, you would be surprised at just how many HAVE died! We tend to think of the cryptoverse in coinmarketcap terms, but the reality is that it is FAR larger than that. The very small coins don't get listed on major sites, and there appear to be thousands of them! Any figure I give would be an estimation - perhaps I should research that and publish what best guesstimate. I do know for a fact though that many have fallen away, which means that many more have replaced them, since numbers still seem to be growing!
I suppose this is good for me: people will need help separating the chaff from the wheat - which is the kind of thing I really enjoy! :)
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any thought about xyo? think it will pump soon? im currently into its trading competition just wondering if ill get good profits soon
Hmm - a good question. XYO is not a project which I have been following, but I have taken a quick look for you, and my opinion is as follows:
XYO is solving a problem which does not require a blockchain-based solution. IoT protocols and GPS receivers should be able to do what it aims to do with less fuss.
Looking at the charts alone I must say that the short-term is actually looking rather negative. XYO has already shot up this month. With volume now tapering off and the hype a thing of the past, I would expect it to drop fairly rapidly for the foreseeable future. If you bought yours prior to the price hike, then my suggestion would be to sell as soon as possible and take the profits to reinvest elsewhere. You can always come back to XYO after it bottom if you truly believe in it.
For futher crypto discussions, I suggest that you join TIMM and come chat in our "Trading Pits." The general pit can be found here: https://mentormarket.io/tradingpits/?trading-pit/ and mine can be found here: https://mentormarket.io/tradingpits/?bit-brain/