12/15/2017 The Market View and Trading Outlook
As stated in my last analysis, I was feeling a bit more Bullish on Bitcoin as it eliminated much of the divergence on the 12 hour chart and the 1 day through its ranging behavior over the last few days. On the 1 day the MACD/Signal managed to briefly come into equilibrium and from there we had another run up. Looking at the indicators, we are oversold on the 1 Day with an up trending MACD histogram. On the 3 day we are neither oversold, nor overbought and we are again trending upwards. While I’m would not call myself a bull or a bear, I simply go with what the charts tell me. What they are telling me at the moment is that we can expect further gains to the upside with BTC and likely new highs in the very, very near future. The 3 day is telling me that at a point we are going to see tapered gains but gains none the less. Instead of going up $1000 a day like we have seen previously it may begin to taper off of bit at some point and while it will rise it may do it in more traditional fashion. All said my synopsis on BTC at the moment is Bullish
ETH @ $640
Still feeling value here, ETH has had a rough ride these last 24 hours and for those that HODL I commend your bravery. That said, Alt coins can be a double edge sword at time and are very prone to whipsawing day traders around. BTC goes down, your ALT crashes, BTC goes up your ALT crashes. While this may seem to be the case it really depends on the overall state of the market. For the last few days the market has been very tense, everyone waiting for the big boom that never happened. Accordingly many switched to ETH as a store of value and ran the price up to uncomfortable levels. Then as BTC looked on the verge of a major correction fighting the mid $15,000 zone everyone got jumpy and started dumping pushing the price down. Even though I suspect that much of the BTC action around the low $16,000 zone was the reflection of people selling into Alt, not a lack of health in BTC. So as they bought ALT money was pulled from BTC, price goes down, people get scared, sell the ALT it drops.
That said what happened last night was a pure example of money cannot be in two places at one time. BTC made a run starting with a 400 BTC buy on Bitfinex that turned the 4, 12, and 1 day indicators to the upside. As a result BTC took off and began crushing the ALT coin. People jumped ship on ETH to join the BTC team and it plummeted from $700 to $615. BTC corrected and they jumped back on the ETH band wagon. Expect more of this throughout the day and don’t expect a ETH explosion till BTC settles out and goes sideways for a bit again. I have been trading the range all night, I do think that ETH is due for another run up to $800 plus in the near future. I may be wrong but at the moment the charts are in my favor. The 2 hour frame will go positive at some point today which should bring a nice run up with it. That of course being dependent on BTC not taking off and pulling out all the money.
LTC @ $300
Litecoin for me is a wait and see. It’s an easy trade if you want to play the ranges. BTC goes up LTC goes down, BTC goes down LTC goes up. The indicators are saying the LTC is on cool down at the moment and will likely hand in this range for quite some time. That said if you get in around $250 and would like to HODL then go for it. AS this is Crypto nothing is guaranteed, but for the interim that would be my assessment on Litecoin.
Previous Analysis:
https://steemit.com/bitcoin/@pawsdog/12-12-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-11-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/5ceniq-12-9-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-9-2017-the-market-view-and-trading-outlook
Yeah, TAF guys have a heavy night traffic I fall asleep and miss nice dip in BitShares.
My margin was executed so I lost about 28%!
Check my analysis here!
I agree with you as you say: Alts Up BTC down and vice versa! The swing is rotten. Also No more dog shit Dogecoin surprise me, goes up 54% in 3 days. It's nice dogy coin for shifting value around crypto world, low fees. And also DASH makes near 50%.
Be TAF don't scow your watch!
What's your time zone? Main is UTC+1. Trade you BitShares, EOS and Steem? They look promising to me and their blockchains are fast like your bike at full RPM. Also full active. Check https://blocktivity.info.
My time zone is EST, US Florida... I agree, I will have to check some charts on other currencies..I typically stick with the big 3 as that is all I really need.. I caught ETH at 629 last night, sold at 690.. grabbed it again at 650 along with LTC at 261 which I just sold at 318.. still holding the ETH.. I typically concentrate on these three as its more than enough to focus on and offers plenty of profit..
You can try BitShares here: https://wallet.bitshares.org!
Its first all on blockchain decentralized exhange for trading. Its unique beast, a little weird, but fast and with microscopic fees (0.01213 BTS = $0.00046). Chines adopted because there is no registration mumbo jumbo. Need just to enter account name save a password and you ready to trade.
There is not much liquidity jet, but this Chinese guys already pump a lot of volume there. Yesterday I witness a $500k trade. For BitShares is cool, and you also can borrow bitUSD from blockchain to increase leverage and is basically free. You must just escrow some collateral in BTS (factor 1.75 or more to be safe) and you have twice as much stuff to trade.
And most important Place is IRS resistant because you don't provide any personal data to the blockchain.
This is one of my most successful posts talking about proc and cons of decentralized exchanges:
Why IRS can bust you on centralized exchanges and not on Bitshares!.
Think about that. This busters will sooner or later organize themselves and start to press hard on our asses.
Trade safe!
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