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RE: Checking in on the Altcoin Sentiment...
September and October are going to be the absolute bottom.
I'm about to write a post about this right now.
The bottom for some altcoins (especially Steem) may come a bit sooner.
We can see this happening because normally when Bitcoin crashes, coins like Steem will fall twice as hard, but today I see the pattern of something different. Today I see many altcoins falling less than Bitcoin, which implies that much of the programmatic bot selling going on is running dry on the altcoin market.
We need to keep a VERY close eye on the market over the next month or so. I've set flash crash buy orders for Steem on all three Binance markets and the one Bittrex market. Liquidity is scarce and some whales may panic sell.
Good thinking. Also something to keep an eye on is as bitcoin pulls back is whether altcoins go with it or not. They are right now, but if bitcoin keeps pulling back, at some point they will stop as some of the money coming out of bitcoin goes into alts. When that starts to happen that may mark a short term bottom. I say short term because if bitcoin shoots back up quickly, it may pull money right back out of alts again.
It's really a fine line until we get bitcoin making new highs and then consolidating... we need people to stop believe that bitcoin is going to keep going higher, and that may not happen for a while. Bitcoin has a lot of runway ahead of it. The altcoin bull markets tend to happen at the end of the bitcoin bull market price cycles, which we are still over a year away from that... so we may have to wait a while before we see any really significant rallies.
Let's see first if bitcoin crashes. I'm not that sure. I think will keep above 10000 for a while and then fall. But yes the programmatic bot selling is getting weaker. Good news to detach our price from the movements of bitcoin.
Bitcoin goes up steem goes down. Bitcoin goes down, steem goes down more. That has been about the only trend as it relates to bitcoin for the last 3 months. :)