Bouncing off $274B. Again.
From coinmarketcap
Apologies for the poor quality of formatting, short post, etc. I'm working tonight so I'm having to post this from my phone.
Total Market Cap Price movement - or lack thereof
Despite my (many) bullish predictions to the contrary, it looks as if following this downwards sloping chart to the bottom is inevitable. There were numerous reasons to believe that this would not be the case, but it is painfully clear that this now is the case.
The good news is that this pattern is drawing to a close. The top side of the triangle is very close to meeting the base of the triangle. The support level of about $275B has again been tested today. So the 2018 status quo (endless price drops) is about to end.
What's next?
Since bold predictions are not working for me, let me now try conservative: I predict sideways movement for the next few months i.e. no big rises, no big falls. Just a steady total market cap in the $ 275B region. Hopefully this would be followed by a climb in the next hype cycle.
Other things could happen. Price could take another big dive, or climb. But my guess it that it will remain steady for a while before climbing again.
I'm still bullish
Come what may, I still firmly believe that the market is chronically oversold and undervalued. Great new blockchain companies have been launched. Their coins/tokens are selling for next to nothing. Once the value of these companies, especially because of their integrated blockchain tech, is realised, prices should again shoot up. Blockchains are our future, in so many ways. It's just a matter of time.
Now, more than ever, I consider the market to be a tightly coiled spring, just waiting to fly upwards (cue the "Lambo", "Moon" posts as new money once again floods the market and the cycle repeats).
This time around it will be easier to invest than ever before: exchanges have far greater capacities, regulations are far clearer (though they still have a long way to go), apps and websites are getting easier and easier for the layman to use.
Conclusion
So that's my 5c worth for the day. That's what I believe.
What do you believe will happen next?
Yours in crypto,
Bit Brain
DISCLAIMER:
I am not a financial advisor nor am I a professional trader/investor. This is not financial advice, investment advice or trading advice. Unless otherwise stated, all my posts are my opinion and nothing more. Crypto is highly volatile and you can easily lose everything in crypto. You invest at your own risk! Information I post may be erroneous or construed as being misleading. I will not be held responsible for anything which is incorrect, missing, out-of-date or fabricated. Any information you use is done so at your own risk. Always Do Your Own Research (DYOR) and realise that you and you alone are responsible for your crypto portfolio and whatever happens to it
There's just not any good news at the moment. I have a live finanical news feed and literally every 5th message is a negative story about crypto. Hard time getting people to invest when it's all doom and gloom..
people are so fickle, they change their minds at the drop of a hat or the first sign of hype/FUD. No worries though, a bull run is coming, a BIG one!
Honestly though, I would have preferred slow and steady growth, but that does not seem to be the way with crypto.
as I always say, I think it's a highly speculative market for short term profits only. I think anyone is insane to put long term projections on it at the moment.
Maybe in a year or two it'll be clearer, I think you'll see a natural selection process soon where only the most 'useful' ones survive.
Absolutely. The silly coins and ICOs must die. Long-term all I'm willing to say is "up".
I don't know, the whole thing just looks like the dotcom bubble all over, the ICOs are just like all the tech startups during that period, the vast majority failed. Will be interesting to see who makes the cut.
Everyone is banking on bitcoin making it but I think that's just because it's the oldest. Unless it becomes more 'useful' then it'll probably fade away. Does any Facebook user remember MySpace or Bebo ?
UPDATE: it's about an hour since I posted and it looks like the support has just been broken. So down it is (I suspected that that may have been the case, but did not want to spread FUD). No worries though: it just winds that spring up even tighter. When we do go up... ... it's going to be a vicious climb. No half measures in this market, it's all or nothing!
Soon be time to load up.
Very true. If I had the cash I'd be loading up already.