It looks like I'm right about the pullback I predicted
It looks like I'm right about the pullback I predicted
In this post I predicted an imminent pullback with a confidence level of 65%. That pullback is now underway.
Modified by @bitbrain from https://coinmarketcap.com/charts/
How low, how long?
Good questions, thank you for asking.
I'm not expecting this to take very long. Based on previous similar pullbacks, I estimate that this pullback is about halfway through in terms of value. That means we are looking at a bottom of about $310 - $325 bn (total market cap).
In terms of time: I expect the market to turn back upward in the week of 20 - 26 May. It should recover quickly at first, level out and then go into a strong and (relatively) steady climb.
Yours in crypto,
Bit Brain
DISCLAIMER:
I am neither a financial advisor nor 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 I will not be held responsible for anything which is incorrect, missing, out-of-date or fabricated.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.
Now that BTC slumped again from 10k all the way back down to 8.5K, what happened to "The Great Bull Run of May '18" ?
I'm telling you, don't make predictions ;-)
It's still busy, it's just running around a traffic circle at the moment. It will return with a vengeance shortly!
And as for predictions:
When you going to give us a prediction that comes true then ? :-) lol
Seriously though, that recent slump in BTC because some coins from Mtgox or something got dumped. Who predicted that ? where is the chart pattern for it ? which Elliot Wave is the one that predicts big sell orders ? he he he.
...it wasn't the coins...
I take it your talking market cap then ? Why you so interested in it ? If I'm trading a Forex pair I don't give a crap what the market cap is for the whole world. Not that I care what it is for that single currency either mind you...
Trading volume for that stock, yes, useful, but not market cap ?
Market cap/BTC - either or, it's not important. I keep telling you, get some skin in the crypto game Mrs Gurl. 😉This market is nothing like your traditional ones; over here, market cap is everything and the link between it and BTC is very important. That is why we keep an eye on BTC market dominance too (it indicates correlation between market cap and BTC).
Market cap is the best indicator of sentiment towards cryptocurrencies and their current strength. Because the altcoins have sapped so much of the market from BTC, we can't just rely on BTC as a whole. The entire market also shares a strong collaborative correlation. If PIVX is going down 5%, then (unrelated) SUB is probably going down around 5% and unrelated QTUM is going down around 5% and WISH and BTG etc.
Obviously there are always the outliers and the trending favourites, which is where the shorter term traders make their gains in any market. But overall market cap (and by extension, its rate of change) is the single most important figure in this game.
But your not trading an index though, only individual coins ? If so then it doesn't matter what the overall cap is doing, only the coin you're interested in, whether it follows the cap or not.
I admit it's handy to know the cap, and the general direction, in much the same way I keep a general eye on world affairs and how it affects currency prices. But I don't make trading decisions based on it, that's up to the currency or stock to tell me.
I've been watching BTC for the last two days and I think I called it 7/8 times lol. One of these days I'm going to write articles explaining how to read charts... :-)
That would be true if I was only in a few coins. But I'm still in about 70 which means that my portfolio value generally swings up and down with market cap. It strongly represents how much I win or lose in a day.
I don't trade much these days; I have my positions and I just fine tune them with the odd trade to buy a bargain. I can't be averaging more than one trade per day at the moment. That means that about 98% of my portfolio value is still moving iaw market cap.
And since my general strategy is to grab the good coins and hold, I really don't care about short-term individual price movements, I just watch the market cap long-term trends.
Watching 70 individual figures would be pointless, I would have to combine them anyway. Might as well just use market cap.