Top 10 Cryptocurrency Analysis 2/8/18
The cryptocurrency market currently appears to be more stable and has risen since the positive cryptocurrency congressional hearing... let's see how the top ten are performing now as we continue to wait for a buy signal! We also have a new cryptocurrency in the top 10 this time, which is IOTA!
Changes since last analysis:
-NEO surpasses Stellar to become 7th largest cryptocurrency
-IOTA surpasses NEM to become 10th largest cryptocurrency
Here is my analysis of the top 10 cryptocurrencies as of 2/8/18
(All chart times are in UTC time, the RSI is based on the closing price of the previous day and the RSI projection is based on current UTC time)
Bitcoin
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is above the average, the RSI projection is below 50 and stable and the highest sentiment spike in the past 30 days was recently. Based on this, the price appears to be starting a slow recovery, but there is still some negative sentiment involved. Once the RSI projection is above 50, the BVR is below the average, and there is more positive sentiment then we should buy more bitcoin.
Ethereum
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is slightly below the average, the RSI projection is below 50 but stable and there was a recent sentiment spike. Based on this, the price looks like it is starting a slow recovery. The sentiment spike also had a negative spike right after. We should wait until the RSI projection is above 50 to buy more Ethereum.
Ripple
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is below the average, the RSI projection is below 50 but slowly rising and the last sentiment spike was a while ago. Based on this, the price is starting to slowly recover. We should wait for the RSI to reach 50 and for another sentiment spike before buying more.
Bitcoin Cash
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is high above the average, the RSI projection is below 50 and slowly rising and there was a recent sentiment spike. Based on this, the price is recovering nicely. We should wait for the BVR to go below the average and the RSI to reach 50 before buying more.
Cardano
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is below the average, the RSI projection is below 50 but stable and there hasn't been a sentiment spike for a while. We should wait for the sentiment to go higher as well as the RSI to go above 50 before buying more.
Litecoin
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is above the average, the RSI projection is below 50 and appears to be slowly rising and the highest sentiment spike was recently, but there was a negative spike to offset it. We should wait for the BVR to go below the average, RSI to reach 50 and for higher sentiment before buying more.
NEO
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is above the average, the RSI projection is below 50 but stable and the highest sentiment spike was a while ago. This indicates that the price is in a slow recovery. Before buying, we should wait for the BVR to go below the average, the RSI projection to go above 50 and for more positive sentiment.
Stellar
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is below the average, the RSI projection is below 50 and falling and the highest sentiment spike was a while ago. We should wait for the RSI projection to go above 50 and for more positive sentiment before buying more.
EOS
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is below the average, the RSI projection is below 50 but stable and the highest sentiment spike was a while ago. Before buying this, we should wait for the RSI to go above 50 and for another sentiment spike.
IOTA
Business Value Ratio
Relative Strength Index
Sentiment Indicator
Analysis
Currently, the BVR is below the average, the RSI projection is below 50 but stable and the highest sentiment spike was recently, but there has also been negative sentiment so we should use caution. We should wait for the RSI to reach 50 before buying more IOTA.
Thank you for checking out my cryptocurrency analysis! We are in a slow recovery right now but we never know what could happen; as long as you keep that in mind you are good to go :)