Where are We ? A Cryptocurrency Market Review for 05-21-2018

in cryptocurrency •  last year

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Random thoughts for entertainment purposes on cryptocurrency short term prices. This post is purely for entertainment value alone, and is not intended to represent or constitute financial advice. Always provide your own due diligence and risk management in respect to investments.

Momo

Screenshot 2018-05-21 at 6.26.23 PM.png

Short-term momentum is definitely upwards, but both mid and long term momentum indicators are DOWN.

Oversold/Overbought

Screenshot 2018-05-21 at 6.26.43 PM.png

At this point, only medium-term is Oversold; short-term is moving back towards Oversold territory.

Brutal stuff - tough to know what exactly is going on the crypto space this evening. Short-term we are trending higher, but moving back to oversold territory.

Bitcoin

Screenshot 2018-05-21 at 6.35.04 PM.png

Stagnant! Just when things looked good with breakout to the topside of the descending, broadening wedge, the price hits a wall.

Ethereum

Screenshot 2018-05-21 at 6.35.25 PM.png

Here we see some consolidation in the symmetrical triangle. Stats look as such :

ST Momo - UP
MT Momo - DOWN
LT MOMO - UP

ST OBS - NEUTRAL
MT OBS - NEUTRAL
LT OBS - NEUTRAL

Bitcoin Cash

Screenshot 2018-05-21 at 6.35.41 PM.png

Another one hitting the wall. More of the same...stats include:

ST MOMO - UP
MT MOMO - DOWN
LT MOMO - DOWN

ST OBS - OS
MT OBS - OS
LT OBS - NEUTRAL

Litecoin the Laggard

Screenshot 2018-05-21 at 6.35.51 PM.png

Wow, surprise surprise..dropping fast like a rock. No Luna for you today, my 21 Litecoins.

A Contrarian Thought

Using Tradesview's Strong Buy thru Strong Sell metric on their dashboard, my thinking is : what if the market cap is a strong sell...shouldn't that be a good time to buy? And if the indicators are stating the coins are a strong buy, shouldn't that mean we should run away, short term? With that said, let's take a look:
As of now, we are at -1.23 (where strong sell =-2, sell = -1, neutral = 0, buy = +1, and strong buy +2). This is one I want to start tracking to see how well it hits market tops and bottoms.

That's it for today - I hope you all had a great Monday; we await fortune in the future. Good luck and good trading to all.

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Hello sagesigma!

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great, thank you!

Seems like the market is really starting to make it's mind up. Nice write-up of where we stand. Any low market cap alts that you have your eye on?

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I honestly do not right now - about as low as I've gotten into is Digibyte, which I love, but that is still pretty big. I've tried to work thru some items on Kucoin, but a lot of those I really have no idea about.

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Cool. Thanks for sharing. Digibyte is very interesting from everything I have read about it.

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Have you been looking into anything small cap? I've read about a few in the High webbot report, but hard to know if any of that is useful as the predictions have been off recently.

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Not lately. I haven't been trading much for the past 2 months. Now I am starting to shop around for alts. Hopefully I can find something undiscovered that I can hold on to for a year. ;)

If I find anything good, I'll let you know and you can tell me what you think.