State of markets, August 22nd - where are we

furious-one (69)in #money • 6 years ago

So, after all this believing and hodling and positivity, we're still at the lows of the year in most cryptocurrencies. Full disclosure - I thought we would be higher. Not at all time highs, but definitely above 10K somewhere with Bitcoin, around $3 level with Steem and 25-50 cents wiht VIT, fueled by their platform launch.

Alas, I've been cheated. And not by just someone, but by myself. Being a trader, I know of the bias that comes with hodling. Luckily, I believe in cryptocurrencies in the long term, hence I will keep holding those few decent utility coins, while trying to capitalise on the short-term market movements elsewhere.

btclong lowest.JPG

Looking at the above chart, BTCUSD longs (candles) are near their lowest mapped levels, almost at the levels of the 2017 pre-bull run. Overlaid as a light blue area, you can see the price of Bitcoin and as you can see, at least most of the time, they like to move hand-in-hand and should they float too far away from each other, they tend to catch up. Whether price drops or positioning turns, actually doesnt really matter. All you need to know that there are more shorts than longs now... perhaps that gives you some ideas for a contrarian view. Don't hurry, take your time, plan your move, plan your future.

STEEMUSD.... oh STEEM, why are you so low? The price of Steem is much lower than it deserves to be, but perhaps the reason for the fact is we still get a massive influx of new users, trying to make a quick and easy buck. I know that the number of active users is down, but alas, I dont have the stats for new users.

Forget reasoning, an observant man looks at the above chart and sees, that price is slowly starting to diverge from relative strength. Commodity channel index, which often works wonders with cryptos, shows even a harsher div.

_{img credz: pixabay.com}

Remember though - divergence alone doesn't mean anything... divergence can disappear and price can dump faster than you can say Abrakadabra.

But if you are an investor, which you should be - investing will make you rich, day trading might make you lose your hair - then perhaps it's time to throw the chicken in the oven now?

Plan your moves, build your portfolios now.

_{img credz: pixabay.com}

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_{Title image from pixabay}

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