The Crypto Bloodbath, is it time to buy?
The Crypto Bloodbath
Is it time to buy?
Before buying any coin right now I would wait for some crossings of either Stoch RSI or MACD going bullish on several timeframes such as 30 minute, 1 hour and more importantly 6 hour crossings. Don't just buy in this bloodbath. Normally I'd say buy it up when it's red, however the situation is a little different today.
The change in volume
The change in volume from yesterday to today on Bitcoin is the following:
It was over 500 million USD in trading volume yesterday and today the trading volume is over 700 million USD.
Overall market cap
The overall market cap of cryptocurrencies has gone below the 88 billion USD which was previous support overall in the market. This tells me that we could fall a lot further on all markets, so if you already want to start buying into coins again then buy in little batches.
Still want to make more bitcoin?
Check out smaller exchanges like Cryptopia, Bittrex and Yobit and look at all the coins there, you might be able to find a coin that is starting a little uptrend that you can get into, however the majority of coins will most likely keep dumping for a while.
Great advice and great words of caution. I've seen alot of posts on here today just advising people to blindly start buying without knowing if this is actually the bottom of the dip.
Yea I saw the exact same kind of posts and all they really say is just buy based on no indication of a market bounce
Litecoin and Dash are holding strong compared to some other alts. It might be a wise place to be at the moment.
Definitely play the swings of both LTC and Dash when you see them coming, but wait patiently for them to form don't just jump in hoping. They both have a strong support.
yes, steem and btc to the moon