If we look at bitcoin as well as the altcoins we can see in their daily charts that most had a drop in price that landed around mid December, and they have all been rebounding from that yearly low point so far, and in fact so far in the entire bear market since the ATH of December 2017 or thereabouts for the alts. The recent December low, exactly two years later – to the week - was the recent ATL for the year. Bitcoin has been gradually inching its way up in price, but some of the alts have been pumping for the latest alt-season, like new Spring blossoms racing each other to be the first to offer themselves to the bees and insects, under the all-attractive allure of the Sun.
Some of the leading alts at present are Litecoin, EOS, Cardano, and exchange coins like Binance, ..not Ontology as much as previously already. BAT has also been doing better than average. STEEM had a nice pump earlier since the lows.
However since all these recent pumps and despite them, I can’t still help but feel that this has only been the first bounce up in a still longer way down to go before the real capitulation and reinvestment. Of course even now is actually looking like a very attractive time to re-invest, especially in these alts mentioned.
EOS
I mean let’s look at EOS who just had a massive spike in price of around 20% over a two day period, and only just starting to slightly retrace, but not much of a retrace at all. This has brought us a whopping 178% up in price since the low of mid December. That looks encouraging and that is only if you were able to catch the very bottom, of course. Anyway. That’s a pump for you giving a lot of confidence to investors looking to time the next bull run. EOS has consistently come out tops in ratings including both in China and the west, with the recent Weis Ratings. Definitely ahead of the more stable bitcoin.
ADA
Another early riser is seen in Cardano. ADA has increased 134% since the December low to its current price. Their recent pump this month has looked healthy. ADA has a great team of real experience in Hoskinson, regardless of what you think about him struggling at Ethereum. The ADA tech is reputable and the fees for transferring are some of the lowest on my local exchange. So it’s cheap to move money globally from continent to continent. And faster than a bank which sometimes asks you to wait three days. This transaction can be done in minutes.
In the Cardano daily chart on Binance we can see how the 20 day Moving Average is about to come up and cross the 200 day Moving Average, and that is golden albeit a small time frame. Once we start seeing the 50 or 100 day MA coming up to cross the 200 day MA then we know it is a golden bull, worshiped since time immemorial. Will the 20 day MA get rejected at the 200 day MA? It’s very possible, this is a wait and see moment.
Volume has certainly been picking up in ADA to massive levels only seen a handful of times this past six months on the daily chart. It is peaking volume on Binance. Let’s hope they are as reputably as they are supposed to be in the top 10 of legitimate exchanges. I wouldn’t be surprised if Binance was also wash trading of bulking up the volume by selling to themselves via different wallets.
BNB
And that brings me to Binance coin BNB which is another star. It is now the era of the exchange coin, where even Kucoin is doing well, and that one really fell hard going the bear market. I was so disappointed. But they are making a comeback. As is Huobi coin, another exchange token grabbing the bull by the tail lately. It makes sense since the exchanges are the place where we all trade and their coins are used by all of us for fees. So they are reliable and offer a service so have value and make a decent investment.
Well Binance is up 300% since the low of December. Now tell me that’s not a good return on your investment? 100% a month for three months as a passive growth in earnings. If you caught the bottom that is. Well BNB certainly takes the prize for golden cross because on the daily all three of the lower EMA time frames have crossed the fourth one – the big 200 MA. Volume has returned in peaks to levels only seen in March and January 2018, at the very ATH that topped off the bull run. And as they say – volume is the indicator that really determines the direction of a trend, more so even than price.
That being said, volume has dropped over the second half of this month since it peaked, creating a bearish divergence on the volume, as it goes down while price continues up with BNB. The RSI on the daily is also gradually coming down, indicating further bearishness, though that doesn’t mean it won’t stay in the upper regions as it has done since mid December.
STEEM
Steem is another early climber, even earlier than the others. STEEM price was up 170% since the low of December. Not too bad at all, but it has since already retraced to a mere 113% profit since December lows, by bouncing off the 200 day MA resistance above. Now the 20 day MA is also bouncing off the 200 MA so let’s see if Steem can make another push and test the 200 MA once more.. It’s only a matter of time before it has to give way to higher prices. These retraces are to be expected and STEEM has simply being full steam ahead on this latest alt rally. Way to go STEEM we’re routing for you, hooting for you, or whatever it is you do when the make sound like a steam train about to blow its top and shoot to the moon.
Well we can all wish for “loonier” times and they are on their way. It may just be slow and longwinded, even shaking some of us out in the process of the entire bull run over the next two or three years. So hang in there and don’t be afraid to HODL. But don’t be afraid to trade either. It’s in trading up, by buying low and selling high, that you add to your long term investment too, statistically. It is higher risk but as you learn TA like this, you can pick up a few percentage points profit at a time along the way.
BAT
Basic Attention Token has only been around in the bear market really on most exchanges, and is a great browser alternative with cryptocurrency running on it. Well despite the drop in price BAT is another clear first mover in the recovery. Curiously BAT reached its low point in price a little later than the rest, in mid Feb instead of mid December like the others. Nevertheless BAT is up 135% at its peak recently yesterday, and is hovering around 122% up since the February low. That’s a very fast mover on the bullish side. The 20 day MA is way above and the 50 day MA is just touching the 200 day for a little golden cross in the next day or two on the Bitfinex chart. Volume is also lowering so let’s see if the 20day MA can act as support for the current BAT price.
Anyway that’s it for now from Bitcoin Babaji, keeping it transcendental.
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