A lot of coins show a very similar pattern with and very high similarity index. That likely means that the same traders are buying and selling theese coins based on fear an greed. That is why the chart patterns looks so similar.
So how can we use this to our advantage?
If one of those coins starts mooning, the other coins which look similar are likely to follow because the same crowd buys and HODLs them.
If BTC hits 20k again what do you think theese coins will look like?
LTC shows one of the cleanest charts out there:
I managed to catch the low on ETH when I bought @ 430 which I wrote about on my blog as a must buy:
BCH:
Substratum:
Stellar Lumen:
Ripple:
ADA:
SBD:
STEEM:
And many other coins look exactly the same...
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DISCLAIMER: This post / analysis serves general information purposes only. I am not a financial adviser. The material in this post does not constitute any trading advice of any kind. This is just the way I see the charts and what my trading ideas are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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One observation - It seems at the moment money is pouring out of alt-coins while bitcoin rises. What do you make out of this?
In last weeks/month those were more or less moving in sync but it seems that changed.
I am not sure what to make out of it.
If I remember correctly we had that in Nov 2017 before the big BTC rise. That could be the same here.
On the other hand it might be the last thing supporting BTC at the moment - money from alts - before moving down big time.
I think it's profit taking. While BTC is only up 27% from the low, some coins are up 40-100%. Traders are in it for quick gains. 50% up in a week is every traders dream (for non leveraged trading of course)
In this bear market people are looking for stability, with bitocin having the biggest market cap it makes sence that beaten up investors would flock to it
Thanks for the update - do you see that as an indicator for the bear market to be over?
Why I am asking - yes the btc move looks very promising but I don't see a high certainty that this means the bear market is over. It is easily possible that we turn at the 128 daily MA, the 30/50 MA weekly cross the 200 MA - those proofed to be strong resistance turning hopes into a bull trap several times.
I don't have a fixed opinion. I think it is a good sign and the timing is perfect. Those who wanted to buy below 5k are screwed now if the low is already in. Greed, missed the best chance, FOMO (hopefully).
I will tell you in my blog when the correction is likely over and when it is 100% over which the waves will give away, but that might take a few months if this pump continues.
Thanks for your comment.
I get your point about those missing their 5k target.
Did I get it correct - you think a real decision if bear market is over needs a couple of month?
Yes, because there are several ways that this move up could be part of a corrective move up. Those need to be invalidated before the real party starts.
If the bullish pressure continues from now on, that could mean October / November or Q1 2019 before the fun part starts once again.
Your forgetting one chart....
That's when I buy my lambo
Just one?
$400,000 isn't easy to come by okay. Gimme a little kred.
Where is steem and sbd's chart?
I added them.
Thank you brother <3 Have you signed up for #byteball air drop?
I tried but I need funding:
NQE7AY7ZDMKN6MCJTSA4VUYM2ORQIGCD
are you on discord? can you signup using my link? i will send you required funding.
I need to go now. I'll activate it later
sent you funds, complete the signing process. when you have time.
if you signup using my link , i wil lget 10 $.
What link? Post it here. I thought you just need to fund me to get the ref bonus?
where is your 100% upvote?
here you have it.
Yeah im sensing some craziness here in the near future.
The reason why all charts look the same is simply, because every coin does what BTC does. So to know what they will do, you only need to watch BTC. That's not rocket science ;)
Have you claimed the eosGAS airdrop tokens for free?
What is eosGAS and what is required?
Check my last post, there is the link to site there. I do not wanna spam here.
Thanks again, really enjoy your posts BTW.
I am with you, promising start but nothing confirmed yet...
Lets hope! I actually noticed today that Steem & BTS chart are extremely similar and both look like a double bottom, however anything could happen of course. Regardless there will be some level of pullback soon I would expect- half considering buying bit more Steem & BTS encase bottom is in ;)
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Thanks for this update...I only want to buy Steem haha...
Not a good idea unless you want to be powering down that steem for 2 years. Get something that you can liquidate with a click of a key. That way when the market turns sour in the future like it is now you'll be able to get out of the way.
Ok...thanks for the tips :)
wouldn't consider that tips, just basic market knowledge. I've been in the crypto game a while, how about you?
I haven't invested yet...
lol, maybe it's best if you didn't. If you want to exchange steam dollars for bitcoin that's fine. However when you part with thousands and thousands of usd it leaves a hole in the deep pit of your soul. (I've put enough money into to Litecoin to buy a nice car if I cashed out. That's a lot invested, and it's a bit worrying).
I wish I'd been on steemit sooner, then I could've gotten crypto essentially for free
Haha...not a car...you can buy a private jet in future :)