Record volumes on Bitcoin Futures, Google Trends spike and AlfaQuotes 87% buy signal. Back to the Moon!
Hello my fellow Steemians and Crypto Investors,
Today I want to share with you a few of the tools I usually check to be able to predict, with some historically proven long term accuracy, where the Bitcoin price is headed.
Do keep in mind, this is a very young market and thus its history is still very short. Unforeseen temporary events can happen at any time so you should only use them for long term confirmation, not as short term Technical Analysis indicators. However, these tools have proven very valuable to me. In the long run they strongly correlate with major price moves on the Crypto markets.
In a previous post from 26 days ago I predicted a Bitcoin bottom had been reached. Looking back now I can see there was still some more room for prices to fall but, if you look at the big picture and this bottom is confirmed, as it seems to be the case judging by today’s impressive green candles, predicting a market trend reversal so close to it is very good and I did it mostly by looking at these tools.
CME Bitcoin Futures. Record volumes and a strong green spike up confirm this trend reversal
AlfaQuotes.com. This trusty website calculates Bitcoin's "Fair Price" based on a formula that includes the cost of mining equipment. Do not use it for short term trading! Mining equipment prices do not change as often as Bitcoin's volatile market does. This is a long term tool that has never failed me. Right now it's showing a very strong 87% potential buy signal!
Google Trends is a very good indicator of long term interest in Bitcoin and cryptocurrencies. I always look at it for trend confirmation. Just yesterday we had a spike of interest that I plan to continue monitoring throughout the rest of the week.
Mcafee's Prediction Tracker is a very good tool that I also use to predict when Bitcoin is undervalued. It plots John McAfee's $1 million Bitcoin bet by the end of 2020. I'm not so sure we'll reach that goal but, in the meantime, it's a good indicator of how over or undervalued Bitcoin is.
Do you find these tools useful? Have you used them before?
Do you have other tools you want to share with the community of crypto investors?
Do share your thoughts on this post with the Steemit community in the comments below!
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78.7
This is the start of something big I think. Trend reversal and some big moves to the upside are coming I hope
A lot margin traders got liquidated today on Bitfinex. I posted about the extreme positioning yesterday, but I didn't think the short-squeeze would come this soon.
https://steemit.com/bitcoin/@techwizardry/margin-shorts-on-bitfinex-are-now-higher-than-when-btc-usd-was-usd20k-let-that-sink-in
This is very big, pertinent news to anyone that follows cryptocurrency in the least bit. As of right now BTC is still the standard in cryptos, for the time being, and whether we like it or not pretty much all of them to a degree are fundamentally linked. Being that level of volume there apparently a lot more people willing to dip their feet as they think the bottom may have hit as of lately. We shall surely see, thanks so much for the info @cryptoeagle!
Great post!
Thanks for tasting the eden!
George Soros might be responsible to this sudden jumped, he loves bubble, he's like a vulture that eats the flesh of those rattled seller. :)
Wouldn't that be crazy if he diversified himself in the cryptos? I don't understand why there aren't more people in here playing with tiny amounts, there are massive percentage gains to be made here, a very easy position to be had just by trading your basis. By the way, have you noticed how when the highest cryptos that rise in value are fairly spread out, meaning it's not always the same one towards the front? I think there are definitely some whales in the finance world picking this up, especially lately. Too much movement for there not be something up, plus like 4X daily volume jump (Steem) averaged like a week ago.
I love the post man. Where did you find that volumes surge? I think just as Wall Street pumped up BTC to $19k. Then shorted, the opposite is happening now. They bought up while it is slow and now they are pumping the futures. CNBC came on today with reports "BTC bottom in - buy buy buy!" Its crazy how manipulative Wall Street is. Your only defense is to HODL. Great read.
Hi @jfitmisc,
HODL 2020, it's my motto ;) Here's the link to the CME futures page: http://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html
Regards!
Wall Street money should flow in very soon…
That's really a wonderful news
Hope so that it will rise more ...
Thanks @cryptoeagle for sharing such a wonderful article ..
Resteemed it (y)
This might be the ride that drops me off at retirement!
Let's hope McAffee is right! ;) I do believe Bitcoin or a top altcoin will be worth 1 million some day. However, that million may not buy the same it buys today. Still, it will make you very rich, which is why I hodl the top coins with help from my app. regards @DanPaulson!
A lot of great info! I hope we reach bottom already.
Thanks for this raport :)
Trend is still lower so beware! Need to look at volumes to back up any change in trend. A possible cause of the move could be some short sellers covering their positions which forces buying. If it continues, more shorts could be squeezed and forces to cover their positions.