Checking in on the Altcoin Sentiment...
Curious where we might be in the altcoin price market cycle?
Me too...
Just based on what I am seeing and reading though, I would not be surprised if we are somewhere around these levels currently:
(Source: https://twitter.com/MoonOverlord/status/1150044493892243456)
For the last couple months I have seen a lot of animosity and hatred towards altcoins.
Both in their technology and their price action.
Things are changing?
Well, lately during the past few weeks, this anger and animosity has turned into mostly silence...
People are giving up and throwing in the towel on them...
They are depressed.
Well guess what, this is what market cycle bottoms look like.
Stay informed my friends.
-Doc
Yes, we all just need to hold on and be patient!!
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Hopefully. There is no guarantee that is exactly where we are on the chart. I am speculating.
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Been here before, done this before, seen this before. Markets transfer wealth from the impatient to the patient.
Yep, and we are probably right in the midst of the that transfer... people dumping alts to chase bitcoin. Chasing rarely works out.
Yep, always accumulate when things are "dead" whether that is when the sky is falling and bitcoin was down to the 2K range, or alts right now.
Agreed. Hopefully that is true with steem. It hasn't been dead, but it has been a zombie for a year and a half at this point... Prices may be indicating capitulation now, hopefully. :)
I sure as hell hope so!
Honestly I am not confident these are the lows... I think it is going to take bitcoin making new highs and starting to roll over before we see another majorly bullish altcoin market, and that may be months or even a year or more away...
We will see
So what happens after disbelief?
Look on the left side of the chart... :)
Damn we need a rally! 👍🤗👍
I am ok waiting for one. As long as it eventually happens.
September and October are going to be the absolute bottom.
I'm about to write a post about this right now.
The bottom for some altcoins (especially Steem) may come a bit sooner.
We can see this happening because normally when Bitcoin crashes, coins like Steem will fall twice as hard, but today I see the pattern of something different. Today I see many altcoins falling less than Bitcoin, which implies that much of the programmatic bot selling going on is running dry on the altcoin market.
We need to keep a VERY close eye on the market over the next month or so. I've set flash crash buy orders for Steem on all three Binance markets and the one Bittrex market. Liquidity is scarce and some whales may panic sell.
Good thinking. Also something to keep an eye on is as bitcoin pulls back is whether altcoins go with it or not. They are right now, but if bitcoin keeps pulling back, at some point they will stop as some of the money coming out of bitcoin goes into alts. When that starts to happen that may mark a short term bottom. I say short term because if bitcoin shoots back up quickly, it may pull money right back out of alts again.
It's really a fine line until we get bitcoin making new highs and then consolidating... we need people to stop believe that bitcoin is going to keep going higher, and that may not happen for a while. Bitcoin has a lot of runway ahead of it. The altcoin bull markets tend to happen at the end of the bitcoin bull market price cycles, which we are still over a year away from that... so we may have to wait a while before we see any really significant rallies.
Let's see first if bitcoin crashes. I'm not that sure. I think will keep above 10000 for a while and then fall. But yes the programmatic bot selling is getting weaker. Good news to detach our price from the movements of bitcoin.
Bitcoin goes up steem goes down. Bitcoin goes down, steem goes down more. That has been about the only trend as it relates to bitcoin for the last 3 months. :)
Everything seems to be on sale at the moment.(trying to be optimistic )
Yea I am not sure how to value most of these things to be honest, so it is tough to come up with any kind of fair value metrics. Being down 98% from your high seems like a pretty good "on-sale" metric though!
i agree.
The bitcoin seems to be a few months, or maybe a few weeks ahead in the chart. I was seeing some disbelief there for a bit.
Load up what you can people, we will never see these prices again.
I certainly hope that is the case!
I'm very patient....right now I'm little, but coming out the other side I hope to be much, much bigger no matter the time frame lol
Hopefully that is the case with steem for sure!
Is there a "fuck your sellofs, im never budging" place in the cycle? Lol
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Yep, I think that is the depression phase... :)
Just a great accumulation phase once more! Diversification will ultimately be rewarded especially if those that participated in the run higher in bitcoin do so.
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The higher it goes the more money to flow into altcoins...?
The more they will have to deploy!
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Go bitcoin go!