Crypto Sentiment Score | August 22nd | ItsCryptex

renej (41)in #trading • 6 years ago

Bulls 4 | Neutral 11 | Bears 17

Summary for today:

We have bears in control on the altcoins, yet Bitcoin is currently approving a Bull Sentiment. If you are into alts and wanna take short term trades, its not the time to do so, in my opinion. Safety of cash or tether or tusd is my preferable choice currently.

Not financial advice, you know the drill.

ALTCOINS BTC pairings used for summary| ADA, EOS, ETH, ICX, NEO, DASH, ARK, XEM, IOTA, QTUM, NANO, BTCUSD
#WhyAmIdoingthis?

Just like in stock trading, where you use leading indicators such as 10 year yield bond rates, transport sector indicators and volatility indexes to suggest upcoming market movement, we need similar indicators for the crypto markets.
These indicators are not just used to say, ok its time to buy ADA or NEO NOW!!! No they are meant to help you to give you technical support when deciding to trade alts in top 50 range in general, perhaps even in the top 100 range. Again this is a trading technique not an investment technique. (trading - take short swings, investing - do research on projects and hold them over the long run, plus taking profits on bull waves) Trade can generate funds, which you may decide to invest on in larger longterm investments schemes. Well this is my philosophy at least.

More over these indicators help you to make a decision to move out of a trade and into the safety of cash, even though our greedy mind is telling us - "But what if I’m wrong and it all moves up" you need technical and market indicators to tell you, its enough for now, take the profit and move into Bitcoin or into asset pegged crypto like Tether, or into the safety of cash, depending on your decision what is the safest move at that time for you and your portfolio.

Over the past 6 months I have followed the alt charts as much as possible, trying to take advantage of the alt upswing, here is what I learned - I will use ADA, NEO, NANO, IOTA, EOS, ETH, ARK, DASH, BTCUSD as altcoin indicators. If the majority of signs point to bears or bulls I will act on swing trading accordingly
(Not Financial Advice, Doing this for fun, have a good one)
Lets Start the breakdown!!

** Bitcoin Volume 30 days** (data.bitcoinity.org)

Volume is below its 30 day average
Signal | Bearish

** Bitcoin Volume 6 months**
2 Ascending 6 month Volume bars
Signal | Bullish Neutral

Total MarketCap Logscale
Total Market Cap is not in a clear upward channel, currently the market cap can be considered to be in a bear trend

Signal | Bearish

#ADABTC
Cardano, clear bear down trend

Signal | Bearish

#ADAUSD
ADAUSD is following its BTC pairing trend, downwardE
Signal | Neutral

#ETHBTC
Its not gonna be a report with a lot of words, down trend
** Signal | Bearish **

#ETHUSD
ETHUSD has only one way, that is down, as of current, new lows are expected by the minute
** Signal | Bearish**

#ICXBTC
Consolidation at its current low, benefit of the doubt with a neutral bear rating
Signal | Neutral to Bearish

#ICXUSD
I may remove the USD pairing again for the current time, anyway ICX has the same signal paired against USD as well as BTC.

Signal | Neutral Bearish

NEOBTC

NEO has failed to break resistance Bear trend has officially begun

** Signal | Bearish **

NEOUSD

NEOUSD has the same pattern as NEOBTC ofc.

Signal | Neutral

XEMBTC

NEM which has gained more and more projects making use of their tech, has been suffering further losses and is continuing to do so.

** Signal | Bearish**

XEMUSD

NEM against USD is has a more neutral approach than its BTC pairing, but really extreme caution should be placed.

Signal | Neutral to Bearish

#EOSBTC
EOS which was the driver and only winner of the March April season, has become a common Altcoin, bear pattern.
** Signal | Bearish**

EOSUSD

EOSUSD is currently in a consolidation zone testing its March low, im not expecting rosy weeks ahead.

** Signal | Neutral - Bearish**

#OMGBTC

I have decided to include OMG from now on instead of ARK, but OMG is also in a clear bear pattern
Signal | Bearish

#OMGUSD

13 to 30 moving averages, just had a bear cross over, why am I using these averages? Tbh because it works for me after fiddling around for weeks, no other professional reason.

** Signal | Bearish Neutral**

#IOTABTC
Iota has consolidated above its low, I’m giving it a pure neutral rating today.
** Signal | Neutral**

#IOTAUSD
IOTA USD is good a reason why I include both pairings, Im tempted to give this pairing abull sentiment, but we have to wait until 5624…. quadrazillion Satoshis are broken

Signal | Neutral

DASHBTC

Dash = BEAR
** Signal | Bearish **

DASHUSD

Against USD we are also trading under resistance

** Signal | Bearish**

QTUMBTC

What an incredible long downtrend, its nearly like art.
** Signal | Bearish**

QTUMUSD

Qtum is resting resistance, but we have to give it a bear signal until it is clearly broken.

** Signal | Bearish**

#NANOBTC
Nano has more volume and upward movement guys it’s a bull coin currently,

** Signal | Bullish**

#NANOUSD

This paring also trades in a bull sentiment

** Signal | Bullish**

#XRPBTC
Following Ripple and ETH is extremely important has these 2 alts often seem to first movers in the altcoin market. Currently negative crossing with 13 to 30 moving average cross. Neutral to bearish sign
** Signal | Neutral **

#XRPUSD

XRPUSD had broken support 2 days, normally a strong bear sign, but its holding up, we stick with a neutral signal for now.
** Signal | Neutral**

#BTCUSD
Always for last we leave bitcoin to get a good overall picture, an uwpward trend is currently most likely in the short term
** Signal | Bullish**