Crypto Sentiment Score | ItsCryptex July 25th 2018

renej (41)in #trading • 6 years ago

Score today

Bulls 7 | Neutral 15 | Bears 16

Top 20 alts are consolidating against USD, while still dropping against bitcoin, the question remains if Bitcoin will raise its market share, currently its looking so. Crypto thats not in the top 50 is likely to suffer for a bit longer as it seems.

Overall its a neutral market for altcoins (top 20) and a bull market for bitcoin, total marketcap and volume is up giving good overall signs, if you enter alt positions be ready to deal 20% drops in USD Value, as consolidation zones are indeed that big.

Not financial advice, doing this for fun, have a good one

ALTCOINS BTC pairings used for summary| ADA, EOS, ETH, ICX, NEO, DASH, ARK, XEM, IOTA, QTUM, NANO, BTCUSD
Total market cap, bitcoin 1month and 6months volume comparison

#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 4 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 running on the 30 day database, bullish sentiment.
Signal | Bullish

Bitcoin Volume 6 months

6 month Volume breaking the downtrend of the past months, bullish – neutral signal, ill give it a clean bullish signal wants the median volume has been broken of the past 6 months

Signal | Neutral bullish

Total Market Cap Log scale

Signal Bullish
Total Market Cap is in an upward channel

#ADABTC

Today we want to look at adabtc and adausd, the bull run of btc we often want to push in out tether, tusd or usd into the market and not just move our Bitcoin from A to B, some investors will start to take BTC profit and move it into alts. ADABTC looking bearish by touching its previous support, the strength of the announcement that coinbase will add ada is gone for now, on the other side Cardano to USD has set new support high giving it a bullish sentiment, over all rating, neutral

Signal | Neutral

#ETHBTC
ETH has broken its downfall resistance but has made a new btc low last night, there is a small chance of consolidation, cautios when trading ether for short term gains,
Signal | Neutral

ETHUSD
ETHUSD on the other hand is looking like setting up for an upward channel we need to break 503 usd to confirm this trend

Signal | Neutral Bullish

#ICXBTC
Icon has broken the 1HR Resistance line but is still trading clearly in its 4HR bear channel, signal is upgraded to neutral bearish
Signal | Neutral Bearish

#ICXUSD

Icon against USD is trading at a 8 month low, the last time hit this price in USD was November 30th, ICON is also down to the top 30 coins, while it had been a top20 for some time, bear times on ICON

Signal Bearish

#NEOBTC
NEOBTC broke 1HR resistance downward trend and is perhaps setting up an bull 1HR channel, yet we are clearly under the previous 4HR channel, cautios trading NEO

**SIGNAL | Bearish Neutral **

#NEOUSD

NEOUSD on the other hand has seen some rise with the gain of BTC, support has been strong.

Signal Bullish Neutral

#XEMBTC
Same story on NEM, broke 1HR downward resistance, and running into an upward channel, signal is slightly upgrade to neutral bearish

Signal Neutral Bearish

#XEMUSD

NEM is looking great against USD currently, clear upward support, im giving it a neutral bullish sign, clear bull needs to break 21 cents.

#EOSBTC
EOS is fuddling around 4HR downward resistance, we stay bearish until we break 1108600 Satoshis
Signal Bear

#EOSUSD

EOS is consolidation against USD, testing upward resistance currently, staying with a clean neutral on EOS USD

** Signal Neutral **

#ARKBTC

Ark is not giving me any reason to pgrade its status at all, we stay bearish against btc
Signal | Bearish

#ARKUSD

Has at least broken 4HR resistance, we give it a neutral bearish status

Signal Bearish Neutral

#IOTABTC
IOTA is trading at December lows against Bitcoin, resistance hasn’t been broken yet.
**Signal | Bearish **

#IOTAUSD
Consolidating at current support with low volumes, staying with Neutral Bearish view on this one

#DASHBTC
Dash is taking a beating, that’s all there is to it.
Signal Bearish

#DASHUSD
Consolidating at a price that’s lower than November support, Neutral signal

Signal Neutral

#QTUMBTC
It’s a Bitcoin beating
Signal | Bearish

#QTUMUSD

We broke resistance but fernabacci level has been touched, we give it a neutral bearish signal

Signal Neutral Bearish

#NANOBTC
In the middle of a longterm downward 4HR channel

Signal Bearish

#NANOUSD

No I didn’t copy paste the nanousd of another chart, they all look alike

Signal Neutral Bearish
#XRPBTC

Signal | Bearish
Who needs trendlines for this one?

#XRPUSD

Ripple has a consolidation zone where trader can make gains losses of 16% in USD, put that in perspective against stocks where consolidation zones are under 2%, current zone is at December 12-13th Price consolidation period.
Signal Neutral Bearish