As of late the markets have been stagnant. Theres no buzz, telegram chats are quiet, theres still an air of desperation as people look for volatility and opportunity anywhere which ultimately leads to destruction in the bad times. Theres still no new money coming in as the total crypto market cap still floats around $263,660,619,695. ALT coins are still getting hammered hard which is causing fud on multiple levels. You can see the differences in mentality, everyone has suddenly become a trader, rather than an investor. Many have resorted to gambling with leverage, others have been sitting on the sidelines, waiting for BTC to show clear signs of a bull run.
But there is hope yet. Take a look at the monthly chart and look at the RSI.
By now everyone in the cryptocurrency market should know the bart pattern in the price charts, caused when there is low human trading and bots take over the majority of trading. But here on the monthly RSI in the long time frame we see the same pattern, historically, when BTC goes through its long term cycle and moves back into re-accumulation the RSI moves back up and stays above 80 on the RSI.
The price stagnation we are seeing now is likely a result of the re-accumulation phase and could bottom out at 8000 to 10,000 USD before moving up again going into 2020 when it reaches bull market territory (according to my TA). ALT coins will after this see new life again as the price of BTC rises to 14000 and up to the previous ATH.
Keep your eye out for $8500 for a possible entry. As far as ALTs go, we are looking at opportunities on binance for IEOs after launch to buy bounces for short term trades. I would still not hold any ALT coin long term at this point but this may change as we come to 2020.
Categorised in: Technical Analysis
This post was written by BlockAdvisor