CryptoSentiment Score | ItsCryptex | 1st August 2018

renej (41)in #crypto • 6 years ago

Score today
Bulls 3| Neutral 8 | Bears 18

Summary for today:
Bears are in control, the only hope, Ripple is currently hitting resistance in the USD range and might have lost its steam already, we are in an overall bear market for today. Very hard to find any entry currently.

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 5 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 holding above its 30 day average
Signal | Bullish

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

Total MarketCap Logscale
Total Market Cap is no longer in a clear upward channel, we are at risk of total market cap turning around again into a bear channel

Signal | Neutral

#ADABTC
ADABTC has been following the alt crypto trend of bears being in control, clearly trading under 4HR resistance Line.

Signal | Bearish

#ADAUSD
ADAUSD has broken a strong 4HR support line and is trading just below it, until we have another clear break down candle, I give it a neutral signal
Signal | Neutral

#ETHBTC
ETHBTC is trading at its April low, and is not making any attempt to form an upward channel currently
** Signal | Bearish **

#ETHUSD
ETHUSD has only one way, that is down, as of current, testing its early July low
** Signal | Bearish**

#ICXBTC
ICON has been trading in the same Bear 4HR channel, since May, that is impressive somehow
Signal | Bearish

#ICXUSD

ICON against USD has broken out of its 1 month consolidation zone to give bears the steering

Signal | Bearish

NEOBTC

NEO is trading in its 4HR Bear Pattern, new lows are currently to be expected

** Signal | Bearish **

NEOUSD

NEOUSD did NOT touch its earlier July bottom has currently formed 2 Bull candles, its possible that the low of the past 24 hours is a new support.

Signal | Neutral

XEMBTC

NEM has broken its Bear resistance channel is going to form a new channel from here on out, the problem, bear and bull channels are possible to form, no signal

** Signal | Neutral**

XEMUSD

NEM against USD is looking less rosy, which could indicate a new bear channel to be expected against btc

Signal | Bearish

#EOSBTC
You are here because you are waiting for positive EOS News? Sorry I got nothing
** Signal | Bearish**

EOSUSD

EOSUSD is currently holding its ground and has not touched previous support

** Signal | Neutral - Bearish**

#ARKBTC

Ark has lost another 10 ranks I might delist it soon from my crypto influencers- The past top 50 coin is now at rank 85, not a good sign.
Signal | Bearish