Crypto Sentiment Score | July 20th | ItsCryptex
Score today
Bulls 3 | Neutral 2 | Bears 11
Summary for today:
Ether and Ripple were our alert signals 2 days ago for all the altcoins, while Cardano was the ray for possible bull sentiment building up in alts, ETH and XRP were the correct signals for the whole market, and the BTC bull run is currently absorbing all the volume, as has been happening in the past, if BTC runs up, alts suffer, at least for a short term.
Be careful out there, long term investors under you, may see current market as a good buy in, short term investors and traders should stay on the sidelines for now.
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
#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 on the 30 day in the past 3 days has remained above average compared to the whole month, looks like investors are accumulating a little BTC currently with price holding at 7300-7400
Signal | Bullish
Bitcoin Volume 6 months
Volume for 6 months remains unchanged
Signal | Bearish
#ADABTC
Cardano broke its 1HR support line, halting the current upward trend, the questions is if ADA will follow the other alt trends, that you are about to see on the other couins further down. The chart remains bullish neutral.if we fall to 2000 satoshi, it will be a red alert.
Signal | Bullish Neutral
#ETHBTC
Ether in free fall, bears are in control
Signal | Bearish
#ICXBTC
Icon continues its 4HR trend descend
Signal | Bearish
#NEOBTC
Yesterdays assumption that NEO looks like ADA by me, was total buggus, NEO follows the other altcoins into a bottomless pit for now
SIGNAL | Bearish
#XEMBTC
New 7 month low against BTC for NEM
**Signal Bearish **
#EOSBTC
EOS testing its previous low
Signal Neutral Bullish
#ARKBTC
Last time ARK has rouched such low BTC comparison was last year April
Signal | Bearish
#IOTABTC
3month low touchdown on IOTA
**Signal | Bearish **
#DASHBTC
Neutral Signal on DASH, it’s a ray of hope currently
Signal Neutral
#QTUMBTC
7 months low on QTUM
Signal | Bearish
#NANOBTC
Nano also continuing the wasteland journey
Signal Bearish
Signal | Bearish
Ripple and Ether were the first warning signals, when BTC drove up and other alts made a little fake out gains, ETH and XRP were the ones to give us the real market directions as the first 2 coins. Continuing the bear run
#BTCUSD
Signal | Bullish
BTC keeps testing the resistance, a lot of volume signals that many altcoins funds are traded for BTC currently
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