Cryptocurrency back along with lots of FOMO
WTF… Those three letters have been sent to me by a lot of people in the last few days. What the fuck. The three words have also been uttered by many technical Cryptocurrency analysts. For some of the youtube technical analysts, reputations are on the line. It is a tough role to take on but certainly one that gets them a lot of followers and for many very lucrative rewards.
The problem with most technical analysis is that they are telling people what the price of these crypto assets is likely to do in the short term and I don’t think many anticipated a pump this big. In fact, many have been calling for a pullback and have incurred the wrath of their followers who have missed big gains. What people don’t realise is that in the cryptocurrency market you pretty much have to be on it 24/7! Having a look once every couple of days or even once a day, just won’t do it.
Cryptocurrency Technical Analysis
I firmly believe in the usefulness of technical analysis but after going without sleep for the last couple of months in 2017, I have stayed out of the trading game. The current price action is fascinating though and has fully sucked me back in. I find it fascinating for the following reasons, we are seeing massive upward price movement during a period where the credibility of the industry took huge hits. Hacks on major exchanges who then halted deposits and withdrawals, namely Binance, and the fact Tether has been frozen, leaving a 650 million dollar hole in an asset, propping up major exchanges like Bitfinex.
Cryptocurrency Fundamental Analysis
The drama of the Binance hack, Tether fraud allegations and admission of a huge shortfall to cover crypto deposits are fundamental facts. The fact that a rollback of the Bitcoin blockchain was even put on the table to overcome the theft of Bitcoin is also a fundamental fact and one that made me think what the hell is going on with the fundamentals. Ok, this is all the crappy stuff that has been going on and for these reasons, I am still concerned this pump could be followed by a big drop in price. Indications are though that the price could go up to 9k+ That’s back to technical analysis, much of which is very applicable here at this price level. It is a fact that not a huge amount of sell orders stand between the current price and prices in the 9k range.
It is a fundamental fact that right now is Blockchain week in New York. Consensus 2019 is the big conference taking place and that is where the money men are gathered and deals are getting done. The crypto market has seen a pump during this event in the past and this year looks no different.
There has been a huge amount of positives over the last few months from a fundamental point of view and we will have a very close look at what these are in tomorrows article and if these positives are responsible for this price action. Things like the ability of institution money to flood in and if that is in fact happening, I think it is looking and the chain analysis over the last few months and the chats I’ve had with industry insiders. The general awareness of Bitcoin and Crypto and the ease of entry to actually buy Crypto assets for the retail investor are all big factors and have seen big improvements. Is the Bull market here? I certainly think we are seeing the end of the bear market, just be careful of a big pullback in the coming weeks.
Learn about Bitcoin and Cryptocurrencies
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