So much bearish convergence is very concerning... if you’re long cryptos. Looking at the charts below, a casual viewer might think that I’d mistakenly copied the same chart six times considering the nearly identical patterns emerging in the MACDs.
All these charts, while different, are telling an interesting story.
As brialliantly noted by https://steemit.com/@nggavin there is one truism in crypto: Bitcoin is king.
If the other cyptos can’t find ‘value flexibility’ away from Bitcoin, you’d be foolish not to hold BTC in whatever quantity.
Bitcoin’s weight and clout might also mean that other cryptos are unable to gain traction beyond speculators looking to make a quick buck. Meaning: you don’t want to get caught holding a 'nobody' crypto when the party is over.
Despite all the anarchical talk of overthrowing the banking system and ushering in a new asset era, larger investors are clearly controlling the crypto market, as speculators. A true investor would know that this is a speculator's market.
Best to stick to your plan of "go long and pray" until prices go parabolic or surf the speculator waves and take profits as you ride along.
Well, enough philosophizing. Let’s look at the chart(s).
-The Nagus
Bitcoin (BTCUSD)
Ethereum (ETHUSD)
STEEM (STEEMBTC)
DASH (DASHUSD)
NEM (XEMBTC)
Ripple (XRPUSD)
| Bitcoin | BTCUSD | Bears weakening. |
|---|---|---|
| Ethereum | ETHUSD | Bears much weaker. |
| STEEM | STEEMBTC | Bears may run out of gas with this much negative pressure. |
| DASH | DASHUSD | Flatter pattern, but no bull energy. |
| NEM | XEMUSD | Bears are cupping towards the positive. |
| Ripple | XRPUSD | Bears weakening. (I’m looking to hold tightly here. |
Disclosure:
I’m long BTC, XRP. Looking to pick up XEM soon as I like their platform structure a bit more than Ethereum. BitShares is also interesting, but more research is needed.
