Although I havent been trading in the crypto markets for that long, and I do think technical analysis is useful and can really aide in trading these in these markets, I'm starting to understand that rumor and hype are the main drivers of these currencies. Most of the alt coins are too thinly traded to base trading on traditional TA and chart reading. The smaller coins are too easily manipulated for that. Daily volumes of under 5 million dollars can be too easily manipulated by individuals and small groups. Its important to monitor the hype surrounding the offering I'm realizing. Did an article come just come out? Did some celebrity just pump a coin? These actions impact these thinly traded coins more than the chart formation. Did some youtube guru with 100,000 followers just promote the coin? How well is it being marketed? Another indicator might be action on Github. Are developers actively working on the project? Is it being actively developed or ignored?
Just my thoughts and any comments are welcome!
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