CryptoBitcoinChris: “The trend is your friend!”
Everybody in cryptocommunity is just waiting for a bounce. Good news! Some experts claim – altcoins are near bottom. But maybe – not immediately.
– Altcoins are down three to six percent, Bitcoin overall market cap of crypto is low. Bitcoin basically is just in the same bear flag declining or descending channel not a whole lot going on. Some people looking for a bounce I suspect we may get a move lower at some point probably closer to 6000 to possibly 5800 range around the end of the month. I think you will see the news come out concerning the ETF in about three weeks and it’ll push Bitcoin down with just a little bit even though people should already have that baked into the price.
It is natural for traders – to seek the moment when to buy. And for sure good to buy while altcoins are low. But… CryptoBitcoinChris warns:
– It’s always great to pick these coins up cheap. But I encourage you not to buy the downtrend. You hear the trend is your friend. You buy with the trend so once you start to see the beginning of an uptrend and a good bottom is signaled capitulation a lot of volume comes in by the uptrend and not take that loss!
From the side of bitcoin – “bitcoin is gaining momentum in terms of market share demonstrating a significant growth in its dominance over altcoins biggest losses”. It talks about Bitcoin cash to be chained but the key here is there’s going to come a point where things kind of change Bitcoin will consolidate. Expert forecasts: ”Bitcoin is going to consolidate move sideways for a period of month probably and these altcoins will start to take off. So you’ll see altcoin market share increase. Bitcoin market share decrease and we’ll have what’s known as an alts run that will last for a period of 5-8 weeks possibly longer. So everybody’s I’m sure looking forward to that”.
Great prognosis! Thank you, Chris!
But this is another Chris in crypto…
Chris Coney: “Super high risk with super high reward”
Chris Coney (The Cryptoverse) on the basis of Technical Analysis claims – Ethereum will drop to $136:
– Let’s face reality. If their aims price in dollar is in a steep decline, the Ethereum price according to my technical analysis the next support line isn’t until a 136 dollars which was the low of the 16th of July 2017.
Without TA you may see some fundamental factors. Ethereum is benefited from being the platform of choice for ICOs. Smart contract functionality makes it much easier to create a new token or a new cryptocurrency on the Ethereum network versus the huge complexity of establishing a brand new blockchain just for that token. Chris Coney underlines:
– I am suggesting that a lot had to do with the fact that people saw Ethereum as providing a genuinely useful service. It’s fundamental value which then sort of creates a feedback loop when people expect those fundamentals to get stronger over time. And then the price continues to rise.
So what? Chris makes an aphorism-like statement:
– This crypto market is so brutal it’s really only for the most resilient people or those with faith in the long-term potential in this industry. That we’ll be able to hold out. Now I don’t mean to be glib but these are the dynamics of a super high risk super high reward market.