It won’t be an article about Bitcoin being a bubble (maybe a little) and it won’t be a criticism of cryptocurrencies (absolutely not!), but a look from the observations on few dozens the most popular coins in pair with Bitcoin.
They fall – it’s obvious, because Bitcoin gains. It’s not like this – when USD was getting stronger, we didn’t witness strong falls of US stocks, right? No – of course, that here the correlation was different because we can see serious symptoms of strong bullish trend on most of the cryptos. Although it’s good – it is easier to find coins with great potential.
Not many people involved in cryptocurrencies remember bear market after the real estate crisis (not even mentioning the dot com bubble). Although it is common, that most of the stocks are depreciating then, or maybe just falling like a rock.
Here I will use Ripple chart (against Bitcoin), on which one of the paid groups announced buy signal:
As you can see it is falling strongly, what could you explain with dynamic gains of BTC, but we don’t buy crypto, so they will be 100% dependent on BTC, because we could just buy Bitcoin alone. The same is with stocks – during bear market they are decreasing in pair with the index. However, there are some diamonds, which don’t fall and sometimes just gain. This is a type of crypto I look for.
Looking at H4 charts with Ichimoku indicator (it shows really nice whether the correction can end or is it still bearish trend and you shouldn’t buy) I see few cryptos gaining or in correction. These are the coins I want to take a closer look at:
It’s not some strong bullish trend – because Bitcoin gains and “bearish market” is lasting, but you can see that it broke above the cloud, correction stopped perfectly inside it, what tells us something about respecting level and bullish trend.
Good news about Next – every owner will get 0.5 of Ignis, what caused strong price gain. After quite dynamic correction retracing about 50% of market optimism, price is gaining again. It seems like this movement can stay till the end of December.
Real star of last days was Monaco, which rapidly gained almost 200%. All the time it is above the cloud and if correction will end (strong pin bar can be an evidence), another dynamic gain should appear.
Funny name, but we are still above the cloud. Although here the gains we built on one single shot with huge volume and maybe it is popular among cryptos “Pump and Dump” – where on different groups there are great recommendations for some coin, dynamic gains show up, people who earned on it sell it and the street stays alone with the coin.
That’s it from the list of about 100 cryptos, which I observe, and which still stay above the cloud, what can we treat as a bullish trend against Bitcoin. So, this is a true bear market.