But the realistic expectation is more bullish than bearish
Taylor Swift may have predicted 2017’s bull market when she sang — “Looking at it now / Last December / We were built to fall apart”, back in 2014. After experiencing a three month downtrend, another popular line from the song continues to strike discordant tones amongst the cryptoverse: “Are we out of the woods yet”?
This was what we asked this weekend in our new and free broadcast-only Telegram channel — LBX News — as it seems to be the rhetorical question of the past month. The consensual answer is that we continue in bearish territory, however, it appears we may be lurking in limbo, as the major triangle we mentioned on Friday has not yet been resolved.
When it does, it’s possible that a couple of candles will seal the fate of April’s crypto trends. Any movements may be substantial due to the current lack of volume. Thus far, last week’s candle turned out to be an inverted hammer — a common bullish signal.
Panic alerts with regards to “bitcoin’s death cross” — the moment when the 50-day moving average crosses the 200-day moving average of an asset — are likely irrelevant as such indicators have not been applied to bitcoin trading in the past. On the contrary, bears are around the corner signalling that bitcoin at £2.8k ($4k) is in the horizon.
Alts across the board have been declining for more than two months whereas, bitcoin is trading at the same price levels today, i.e. £6k ($8.5k). Ether and NEO are down almost 50% since the end of January, and EOS and Ripple’s XRP are down more than 30%. It seems that only Litecoin, which is up by almost 25% has escaped the sell-off.
Some are speculating that the alt season is about to commence. Twitter influencers are positive as most alts are breaking upwards of their long downtrend diagonal resistances.
There are two things you should consider when researching an influencer’s alt recommendation. Firstly, what the project appreciating in value is about and who is promoting it? Greed is abundant in the space, so be mindful of phishing scams too. Secondly, breaking those diagonal trend lines could mean three different things. Watch out for biases!
We’re still in March but it’s fair to say ‘Blockstack Berlin’ — a conference that took place on March 2nd is going to be among the best this year. The videos of the talks are now live for your perusal.
We’re still in March but the bitcoin maximalists’ game is strong. The topic of interest revolves around ‘what makes certain alternative projects — in this case ZCash and Ethereum — legitimate contenders to Bitcoin’s leadership?’ Answer: nothing!
We’re still in March but technical analysts continue to struggle with credibility despite mounting evidence of their efficacy. If you’re one of the mighty crypto-curious, check these videos on Ichimoku Clouds and Kumo Twists.
Have you “forgotten the fundamentals of supply and demand” for your own favourite cryptocurrencies?” Here’s what you should do about it before you find out the natural consumption level of your alts.
Are you aware that ICOs are set to raise more funds in Q1 2018 than in the entire year of 2017? This next week will clarify if the record will be set or not. On the one hand, though deal sizes have increased, less projects are being listed on exchanges.
Are you looking forward to seeing a flourishing crypto exchange in London? So do we. It seems that Britain’s City minister, John Glen, also agrees as he states that “regulation could act as an enabler to a stable, flourishing cryptocurrency exchange in the city”.