This crypto index is based off the top 4 cryptocurrency coins which is the most reliable indicator of the market in my opinion.
The current movement in the crypto space looks extremely similar to the July crash and August recovery.
My idea suggest we'll see the same slow grind recovery as August, followed by a sudden boost around end September / start October.
Credit to Adoukas for inspiration.
交易進行
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I was expecting a slow grind following my green trendline as previous recovery, however crypto is looking quite explosive. Currently there's a lot of money on the sideline expecting sub 3k BTCUSD and correlated lower prices for their alts they are looking to invest in. If money on the sidelines start to question wether they'll see a lower prices all across, their renewed buying interest could fuel the leg up i was expecting at the end of this month.
The difference between july crash and September Crashis September made it to the top. Right now you're looking at China issues and also major corrections. This is not going to happen this time until it goes down a little more. This looks good when you match patterns but not volume and most certainly not right after a crash from ATH
KTAS
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Lets see :)
GrantPeace
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You might benefit from the Crypto-Adjusted Moving Average (CAMA) that is adjusted to give weight to the performance of the 6 largest Cryptocurrencies by market-cap.
The indicator uses two variables that can be changed:
"MA_Length" = This is the length of the moving average and is set to 50 by default.
"CryptoFactor" = This is the weighting given to the movement of the Crypto-Index. Essentially, this is the factor as to how much the movement of the Crypto-Index effects the weight of the moving average. If you set this at 0, the line will be a simple moving average of the set length without any affect of the Crypto-Index.
By default, the CryptoFactor is set to 0.8.
Agree these patterns often repeat - but if so where on the July pattern are we?
For example it also looks very similar just now to July 06 - not just in terms of price but also RSI, MACD, Stock and wider context - but from there it fell much further.
KTAS
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@mytorc, the move i was expecting by the end of the month might be catalysed by money on the sidelines and a massive short squeeze on bitfinex.
mytorc
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@KTAS, Indeed and despite the bearish trend recent price action has remained stubbornly bullish - couple this with the dynamics you mention and its dramatic flight - looking increasingly like the bottom is in
KTAS
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@mytorc, Stubbornly bullish is what Crypto is best known for, i bet most have forgotten about the Chinese issues already. Time moves different in markets dominated by greed.
Let's see what happens over the next 48 hours.
fedeogue
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Where can I see the crytoindex or how can i use your ticker?