Cryptocurrency Market – very similar to last year. Bitcoin, XRP Ripple, Bitcoin Cash (BCH), Cardano



we haven't been under it since going all the way back to 2015 what is going on crypto peeps welcome back to the travelling crypto so we are seeing a nice injection of volume in the market which is driving up the market cap and the prices of the crypto currencies and Bitcoin is really remaining stagnant it hasn't really you know driven the double-digit percentage gains that we've seen in some of these all coins but if you look at the overall market cap it's around 220 bills we've increased market cap by about 17 billion in 3 to 4 days which is amazing I mean we're obviously spoiled by what happened last year at the end of 2017 and we're wanting to relive that that nostalgia but it's you know we should consider that for now an anomaly we should not look to that as the norm so I mean you know for a market that's this small we're talking about a little less than 10% gain in market cap within 3 to 4 days which is crazy if Nasdaq say increased by by 10% or the S&P increased by 10% in 3 to 4 days that would be worldwide cover story news I guarantee you that so that is good for for our little market here one thing to note on here is that tether is back at almost $8 peg as it is at 99 and a half cents and you'll see that reflected in the price of Bitcoin between BitFenix an exchange that uses two other and something like coin based on coin based at 6510 on BitFenix where it's 65 86 so yeah I mean about a $76 price difference now looking at Bitcoin on the 4-hour chart you'll see a couple of notable things one is the 50 and 100 EMA crossing here as well as the fact that we're forming an ascending triangle that we have now broken above and hopefully this resistance here of this ascending triangle which was at around 60 for 50 60 460 becomes the support so we have a support resistance flip so hopefully we don't go this and if that's the case and we continue to see volume above average volume that could drive the price up or we could trade sideways for a while again in this range with 60 you know 64 60 now being the current support if we take a step back and zoom out a bit you'll see that on the daily chart that same ascending triangle pattern but there are a couple of interesting things on the daily chart one is this candle that that is now creeping above Vera's the resistance of this triangle has not closed yet right we have a few hours a lot of hours almost half the day left before that closes and we have yet to see what happens now if you close above that then we can start talking about a possible bullish scenario another thing to remark on here is that you know we've been talking about this descending triangle for the longest time this 10 month long trend and you know we were saying that if we could just break out of a trading sideways smoothly we don't have to see a mooning or we don't have to see a crash breaking out of this descending triangle and that's exactly what's happening and we're actually seeing a an extremely low period of volatility for for Bitcoin but yeah if we close above the resistance of this short-term ascending triangle and we can hit a target of at least a point three to fit level which is at 65 93 then we can look to the next target which has been this this resistance since the beginning of September at around 67 50 now if you're asking oh why are you drawing your your you know the the top of your fib from such a you know a low swing high at 73 67 well baby steps I mean we haven't even we can't even cross above 6500 with confidence so yeah you can have multiple fibs on a chart so you can have a fib that takes you know the the highest point that we've ever reached but that's not that's not realistic that's an anomaly what you're looking for is sound analysis based on the most current information that you have and for us right now 73 67 actually to me is is a long shot at this point right it's it's something that we that we aspire to hit in the long term like if we if we cross above 73-67 before the end of the year I'll consider that a success something that we haven't done since going all the way back to August so that's why we draw modest or I guess more realistic targets depending on the information that we have currently looking at the monthly chart here this this yellow line is the 21 day moving average this is a seven sorry 21 month moving average this is a seven month moving average and I remarked on this in my last video but we haven't gone below the seven month moving average since the bear market that we had back in 2014 and that lasted over a year before we were back over this line and we are now under it the other thing is this 21 moving average we haven't been under it since going all the way back to 2015 and we are now just bouncing right off it so as long as we continue to keep our heads above water above this 21 month moving average then I think we'll be fine now it's not to say that if we fall below the 21 month moving average then you know all hell breaks loose it's not like it's some trigger that's going to send the market crashing but it is an extremely important indicator that we've only been below once so take care for what it is now obviously we want to see this volume coming in this is a monthly chart so we'll give it some time and I'll talk about volume in a second if we take a look at the total crypto market cap this is not this is still in training view this is the total crypto market cap and volume you'll see a few things here one we are still above where we were at this exact same point last year yes even this is before that you know the massive the the famous massive bull run that we had in 2000 end of 2017 we are above that now so if we're going to judge them the market by the total market cap we're actually in a better place now than we were last year before we started the bull run now I'm not saying that we're going to see you know a bull run just because we're higher than we were last year but definitely helps to alleviate the loss of confidence that you might have about the the current state of the total market cap right 212 billion is not too shabby the same exact day last year we were at 186 billion and I realized these numbers differ slightly from coin market cap because coin market cap says we're at 219 and this currently says we're at 212 but either way the proportions are are the same so and then looking at volume the volume same day last year was abysmal we were doing four billion dollars of volume same time last year and currently we're at 15 so almost four times as much volume as we had last year the same exact time so where do I think bitcoin is going from here well nobody knows I mean we you know we're trading in this nobody expected Bitcoin to be to have you know this low of volatility for so long for almost two months it's never happened before right this is just this extremely low period that that nobody expected so you know I I do think it's it's conditional like I said we have to set small targets that is the way that I would go about it so if we can break above this resistance if we can hit the 0.38 – if we can see the accompanying volume with those breakouts and with those closes above those resistance levels then we can make determinations about the the next level in the next level I'm not currently swing trading Bitcoin but you could certainly justify entering at these price levels since we were in an extremely long period of low volatility the longer that that sustains the more of a safe zone that that becomes right and you could set a tight stop limit below you know whatever it is 6,200 with the intention of buying back in case we do end up end up crashing but on to a couple of also we successfully swing trade it if you want access to the trade alerts link is in the description the trade alerts are sent out on the disk or just like this and these are expired tread alerts so I don't mind sharing these with you but if you take a look at card on oh you'll see that there was a pretty easy setup to spot actually this was a long-standing descending channel almost exact almost perfectly rectangular and we traded the breakout of this and the close above this on the 4-hour chart and wrote it all the way up until we are now seeing a retracement and if you set a trailing stop limit using three commas or setting it manually then you would have exited this trade on the retracement depending on the percentage that you set on your stop limit now personally I think these are just retracements from the market booming so fast and within a couple of days you'll see that on the number of coins the next one if you look at XRP you'll see that XRP we traded the breakout of this ascending triangle right here and if you look at something like the Bollinger Bands this was you know even a a further point of confirmation along with the VF I and the fact the fact that the the MACD was so flat again indicating extremely low volatility on XRP the same way that we saw on on Bitcoin but the Bollinger Bands were so tight you could barely see them and then once we started getting this volume in here and we broke out of the ascending triangle all of these indicators provided a confluence that it was a good time to enter and that's when we entered and again we are now seeing a retracement and is consistently bouncing off this point six one eight fib level you'll see once two three four five six seven almost seven candles bouncing off this point six one eight fib level which is a good sign that you know if we do get some more volume we will start to see another climb again and I will send that alert out in the trade alerts so sign up if you want access to that the last one I'll go over is Bitcoin cash Bitcoin cash was really interesting because it has hit this resistance level going all the way back to August 5 times right and I posted this on Twitter as well but five times it's hit this resistance level going all the way back to August so once something is knocking on the door so many times it will eventually bust through once we start getting this volume in and you'll see that every time we hit this resistance level 1 2 3 4 5 there wasn't any actually the four previous times there wasn't any really significant volume if you look down here it was it was pretty dull but then once we started getting this healthy green volume above the average above the 20-period moving average of the volume which is this orange line we busted straight through and we did actually send out two alerts on Bitcoin cache one at the the breach of this resistance level here but we sent one out before that actually on the daily chart when we saw you know this this potential reversal with the the good volume of these two candles here I wanted to get into this the the topic of the ETFs and what that means for Bitcoin but I will get to it in tomorrow's video because this video is probably getting too long so I will get to this in tomorrow's video but tomorrow's video we'll talk about how ETFs what the ETFs did for gold when they first launched back in oh three oh four and how that could strike a similar pattern for for Bitcoin so I will get to that in my video tomorrow subscribe to the channel hit that notification bell if you want to get notified every time I post a video sign up to the trade alerts if you want access to that if you need help with technical analysis or one-on-one coaching of any sort with regards to the trading again that link is also in the description stay safe out there peace

34 thoughts on “Cryptocurrency Market – very similar to last year. Bitcoin, XRP Ripple, Bitcoin Cash (BCH), Cardano”

  1. โœ…๐Ÿ’ฐGet access to the trade alerts here: https://www.patreon.com/thetravelingcrypto ๐Ÿ’ฐโœ…
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  2. McAfee's said the chart for Bitcoin will surely reach $1million before 2030. A lot of you have question like, will bitcoin hit $20,000 Bitcoin will not only Hit $20,000 but it will hit $75,000 in January 2019, My 3.5bitcoin went from $27,000 to $19,000 during the massive market downturn, i was Devastated until i read about mike Nguyenโ€™s Bitcoin scheme, after doubting i finally gave it a try, the first week i increased my 2bitcoin to 9bitcoin. reach out to Mike on WhatsApp (+1) 267 722 9304 *. Telegram 1 305 998 0158

  3. Just my opinion cryptos are too unpredictable . Will it go up high or go down low no one really knows for sure. This market jumps high with in minutes and hours, then quickly goes down.

  4. The sobering reality, of elite individuals, owning as much as the entire poorer half of the human, global population combined, leads me to deduce, they're not emotionally "human." Whatever else the ruling elite may be, they're misanthropic, malignant narcissist, Malthusian megalomaniacs, whose insatiable greed & utterly selfish lust for luxury & power, gets justified as a Darwinian Imperative & manifest destiny. ETH got gains over 0.30%*, that is to show how manipulative crypto is, and *BTC falling -0.18%, we should not wait for the government manipulations anymore, trade and make your good cash now, hold and regret when the market finally crashes, That is why I will keep day trading because I get good profits trading all day rather than just holding and not knowing the future of what you are holding, there will always be speculations in this market, well if you are still in the dark not knowing this, well its okay I was once negligence of this, not until I met Mr. Jude Ellis from Ireland, I got the best advice and he helped me utilize some coins from 2Btc to 10Btc in a week, not only that, I can also trade and invest right coins, you all can seek is advise also on Email {[email protected] com}

  5. ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚just because it happened last year doesnโ€™t mean itโ€™s going to happen again this year. No bull run coming this way ! Chuck the chart out

  6. Only be greedy ignorant people buy xrp since blockchain was to defy the bankers and xrp is a bank or calling only the manipulated sheeple would buy such a thing

  7. What people seem to forget or don't see is bitcoin has cycles and every all time high has been bigger than the last and then followed by a crash, historic charts show that at the end of a crash is followed by a consolidation period or sideways movement followed by another all time high, 2017/18 was not an anomaly it was just the market playing out its normal cycle but with more people/money involved, this time around is going to be a high greater than $20,000 by a long way because of the people/money involved, but sideways movement is great because it tells us we have bottomed out, so the market goes up it goes down then goes sideways then rinse and repeat

  8. Am just asking why should we care about tether because tether goes down bitcoin goes up so what's the + side with tether again ๐Ÿ˜Ž

  9. Thank you. Hoping for BTC to follow same path as of Dec 2017๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™

  10. what happen last year in dec nobody expected…and we are 4x the volume this year compared to last year this time…i think your video just made my day… Believing is 80% of this battle…thax

  11. Actually this would be the worst time to rally because people are still thinking what happened last year.
    I would not invest now.

  12. Hopefully we do get a bull run by late November or December. If not, Iโ€™ll continue accumulating in the meantime

  13. When wall street money come blasting into bitcoins, bitcoin is likely to pull ahead of alts. That could cause a fomo effect that sucks a ton of money out of alts. We might see 70 or 80% bitcoin dominance again.

  14. Ar we spoiled or do we have battered wife syndrome and are damaged? I still do not trust this market.

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