Hi all, I'm a bit new here and going to try my hand at some general analysis rather than for any specific crypto asset. I appreciate any feedback and thoughts on this. On this chart is alt coin to bitcoin conversion. I've overlaid BTC/USD and ALT/USD as well. In general these tend to follow each other, though the index here (ALT/BTC) tries to aim at finding a conversion rate between the two. I could see this chart going either way, but one thing that concerns me is the lack of buy pressure for ALT relative to BTC. I am personally bearish on BTC right now and am not seeing many alt coins that look good to me (low buy pressure but price not really moving.. prices seem to be in a lull outside of a handful that have been pumped up, possibly through various public forums focused on these crypto pumps, perhaps for other reasons e.g. MLN +50% in the last 24 hours).
Going back to the chart, there is decreasing buy volume on alt coin to btc. To me these few things look to me as evidence of a small crypto bubble that will play out in the next couple of hours or days. The only way out of this I can see is with increase buy pressure. Most of the cryptos I've been looking at lack this buy pressure, and without anyone to send the price up, there's only one way to go. I think the only reason we haven't seen it fall yet is institutional investors trying to offload some of their shares onto retail investors who figure the price has already dropped 20%, how much more can it go down?
If you're bullish on BTC I'm sure you'll disagree with this, but if you aren't then a decrease in buy pressure for ALT/BTC to me is a big crypto sell flag.
XMR is a crypto with significantly lower volatility than most, contributed to mostly by the higher liquidity/ lower slippage in the market I think , I am looking to buy into this soon but even this I think this has a couple of dollars to fall before I do.
For these reasons I'm out of most crypto for this exact moment. Thanks for reading and let me know if you have any critiques of my analysis, always happy to have constructive criticism.
Going back to the chart, there is decreasing buy volume on alt coin to btc. To me these few things look to me as evidence of a small crypto bubble that will play out in the next couple of hours or days. The only way out of this I can see is with increase buy pressure. Most of the cryptos I've been looking at lack this buy pressure, and without anyone to send the price up, there's only one way to go. I think the only reason we haven't seen it fall yet is institutional investors trying to offload some of their shares onto retail investors who figure the price has already dropped 20%, how much more can it go down?
If you're bullish on BTC I'm sure you'll disagree with this, but if you aren't then a decrease in buy pressure for ALT/BTC to me is a big crypto sell flag.
XMR is a crypto with significantly lower volatility than most, contributed to mostly by the higher liquidity/ lower slippage in the market I think , I am looking to buy into this soon but even this I think this has a couple of dollars to fall before I do.
For these reasons I'm out of most crypto for this exact moment. Thanks for reading and let me know if you have any critiques of my analysis, always happy to have constructive criticism.