Week 36: Reviewing Last Week to Forecast Next Week
|Sep 9||Public post|| 8|
Every Monday we review pricing trends in BTC ETH and EOS, so we can improve our trading skills. So far, our recommendations are over 85% accurate and we’re getting better weekly, so good, in fact, we’re starting a fund (more on that later).
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In this issue:
Crypto Trends Across Twitter even though Jack Dorsey (CEO of Twitter) doesn’t think Bitcoin is a currency (pictured above)
Price Movements for BTC, ETH and EOS
Call for Beta Traders on Tradecipher
Trending Across Crypto
Here’s what people are talking about this Monday.
A new way to look at crypto supply and demand, from our friends at Messari
Apple isn’t jumping into crypto (yet) but they had to announce it
Comparing social chatter to prices of Alt coins, using a new model
It costs > 20% more to buy BTC in Argentina, arb opp anyone?
Overall Market Movements
Despite general positive sentiment, price movements across all three assets we cover are relatively sideways and more volatile than ever. Volatility represents a huge opportunity for traders, and here we evaluate the trades from last week.
Since hindsight is 20/20, we evaluated ‘perfect’ trade opportunities, if we called every asset correctly. which would have yielded us around 33% gains (without taking into account taxes) with an average of 5 trades in a week!
Bitcoin Price Movements
Just like last week there were only two major money making opportunities in Bitcoin. These opportunities were not marked by high volume activity nor had rather telling candle wicks which would have indicated selling pressure. The exhaustion of the positive trend may have been telling given the 12% increase in Bitcoin without a major decline. In a ranging market like this it is best to wait for a major trend breakout than trade the moving yet stagnant market.
If we were to perfectly trade the market we could have turned $100 into $121.50 in just one week with just four trades.
Ethereum Price Movements
Ethereum this week presented three trading opportunities that were marked by high volume trading periods. Two out of three pivot points were marked with large candle wicks which indicate market selling or buying pressure. We can align both relative volume and candle patterns to Ethereum to better find pivot points.
If we were to perfectly trade the market we could have turned $100 into $133 in just one week with just six trades.
EOS Price Movements
EOS this week was abnormally volatile, producing three double digit trading opportunities. These three trends had candles marked by abnormally large volume., an indicator we will be more aware of when tracking the EOS trend. The consistent range on EOS has been ~10% so we will use this estimate to predict trend local minimum and maximums.
If we were to perfectly trade the market we could have turned $100 into $157 in just one week with just six trades.
Call for Tradecipher Beta Traders
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