I have publicly stated that I expect BTC to drop in price soon, based mainly on an extended period of reduced volume. Perhaps BTC didn’t hear me, because so far it appears to be ignoring my prediction.
Contrary to the medium-term decline in volume, BTC has undergone a short-term volume increase and has now formed a potentially bullish converging triangle pattern. It’s a short-term pattern, so I wouldn’t read too much into it and it doesn’t invalidate any predictions of a medium-term drop, but it does indicate that BTC’s next movement is probably a bullish one.
If BTC does rise a few hundred USD in the next day or two, we will have to watch the volume closely. A protracted resurgence in volume will mean that there is no need for BTC to drop in price, whereas if volume continues to drop then I will still expect a fairly large retracement.
At the moment I predict a 60% probability of a short-term price rise and I maintain a 60% probability of a medium-term price drop (of around $1.5 – $2k as described in this link).
In the meantime, while BTC is deciding its future, some of the altcoins have taken the opportunity to move. I have several coins which have made very significant gains during the last week. Have a look at the top performers from my CoinGecko favourites list – these are only the coins which have climbed 20% or more within the last 7 days: (ignore Snovian Space – volume is too little to matter)
Take a look at which coin is at the top of my list. That’s right: my old favourite of the low market cap world: CargoX! Since I have already blogged about CargoX (CXO) on about 1000 separate occasions, just search my posts of Steemit if you want to know more about it. The CXO climb has been rather steep, so I don’t know if it will continue to grow or not, but this is a much needed boost for a greatly undervalued coin which has had a torrid 2019 so far.
Thinking about it earlier, I realised that CargoX tends to fly under the radar because it isn’t on any big exchanges. It is on KuCoin, but like CargoX, KuCoin is also highly underrated and not used nearly as much as it should be. Also, KuCoin does not appear to do wash trading, which means that CargoX doesn’t benefit from any of the fake volume which most other coins do. I suppose that as new money enters the market, it tends to play “safe” and buy the big name coins on the biggest name exchanges. Hopefully as investors wise up and branch out into slightly riskier but much higher potential ROI coins, the likes of KuCoin and CargoX will receive the sort of attention which they deserve. Who would not want a coin which is revolutionising the logistics of the shipping industry, has a multitude of powerful partners and which is incredibly cheap?
Yours in crypto
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain