BTC, ETH, XRP, BCH, ADA, LTC, XLM, NEO, EOS, XEM, IOT, DASH, XMR, TRX, LSK, VEN, ETC, QTUM, BTG, XRB, PPT, ICX, OMG, ZEC, STEEM, BNB, BCN, STRAT, XVG...
LONG STORY SHORT: CRYPTO IS STILL CORRECTING
Much of the crypto market is still correcting after having a breakout 2017. What does this mean for the near term? It means expect choppy price action. Below are the monthly charts for the top 30 cryptos by market cap (excluding USDT cause....duh). What do these charts tell us? Well they tell me that the crypto market is still correcting.
BUT REMEMBER
There are two types of corrections: Price and Time. Many crypto names have clearly been correcting via price and while I think this is approaching it's end, I believe the rest of this correction could be playing out through time. It doesn't take a genius to look at some of these charts and see a pretty ugly monthly candle from January but there are definitely some names that stand out from the others, namely: Inside months...
Inside Months: ETH, XLM, NEO (ANS), EOS, LSK, VEN, PPT, XRB, STEEM, STRAT
Some of these names actually have had a pretty decent January while BTC and the crypto market in general began correcting. Now these names look to be consolidating in last months range which is normal and healthy.
Inside Months and Down: BCH, LTC, IOT, XMR, XVG
If you've been wondering what these names have been doing the past month, the answer is: ESSENTIALLY NOTHING. These names have been consolidating on a monthly time frame after generally very big moves. Now, these names have broken the lows of their respective monthly consolidations. For consolidation breaks, we can generally expect one of two things: acceleration through the high/low break or a break and reclaim. So these names are setting up for a move either way: the former the bearish setup and the latter for the bulls.
MORAL OF THE STORY
Sit back and relax, 2018 has just begun. If you've been in crypto for a while, enjoy the run you had in 2017. If you are new use this time to do research, discover the variety that is out there, and maybe use this as an opportunity to FINALLY get involved. While the price of cryptos may still be "correcting" there are still many developments in cryptoland for 2018 that are worthy of our attention..
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Resteem
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I think this is going to be a very brutal week for the crypto world.
We shall see. I'm starting to think this correction is going to play out as a massive rotation out of Bitcoin into some of the other top competitive coins like ETH, ADA, NEO, EOS, etc...
I think a lot of the crypto world will go down with bitcoin. SBD might drop down to $1. Hopefully steem stays above $2.
I could definitely see an extended correction like Bitcoin's back in 2014-2016. However I think this is where the true Bitcoin competitors with shine and rise to the top. With Bitcoin's growing popularity we've seen some real issues coming to the surface, namely: transaction fees and transaction times. These issues primarily stem from Bitcoin's 1MB blocksize cap, this is a great starting point for other coins to address and differentiate themselves. Regardless of all the speculation on where Bitcoin and the rest of crypto will be tomorrow or next week, I don't think we can truly say that bulls or bears are "right" until years down the road...