I think cryptocurrencies are likely to remain range bound, which means short term traders are mainly in control, while long term players await for fundamentals to evolve favorably to position themselves. Overall bullish bias, with weekly sellers exhausted and very few reasons to get momentum in any direction. I'd stay away from this market for now, my interest will gravitate back towards it by the time MtGox creditors receive their BTC, or after ETFs or cryptocurrency trading hit proper exchanges like Nasdaq, etc.
Fundamentals are bullish, but lacking to provide the backbone needed for a long term advance, and catalysts aren't there yet, for a move to the downside so the market will remain sideways, hurting the most people possible in every swing... With BTC being designated a commodity by the SEC, over time, we might see it be treated like gold is in the US. I think over time, as people are shaken out by the potential shake out decline that hordes of MtGox hodlers rushing to sell at exchanges might bring, would cause enough of a negative sentiment extreme to form a long term bottom we could buy, eventually. Patience, time at mode analysis points to a long sideways downwards drift until May-June 2019, which aligns with these developments panning out.
Good luck navigating these murky waters, if you try and do so.
So @IvanLabrie do you think market is going to mid term bullish in November with Bakkt launch and then again it's going to get bearish in the February 2019 when Mt Gox holders are going to sell on exchanges...?
IvanLabrie
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@jutt29, I think so...safer to wait for proper capitulation to go long, I'm not too keen on trading in this chop.
Even though there are many shitcoins, when it comes to taking profits only, some mid-cap altcoins seem to bottomed-in..
So there seem to be kinda some chances to take actions...
And In my honest opinion, It could be another huge & historical chance(bottom) since Dec. 2016..
STATICERROR
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Nice analysis. Yes patience, I am also staying on the sidelines until the market shows it's done going only sideways, I do still see this go lower, unless some very positive new announcement shake things up dramatically.
You can only trade so much air on future promises of mass market adoption, digital gold, and future trading desks of major banks. Now some of these things will actually need to happen for this to move anywhere.
Cannabis stocks are doing good, more heat in that market. I bought CGC yesterday on the dip and woke up to a nice 7% gain today, I think it will move higher still.