Hi trading view users, in this idea I`ve combined BTC, ETH, LTC, XRP and Monero, each symbol was weighted by marketcap average and divided accordingly, this way if BTC moves like we saw past months will not affect formula too much because is weighted less than ETH for example.
Anyway using this combo formula helps to get a better view than Total Crypto Marketcap because it dosen`t contain all nonsense coins, only most traded coins are in here and can be seen that current levels of April 2021 are same with last bull run from 2017/2018. That being said I think we are making double top from levels of 2017 2018 and trend is about to change fast, i bet on bear trend and more aggressive version of it because : 1. No one is millionaire$ unless they change their assets/coins into fiat/cash, selloffs are inevitable; 2. This is speculative but I see too much FOMO, bullish news stopped to drive price up for BTCcor ETH and beside that we are around philological level of 50k; 3. Tech of crypto changed word forever and probably will replace cash/fiat but is not gonna be BTC or ETH or other useless coin, if happens is going to be a new government controlled coin/currency; 4. For point 3 to happen laws, regulations and lot of tests are happening, I still believe crypto rush is a government opportunity to test the waters before replacing papers in circulation; 5. Europe Parliament already has proposed regulation/laws to be enforced and is currently ongoing, Procedure 2020/0265/COD
But I can be totally wrong and this may be just the beginning of market "boom" , meaning this is heading to the top of parallel trend line, this indeed will make BTC above 100k ETH above 5K, LTC above 2k...so on.
Either way to avoid nonsense comments of trolls this idea is pure speculative and being right or wrong is irrelative , I do not place all my money here and wait 1 year to be rekt or rich, I`m not a gambler and none of you should be, this supposed to be fun, spread your ideas, arguments not your hate, got something to say? do a post on this platform, looking for others trading ideas and going all in on their call is not the path for success.
“There are only two great tragedies in life: one is not getting what you want and the other is getting it.” -Oscar Wilde
@NaturalPatterns, Thanks, cryto still not decided which path to take, broke top channel bullish path but then vent bellow and now after dump quickly recovered back to top channel leaving me again in doubts... but more on bearish side now if not proven otherwise as I see same run as 2018 run, buat as per my other BTC idea in next 30days we should have another bug bull run and if that happens nothing can stop cryptomania
@watchtrend, Thank is based on log scale to get a better view but on normal scale chart is about the same:
thedarklord369
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I think up it's different this time, supply shock going to drive prices up
confirmationbias
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Its crazy to look for 97% corrections in this bull market though thats abit excessive. Just because there is a pattern doesnt mean price will go there. Id put a 0.5/0.618 fib first as first step of "worst case scenario" and lets see from there!
Piticu
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@confirmationbias, Hi thank you for your idea adding fib, 0.618 seems really strong and may not even go there is bullish scenario is playing, 0.786 looks very likelly and we see from there if we are in bearish trend or just correction.