Just an interesting idea I found on the index of top 10 alts. (ETHBTC*0.1+XRPBTC*0.1+BCHBTC*0.1+EOSBTC*0.1+XLMBTC*0.1+LTCBTC*0.1+ADABTC*0.1+IOTABTC*0.1+XMRBTC*0.1)
Volume isn't promising, but we have had legs up following a decreasing volume many times (for example in May). I am short-term bullish on BTC, so I curious to see how this plays out. Will we have a green day in alts tomorrow? I will buy in if the price breaks above the pennant.
Trading Tip/Note to Self: Formulate ideas and let the market decide if it's right or wrong. Do not get emotionally attached to any analysis. Sometimes Elliott wave theory works like a charm. Other times, it will fall through. There are cycles in the market that lend itself best certain analytic tools over others.
The crypto market still on shaky ground, so who can say what are the best tools to utilize right now? Stay careful, mindful, and aware of changes in the market. More a note to myself than advice to others.
Your index is flawed, since it's just an arithmetic average of those crypto prices. Ones with cheap units, like XRM, XLM, ADA influence it much less than ones with expensive units, such as BTC, ETH, XMR or LTC, so index is biased toward them.
Jiugaz
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@Jiugaz, correction, no BTC in there, but everything else holds true
skytrader7
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@Jiugaz, Sorry for the late reply! Very true. I will do another index based on market cap or price later on. This is definitely slanted to ETH and BCH more than anything. This was an interesting idea for me that fell through. Thanks for the critique!