I've noticed that XRP had its first market cycle at like 30 or so cents. 33 weeks later, we hit all time highs again.
Let's not forget, we need to go up more than 100% to reach all time highs on Bitcoin again. The sell orders are too stacked to remotely see all time highs next month.
I would not try to predict bottoms either, wait for signs of trend reversals.
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I use XRP has a benchmark because a lot of altcoins actually went up after 33X. If not, all of them.
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During MT.GOX it took 33 weeks to recover on the first bubble but sooner on the next?
It wouldn't. Because everyone want to sell Bitcoin back there. Willy has manipulated price from 150$ till 1200$. Just like probably bitfinex has manipulating now, amd they have 2 weeks ago just plug off their bot.
zeelorenc
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@JA.piotr.bor, so what? that's exactly why I'm expecting a month to month consolidation. we should see a cup and handle structure forming on the weekly charts
mmmp12
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@zeelorenc, so what? It was a fradulent behaviour, and wasn't a market reaction just a market manipulation.
zeelorenc
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@JA.piotr.bor, this is technical analysis not conspiracy analysis
mmmp12
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@zeelorenc, I know. And this cycle is imo over, we won't recover until mext year.
We can have bull trap at 13K in next month, then deflate to 4K over course of the year. Alts will probably correct even more.
zeelorenc
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@JA.piotr.bor, 33 weeks is around 8.25 months so almost a year
plenty of time haha especially for people to get angry at the market and dump
alts/usd should get rekt
alts/btc should consolidate/maybe go higher in some cases
mmmp12
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@zeelorenc, yeah I'm waiting for around 170B$ marketcap, to buy into some promising project, because from october/november it all felt too pricey, and in december, it was crazy going.
whoisthelorax
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All we had to do was look at the USDT charts on bittrex in November and December...they were going off the charts!
I've been trying to explain to new friends in the game, 300x returns in a year ain't happening anytime soon.