tokenmetrics

tokenmetrics Nov 29, 2019

Our favorite altcoin Cosmos (ATOM) is now in an uptrend. The last time we suggested taking some profits and buying a dip, there was no dip, and ATOM just took off. ATOM is once again moving into a resistance zone that might make us think it's overbought. There is substantial resistance at 5151. That level was the point of a prior breakdown in July and major...

tokenmetrics Nov 29, 2019

Right now, Ethereum (ETH) is trapped between the horizontal support at 140 and horizontal resistance at 160. Looking at Gann's work (not shown), we see a strong case to stay away from Ethereum (ETH) until it can spend material time above 160. A "wait and see" mentality is usually extremely unpopular in the crypto community. However, in Ethereum (ETH), it's a...

tokenmetrics Nov 29, 2019

We took a look at Bitcoin (BTC) on a monthly chart. So far, the month of November doesn't look as bad as you might think with the price action seen lately. Bitcoin (BTC) dove towards a bullish breaker near 7000 and held. The sharp bounce to 7800 seems to be an indication that bulls have a degree of control. So, on a long term basis, there is still reason to...

tokenmetrics Nov 26, 2019

Looking at an 89-minute chart of Ethereum (ETH), we see the potential for a new low for this move. Elliot wave work is in line with our theory that big snapback rallies are false reversal patterns. Said differently, liquidation pressure is still the driving force in the market. We are also worried that people are not concerned enough yet about the magnitude of...

tokenmetrics Nov 26, 2019

Looking at a four-hour chart of Bitcoin, we notice that the recent rally has brought Bitcoin (BTC) back to a prior low point near 7300. While the snapback rally yesterday may have seemed bullish, it is in line with our theory of forced liquidation in the market. Forced liquidation, likely at the hands of Chinese authorities, can create large bounces once there is...

tokenmetrics Nov 25, 2019

Ethereum (ETH) has held support near 140. That is a horizontal support zone going back to mid-year. Gann work in Ethereum (ETH), which is drawn by hand points to 160 as the most critical level on the upside. So, while it is a bit of good news that Ethereum (ETH) held 140, Ethereum (ETh) has to get back above 160 and stay there for you to be able to say that the...

tokenmetrics Nov 25, 2019

With Bitcoin (BTC) reaching down to our target area near 6k. Now is an excellent time to review major themes. We believe the Chinese blockchain "crackdown" entails the Chinese government is interfering directly in the crypto market. They may be forcing exchanges are forcing liquidation of accounts belonging to China nationals. The Chinese may also be forcing...

tokenmetrics Nov 22, 2019

If the crypto market was an Avenger's moving, $BCH might be Thanos. Meaning, $BCH might have the power to blow up the crypto planet. There is one smart person in particular that we talk to who thinks an implosion in Bitcoin Cash (BCH) could dramatically hurt the whole crypto market. We had not paid much attention to that until now. Reason: There is a head and...

tokenmetrics Nov 22, 2019

From our point of view, the crypto market broke when Ethereum (ETH) cracked. There's no way the crypto market can survive with Ethereum (ETH) going down 8% every day. Looking at the 2-day chart, we see a grizzly Elliot Wave scenario unfolded. The recent range trade - which we initially thought would be a base to move higher - has turned out to be a bearish...

tokenmetrics Nov 22, 2019

A significant rule in Bitcoin (BTC) is don't fight a trend in November. In November, the trend was up, and Bitcoin (BTC) exploded. In 2018 and 2019, the November trend is down. Also, into Thanksgiving, we don't want to fight any trend. So, the trend in Bitcoin (BTC) is down. The first downside target is a horizontal resistance zone on the BTC1 2-day chart near 6k....

tokenmetrics Nov 21, 2019

In the alt-universe, we looked at both Tezos (XTZ) and Cosmos (ATOM). In both cases, these alts were in the green for the day. We suppose that it is good for those alts, but there may be a catch. They seem to be the only significant coins in the green today. That may mean people are getting out of the rest of the market and hiding in these coins. Looking at Tezos...

tokenmetrics Nov 21, 2019

I think it's safe to say that if Ethereum (ETH) was a good investment or trading play, it should not be down 8% this morning. We took a look at our Fibonacci time analysis from an Ethereum (ETH) two-chart. Ethereum (ETH) should be going up this week, and it's not. Not to sound trite, but if a market should go up, and it doesn't. It is probably then going to turn...

tokenmetrics Nov 21, 2019

The good news is that we pounded the table on a Bitcoin (BTC) rally would be a 2020 phenomenon. The even better news is that it looks like bulls will be able to buy Bitcoin (BTC) at remarkably low prices. With Bitcoin (BTC) below 8k, the possibility now exists of a move to either 6500 or 4000. The long listless consolidation near 8k and then the break higher...

tokenmetrics Nov 20, 2019

The massive rally in Augur (REP) is a good test of our new theory in alts. To review, we are going with strength in alts once they spike, trying to buy what dips we can. Augur (REP) has taken out a small previous 4th wave near 1438. In Elliot speak, going through a "previous 4th" wave means a market is going through the point where the final leg of the bear...

tokenmetrics Nov 20, 2019

We examined Ethereum (ETH) vs. Bitcoin (BTC) at a very granular level by taking a look at an 89-minute chart. We use 89-minute charts because 89 is a number in the Fibonacci series. We noticed a trend line that dates back to October 27. That was the start of a significant rally in ETHBTC. It seems that ETHBTC tends to drop quickly below this trend line and then...

tokenmetrics Nov 20, 2019

As you know, from time to time, we use other markets as a gauge for how Bitcoin (BTC) will do in the future. In this case, we wanted to use Galaxy Digital (GLXY). GLXY is the publicly traded stock of Mike Novogratz's crypto hedge fund. The shares trade in Toronto. We have been following developments in GLXY closely. As you can see on the chart, GLXY have back...

tokenmetrics Nov 19, 2019

Cosmos (ATOM) is one of the favorite fundamental plays for the Token Metrics team. Cosmos was the first alt to break the pattern of pumping on a bear market rally and then failing. When Cosmos (ATOM) went up, it consolidated and then went higher in a stair step fashion. Next comes the big test for Cosmos (ATOM). Specifically, we want to see if Cosmos (ATOM) can...

tokenmetrics Nov 19, 2019

With crypto in a see red, we do see one positive. Looking at Ethereum (ETH) vs. Bitcoin (BTC), we see ETHBTC is floating around in a zone where a significant amount of volume traded. To us, this means that ETHBTC is comfortable at the levels. Given the sea of red, we are happy to see that Ethereum (ETH) has not fallen apart outright and vs. Bitcoin (BTC). All...