This correction was haven for me! Thanks, I filled my bags (again) on the way down too
I think around 0.00000040 BTC is the bottom. Later today they will announce the white paper for one of their products. Coupled with such a small market cap (only 9 Millions $) I strongly believe it's going to go up.
Regarding the market cap, just to make a comparison: on coinmarketcap.com if you sort it by market cap, the coin on 100'th place has $138,440,693 while Hydrogen only $9,589,330
Quite a big gap awaiting to be filled.
Now that you got full bags it better happens what you are predicting. If not, then ughhh....
Wouldn't be surprised if 40 sats was the floor, it was previous resistance last month during the start of the rally. Previous resistance becoming support is a common story. That and this project is actually useful, always helps! Not going to lie, I sold half when it reached 10x and went over 120 sats, but this is only because it went parabolic and corrupted my well balanced portfolio. 15x is as many days is never healthy, doesn't matter how good the project is. Bottom line: I'm still holding half of what I have, because I believe this project will continue to grow in the long-term. Doesn't matter how good a project is, a balanced portfolio is always more important in the long-term. Not to mention it means I can sit back and ride out the correction now I'm playing with house money after booking more than enough profit. I doubt I'm the only one in this position, which means sellers could well dry up soon.
I have my issues with applying technical analysis to crypto. There are so many macro and micro factors that TA can't properly reflect.
Completely agree, I should re-iterate and say that I'm
not saying 40 sats
will be the floor, but only that it wouldn't surprise me if it was. Same as 20 sats could be the floor which is where the price initially consolidated support, or even 10 sats as this was the initial price from CMC, even if not the initial value of the project prior to CMC listing.
TA is far from perfect, especially given that prices are pegged to Bitcoin. If BTC goes down, so will 95% of altcoins. As you said, there are so many macro and micro factors. ETFs could happen for Bitcoin to make the price moon. Another irrelevant exchange could get hacked and the mainstream media could FUD the price lower.
That said, if you want to understand TA more, even if you don't want to apply it, there are some really good youtubers you can learn from. I'd personally recommend; SnipersTube, Crypto Kirby, DataDash, and for the ultimate bear analysis: Tony Vays. It took me 6 months being involved in the space and investing before learning about this tbh. The reason I recommend youtubers as opposed to CoinDesk and CoinTelegraph, is that I find their analysis is maniuplated by their own positions. When their stop losses trigger, they post overly bearish predictions. When they enter positions, they publish bullish predictions. They know they can manipulate the price due to their large readership. Hence they are also usually wrong, and not to be trusted either. I used to follow exclusively their analysis, before I learnt it really wasn't that helpful.
Hey thanks for all the information. I sometimes do see some reasonably technical analyses also from the youtubers you mentioned. But honestly speaking it is not worth using them as a normal trader to do day-trading. The variety of influential factors is just too big and too unpredictable. There is no asset or even topic in the world that depends on so many factors as crypto does. Crypto is social, political, philosophical, financial.... and the list could go on for an hour. Look, you can't even predict the price of oil reliably, and oil in terms of complexity is a joke compared to crypto. I don't like relying on TA. Sometimes there is some good info when it comes to volume and momentum changes. Other than that it's not really for me.
Yeh well said, day-trading crypto is very hard for starters, for the reasons you explained (+more), especially in a bull market. Day traders are just getting wrecked at the moment it seems unless you are using HFTs (High frequency trading bots) for micro swings (on the 15 minute, not even the hour chart). You're best off swing trading the bounces (scalping the recoveries) than day trading in my opinion, in a bear market at least. That's if you really want to be taking that risk, which I still wouldn't really recommend.
Interestingly enough, Tony Vays is somewhat of a day trader (though mainly a swing trader) and he's recommended against long positions on Bitcoin since $15k, which should tell you it's not worth touching. He's only considering a position at $4,975 for example, whereas most youtubers are laddering around $6-$6.5k, which sounds insane to me! Though I do understand the attraction of 20-25% profit on a small bounce given Bitcoin is getting very oversold now (RSI was 28.5 last I checked, so much for a bounce from 30!) Baring in mind previous dead cat bounces were 100% and 50% price increases, so 25% does seem reasonable to me, if you can catch it properly that is.
If you're a professional trader, and this is your income, you should be looking at shorting Bitcoin due to the bear market, rather than longing. That said, the Shorts look like they are double topping (27785 on Bitfinex) so short-term I wouldn't recommend this, while long-term it'll probably rise further after another bounce. Best of luck anyway either way!
Is there a plan to get Hydro on Coin Market Cap? Could be a good way to find new investors.
Hydrogen already is on CMC:
https://coinmarketcap.com/currencies/hydrogen/
