I love putting numbers in spreadsheets, and so I did the numbers to try and figure out if this looks like a good timing to put some money into our favourite investment, crypto. I track 38 arbitrarily selected assets, mostly top 50 market cap coins, plus some that found their way onto the list before I checked the market cap.
First, let us have a look at Bitcoin and Ethereum, with Binance Coin for scale. Unfortunately for you folks, I keep my prices in JPY, but you can “simply” divide by 110 for USD. Removing 2 digits is also close enough, this isn’t financial advice after all.
The following chart simply displays the current price, some moving averages, and then the difference between those averages and the current price.
As we can see, we have made it below 20-week moving average, a bearish sign if we believe some, but we still have some margin on the 1-year moving average, a bullish sign if we believe the very same sages. My own studies indicate that buying at or below 1-Year moving average is a relatively safe bet, so we might want to wait a little while longer before we go all in. Although, Bitcoin is close, just saying.
Next up, which coins are already below that magical 1-year average barrier?
If you really believe in some of the coins above, now might not be the worst time to buy some more. On the other hand, which coins are still far from cheap?
If you are contemplating buying some of the coins above, you might want to wait for bigger discounts. Next, let us expand our scope all the way to 4 years. The only problem here is that many of these coins did not exist 4 years ago. In that case, we simply get the longest moving average we can.
Then on the plus side:
Finally, we are going back to the almost present, let us have a look at which coins are having the roughest Monday compared to how they did last week:
That’s all for today folks, if this gains any traction I might do it again next week. Were you expecting some sort of conclusion here at the end? Well, I already told you I just like to put numbers in spreadsheets. Have a nice week all.