"BUMP" AnalysissteemCreated with Sketch.

in #cryptocurrency6 years ago

Two days ago I penned a prediction in which I described the next few months of crypto


The full prediction can be found in this post: https://steemit.com/cryptocurrency/@bitbrain/the-future-crypto-the-next-few-months

In that post I spoke of the scenario in which we could soon encounter a "bump" (as I so eloquently termed it); a small mound on the crypto Total Market Cap chart. It was the most likely scenario of those I predicted. I'm writing this post because I think that the bump may be happening now.

800px-Belize_Speed_Bump_Sign.JPG

Antwonw at en.wikipedia [CC BY 2.5 (https://creativecommons.org/licenses/by/2.5)], from Wikimedia Commons

"BUMP" Analysis


Experience has taught me not to go off half-cocked. Experience has taught me not to shoot my mouth off as soon as I think something is happening, but haven't had a chance to confirm it yet. Experience has taught me to wait a day, or two, confirm what is happening, and then write about it.

Which just goes to show that I'm obviously too old a dog to learn any new tricks! Because here I am, shooting my unconfirmed mouth off again, on something that I only identified this morning. Consider that to be an extra disclaimer: this is unconfirmed and I could well be wrong. As with any chart watching, it is my best guess right now to explain the market movements I am currently observing.

What is the "Bump?"


The Bump is what I assess to be a small counter-correction in the market cap. It is a pattern that I identified twice in 2017. I am a fan of pattern-based analysis, though I will also readily admit that past performance is not necessarily indicative of future performance.

Not to draw this out too long, it looks like with the drop in the last 24 hours, such a bump has formed again. Once again it has formed directly after a pullback in the market. Take a look at the current market cap pattern and the previous two. All three charts are measured over exactly the same time duration:

Current chart:
Now 2 month.png

Q2 2017:
Jun 2 month.png

Q3 2017:
Aug 2 month.png

The similarities are fairly obvious.

What does this mean? Why is it useful?


If this pattern is indeed repeating again, we can expect significant market growth soon. These charts extend one month longer than the previous ones and indicate what happened after the previous two retractions and their subsequent "bumps":

Q2 2017:
Jun 3 month.png

Q3 2017:
Aug 3 month.png

If I am right, then we can expect similar growth. The two 2017 patterns took place almost sequentially, whereafter there was a massive bull run. While I can't promise such a bull run again, indications are that some form of rise is on the cards in the immediate future (within weeks or even days, not months).

I also wish to share this extract from my post of two days ago for those who may have missed it:

Screenshot_2.png

It highlights the "bumps" and also indicates what I consider to be the most likely future Total Market Cap trajectory.

Conclusion


I can not yet be certain if this is indeed another "bump", but it certainly does look like it to me. I am also not sure if the bump is "complete" yet or not i.e. it may drop further still. The drop was not even a day long, I expected it to be slightly longer, though it does not necessarily have to be so. Time will tell.

I do not know when and where the next bull run is coming, how long it will run or how high it will go. I also don't like to make unfounded hype based predictions as many amateur traders tend to do. But this I do know this: a large bull run IS coming. And if I were a betting man, I would be expecting some very tidy crypto profits by year end. 😉

And on that positive note...

Yours in crypto,
Bit Brain

DISCLAIMER:
I am neither a financial advisor nor a professional trader/investor. This is not financial advice, investment advice or trading advice. Unless otherwise stated, all my posts are my opinion and nothing more. Crypto is highly volatile and you can easily lose everything in crypto. You invest at your own risk! Information I post may be erroneous or construed as being misleading. I will not be held responsible for anything which is incorrect, missing, out-of-date or fabricated. Any information you use is done so at your own risk. Always Do Your Own Research (DYOR) and realise that you and you alone are responsible for your crypto portfolio and whatever happens to it.

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