Weiss Crypto Ratings sees the market as volatile, and capable of switching direction at any time. But the latest downward move may lead to more sideways motion, as assets stagnate.
https://twitter.com/WeissCrypto/status/1206695613917782016
Weiss claimed most assets are now above “key support levels”. At the same time, BTC is now searching for a bottom, as its price kept sinking on Tuesday.
BTC also dragged down altcoins, where once again 6-8% were erased in the past day. BTC managed to keep above $6,900 for a short spell, later unraveling to $6,869.88.
Weiss has been tracking market sentiment, and has remained optimistic about multiple projects despite their price drop. The agency sees sentiment as repairing quickly.
https://twitter.com/WeissCrypto/status/1206621314242564104
The agency recently tweeted that despite everything, crypto assets may be a part of a portfolio, making potentially higher gains in comparison to traditional asset classes.
https://twitter.com/WeissCrypto/status/1205804715210137601
But choosing coins and tokens remains highly risky, as even the best projects go through significant decline. Most altcoins remain near their lows, with no chance of revisiting new peaks. For altcoins and tokens, the lack of liquidity and the closing of exchanges means no mechanism for price discovery.
Not all crypto assets are created equal. In 2019, there are still scams and speculative coins, as well as schemes that risk losing the initial investment. Weiss only looks at some of the best coins and tokens, and even for them, the conclusion is that there are significant problems.
In hindsight, Weiss also remarked crypto assets were the big event of the decade, especially for leading coins and of course, BTC.
https://twitter.com/WeissCrypto/status/1205756826454765569
Still, the overwhelming sentiment for BTC price moves is “extreme fear”, and the coin is short-term bearish. The next few months are seen as a time of more caution, with new rallies still ahead in the future.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
