Using astrology to predict cryptocurrency price movements? Before dismissing this, it is worth noting that even Trading View has a moon phase indicator, for investors or traders who use celestial bodies in their analysis.
To find out more, journalist Laura Shin interviewed astrologer and trader Maren Altman to learn about her price projections for Bitcoin and Ethereum during a time of uncertainty and price declines.
Signs from heaven
Altman explained that he used astrology as an element in his fundamental analysis and technical analysis. Starting with the king’s coin, she said,
“… I know that we recently had a correction around November 19-20. And that was expected since there was a lunar eclipse… I myself don’t think we are finished yet, I myself don’t think that November to December is going to be bearish. I see that we run again from November 26 to 30, [this] it’s a pretty optimistic moment. “
However, Altman added that she disagrees with PlanB’s stock-to-flow prediction that Bitcoin will hit $ 98,000 by the end of November. She said,
“I don’t even see that we get to 98k by the end of the year. I think 75, 80k is reasonable. I have said that 80 to 100,000 is where I think it was possible. “
However, upon reaching Ethereum, Altman claimed that the planetary card for this crypto was almost the opposite of Bitcoin. On the price action of Ether, she said,
“… the year-end difficulties will involve Venus retrograde and conjunct Pluto directly on top of Ethereum’s moon.”
To translate, Altman said that she saw a “harder” fix for Ethereum than for Bitcoin, if fixes did occur.
Ethereum to the moon … literally
As previously reported, the moon phase metric in Trading View is based on the belief of some traders that going from a full moon to a new moon or vice versa could be correlated with bullish or bearish movements. November 19, a full moon day, and the following days should have seen a price rally if the metric were true.
While a November 26 chart showed that November 19 did enjoy a green candle, it is still too early to say if the rally is final.
Don’t forget to …
However, fundamental analysis goes far beyond astrology or even selective metrics. With news spreading about a new variant of COVID-19, which could potentially be called the “Nu” variant, some traders claimed that crypto dumps were already taking place.
Covid has been around for almost two years and it’s going nowhere. It is here to stay.
– Lark Davis (@TheCryptoLark) November 26, 2021
At press time, Bitcoin was down 6.97% in 24 hours, while Ethereum saw a drop of 8.21%.
This is a machine translation of our English version.