 | I recently had a deep shower thought - what actually drives the value of this sub? It is the community. But how do you figure out it's value? That's what I will discover today. By technical analyzing the Community of r/CryptoCurrency ( This is just satire. Please don't think I'm actually crazy ) Comments / DayThe biggest contribution on this sub are comments with an incredible amount of up to 16,000 comments / day during FTX & the rally in march. Looking at the chart it's pretty clear that we've build a double top pattern which was confirmed by decline in value shortly after. A comment sell off happened back into the strongest support zone. While the support held very well in early 2023, it was equally doing well in May. But then the huge blackout came and it looks like the sharp drop has shaken out a lot of paper hand commentator. We broke through the support and hit an absolute new low just recently end of July. Fortunately, the Moon hype brought ups back but we got rejected of the previous Support zone : I'm expecting a retest of the previous lows to confirm it as new support. That will be a bullish signal for a reversal of the trend! the parabolic subscriber count A more bullish factor of the sub is the non stop climbing subscriber count. Although it has been slowing down in the recent months compared to the parabolic trend from mid 2020, it's still not showing any signs of weakness and is almost breaking through a new ATH of 7,000,000 Members! Posts / Day Taking a look at the posts per day we can see a clear correlation to the BTC/USD Chart: With outstanding bullish spikes. I've noticed a strong divergence to the BTC/USD chart during these spikes most likely related to the Luna, Celsius & FTX fallout. While there was strong momentum and a nice uptrend earlier this year, it has been slowly reversing back into a downtrend after BTC hit the new highs. Yet again a clear correlation to the comments/day chart is visible although the second high was way lower compared to the FTX rally. Once the reversal kicked in, the downtrend hasn't stopped yet. Even with a strong bullish outbreak with the recent moon hype it quickly reversed back into the downtrend straight back below the early 2023 lows. It's safe to say the post/day is still on a heavy decline. ConclusionThe bear market is tough and even the asset r/CryptoCurrency is not safe from it. Although we had some nice bear market rallies,realization kicked back in and investors went back to karma accumulation phase while long term shitposters have been taken profit. [link] [comments] |
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