This isn't a time to panic, but it may not be a time to go all in either.
Market sentiment on both the alts and majors have taken a major hit this week, mostly due to the bearish actions of king $BTC. Sentiment for $BTC remains net positive for the month of May, but has fallen by 66 percent since last week.
Sentiment on the Alts remains slightly bullish, but has been in a downtrend for the better part of the three weeks. Volume has dropped among the 40 influencers and traders I follow, which I've come to see as a sign of indecision and tension.
One thing that could play a big role? The Consensus Conference, which is touting record breaking registrations and begins Monday.
Here's what the market has looked like in recent days. I'll be back tomorrow with how the weekly picks performed, and Sunday with a new set of picks for the coming week.
The Influencers
Who am I?
I'm an investigative data journalist during the day, and I've been looking for a way to cut through the noise and get a true sense of what some of the biggest crypto influencers are pushing toward and pulling away from.
Using a pseudonym here because I can't post about this shit on my verified accounts. I've become mildly obsessed with crypto and its constant stream of data and needed an outlet. So here I am.
What is this?
Each week, I scrape the Twitter accounts of some of the crypto world's favorite influencers, traders and TA folk. I run a basic sentiment analysis to see which coins they are mentioning positively, in a neutral way and which they are mentioning in a negative light.
I calculate "power" simply by subtracting negative mentions from positive ones to give an aggregate score. The higher the score, the better, the lower the worse. For the daily rankings, I also create aggregate scores for the majors and the Alt markets. The Alts get a 10 point deduction any time the majors go below zero, since overall the Alt-market has a tough time staying above water when BTC is in a spiral.
This isn't financial advice, just my own way of trying to make sense of what's out there. And as with most things, the more data I collect, hopefully, the more interesting it'll be. This is a work in progress. Please leave suggestions on how to make it better. I imagine if I keep up with it, I'll be able to expand a bunch of the analysis, but I wanted to start somewhere.