Have a plan and think for yourself to avoid falling into other’s sentiment
Total cryptoasset market cap decreased 5.5% over the past day as short-term bitcoin bears continued to play against yesterday’s failed breakout. It’s interesting to see how it only takes a couple of days for sentiment to shift from ‘moon’ to ‘typhoon’!
The uptrend is still here, however, as nothing has changed over the past few days regarding the fundamentals of the space in general or of most of its top projects. The current movements just seem to be the natural market dynamic of sellers deciding to test the confidence of buyers at a key resistance level.
For the rest of the week, so long as bitcoin is able to find support above £7.3k ($10.1k), then the bullish pattern is still clear. In fact, even if bitcoin only manages to find support at £6.6k ($9.2k), it’ll still be trading within what could be considered an upper range.
Meanwhile, in the alts market, ether continued its sell-off to further worry its fans. Do note that, as with bitcoin, it’s important to remember that “too many traders obsess over what [the price] will be 10/20/30/90 days from now” — instead of focusing on a given market’s risks and rewards.
We are not saying that one should embrace their own confirmation bias and find the contrarian view for their investment beliefs. Instead, one should focus on the long-term fundamentals of an asset and manage their risk accordingly — especially if swing-trading.
Finally, Coinbase confirmed it’s not adding Ripple’s XRP to its exchange — further erasing the token’s gains from the last few days — after CNBC had also postponed the airing of Ripple’s CEO interview to today. In more positive news, however, Grayscale Investments — a digital assets fund that creates trusts (quasi-ETFs for cryptoassets) — just announced new products for ETH, LTC, XRP and BCH!
Kenneth Rogoff, a famous economist, has been bearish on crypto for a while, but his £72 ($100) bitcoin price forecast was highlighted in an interview with CNBC yesterday.
Litecoin, one of the most popular top cryptoassets, is providing an interesting risk-reward ratio over the next few weeks — read the full analysis here.
NEO, which is struggling against a viral critique, continued its response. The founder of the smart contracts platform laid out their arguments here — be sure to think for yourself!
The Dallas Bitcoin, Ethereum and Blockchain Super Conference — which took place last month — was also a good one. Here’s an overview of what happened in Texas.
Blockchain and patents usually don’t align with each other, but there is a patent war going on regarding Bitcoin mining. Could all patents be democratized and bring the war to an end?