Market report

THE WEEKEND DIP MIGHT NOT BE OVER

London Block Exchange

2nd April 2018

Even though only Asia is awake, we might face a complicated week ahead.

THE WEEKEND DIP MIGHT NOT BE OVER

Even though only Asia is awake, we might face a complicated week ahead.

Last Friday we confirmed that bitcoin failed to continue its long-term bullish trajectory - as it broke below £5.3k ($7.5k). Over the weekend it stayed constant below £5k ($7k), but never got close to making a double bottom at £4.3k ($6k) - the current low of 2018, which is a key place to test a bullish trend reversal.

If it nears that support level over the next days, we may start dreaming about sunny skies again. Short term, we might be seeing some accumulation. Thiscan mark a local bottom and  a nice bullish divergence.

If not, the most likely scenario is a full spring/summer collection of chop and consolidation, which is good news. Some say "a trend in motion stays in motion".  Bitcoin shorts are currently at an all-time high!

ALTS ARE GAINING STRENGTH

While bitcoin was dipping, some alts were rising in price - a great sign.

Albeit the overall market downturn - with the top 100 projects by market cap losing 3.5% on average and bitcoin only 0.8% - it seems alternative cryptoassets are experiencing some recovery or growing in dominance  (17% to 20%) versus bitcoin.

Ether is not catching up as usual and is now 75% down from its all-time high, priced at £270 ($380), the same level it was in June 2017. This is a major macro support level for ether - prompting some key figures to ask if this is 'a great  buying opportunity'? 

Many investors who are planning to 'hodl' longer term are taking advantage of the market downturn and are accumulating their favourite projects - as those who thought they could get rich quick are leaving and selling their holdings. Even though it might be more difficult to time the beginning of the next alts season, here are 20 hours of analysis compiled for you - do your own research!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

WHAT TO READ TODAY

An insight a day could give you more profits to play

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