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!
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!
Filter the noise and stay ahead of the pack
The Global Blockchain Forum is taking place today and tomorrow in Santa Clara, California. Tim Draper is the most famous speaker, but we are looking forward to Edith Yeung's commentary on China's state of crypto. Follow the conference here.
The Crypto Mining Conference is happening tomorrow in Hong Kong. Some rumours state that many small mining operations are being bought by big players in hopes of a bullish market by year end - it's interesting to keep an eye on.
The most dubious April Fool's post has not yet been resolved. Vitalik Buterin, Ethereum's founder, announced a 120 million hard-cap for ether's supply - a reasonable proposal that might be a play on his key role. Some didn't get it though. Watch his Twitter account today to check if any news. Bear in mind he also joked in 2017.
An insight a day could give you more profits to play
We've previously shared a great summary of Delegated Proof of Stake. Vitalik published a thorough critique of the consensus model. We recommend reading it - as well as Dan Larimer's reply (the creator of DPOS).
We try to provide a critical view of crypto markets whilst simultaneously sharing our enthusiasm for the underlying technology and its potential social impacts. If you're in search for some crypto-joy, Chris Burniske's latest post will ensure you of that.
We try to share as much crypto regulation news as possible. This month's update gives a great overview of US and global developments.