Market report

BITCOIN SIDEWAYS, ALTS UP — PART III

London Block Exchange

20th April 2018

Bitcoin and ether reach a key resistance. Is part III the end of this mini-cycle?

BITCOIN SIDEWAYS, ALTS UP — PART III

Bitcoin and ether reach a key resistance. Is part III the end of this mini-cycle?

News that ICOs raised more funds in the first quarter of 2018 versus the entire year of 2017, seem uncorrelated with the last few months’ bear market. This week’s bullish performance is also fostering confusion amongst some traders — with the total market cap now sitting at £255 ($360) million, a level first achieved in the beginning of last December. Could it be a bull trap?

Bitcoin is getting close to the log scale downtrend resistance line — an area which bitcoin failed to break upwards, twice, since December. Some neutral traders are advising caution. Even if a breakout were to happen, remember price can later continue trending sideways. Contrastingly, here are some recent bullish predictions that are circulating.

Some bears are in disbelief, claiming this week’s alt season is over. Yesterday we shared a tweet storm, which showcased that ether is acting as a leading indicator for the alts cycle. Ether however, stopped at a key resistance overnight. Perhaps there is a need for a more significant rise in bitcoin’s price before alternative cryptoassets go on a run.

NO FOMO, NO BIASES, NO BUYS

Alts were up, but not that much. What does this mean for the next few days?

We’ll conclude our commentary on the ‘blockchain is not only crappy technology but a bad vision for the future’ article next Monday, so that we can better prepare for the next couple of days. Take a look at this map of the price differences in cryptoassets since Monday. Does it look impressive or average?

Bitcoin is marginally up 2%. Major alts are all up between 10% and 20% — including BCH, XRP, XLM, DASH, XMR, ADA, LTC, and EOS. These are meagre compared to last year’s common +100% gains. The key message here is that if you have missed out on some profits, there’s no reason to FOMO over the weekend unless there’s a clear change in trend. Look at all these historical times where an alt cycle was mistakenly identified.

It’s difficult to get rid of our biases once we have consistently benefited from them. If you were short on alts over the last few months, you were likely doing well until last week. There’s some positive sentiment on social media regarding marginal gains. Here’s a fun fact.

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

  • bitcoin
  • btc
  • alts
  • ico
  • bears
  • bull trap
  • fomo
  • BCH
  • ethereum
  • XRP
  • XLM
  • DASH
  • ADA
  • LTC
  • EOS
  • skyledger
  • jimmy song
  • vitalik buterin