Crypto Research
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I have looked at a lot of different technical analysis over the past several years and I recently discovered some new work from Technical Roundup, a shop based in the UK. I plan to start incorporating their bitcoin (BTC) analysis into BitDigest every Wednesday to provide a technical explanation for BTC’s price action. THE HEADLINES MARKET DATA EXCHANGE, CUSTODY AND PRODUCT NEWS THOUGHTS ON THE ECOSYSTEM
Back in December 2019, I started saying we’re in a “CRYPTO GOLDILOCKS ECONOMY” THAT’S “NOT TOO HOT AND NOT TOO COLD” – meaning, markets weren’t expensive, but they weren’t cheap either. THAT CHANGED THIS WEEK. Corona. Macro. Panic. Reason aside, Bitcoin’s price retraced to a low of $3,858 and now sits around $5,400, and its Market Cap / Cumulative Mining Revenue Ratio has fallen to 5.3x. As an investor in...
BTC stress tests its 2015-2020 uptrend at 7.7K. ETH tests key level at 180
Cryptocurrencies abruptly u-turned over weekend sending most back to key technical levels as global macro worries intensified. BTC is now testing important support at 7.5-7.7K that needs to hold to keep its longer-term uptrend intact, while ETH is also testing a key level at 180. BTC – BENEFIT OF THE DOUBT AS BTC IS OVERSOLD SHORT-TERM AT LONG-TERM TREND SUPPORT. Last week, we highlighted BTC was likely starting a short-term...
March 6 _Fair Value: $13,000-$15,0000 _ If ever the view that “crypto is a macro hedge” is to be put to the test, then 2020 would seem to be that time. Thanks to the fear and loathing created by the outbreak of the coronavirus, the ripple effects of COVID-19, as it’s known, is far reaching. We are seeing pure havoc in fixed income markets (the yield on the U.S. Treasury...
SUMMARY MARKET ANALYSIS:Crypto markets rebounded modestly this week and remain the best performing asset class YTD. PORTFOLIO STRATEGY:Crypto Emerging Markets are influenced by broader financial conditions but its idiosyncratic drivers and macro market cycle mater most long term. WINNERS & LOSERSWinner: Tron's founder Justin Sun who executed a hostel takeover of Steem's decentralized social media network.Loser: Bitmex after the FCA issued a notice that the firm has been operating in...
BTC’S LONG-TERM PROFILE REMAINS POSITIVE Despite BTC’s volatile swings through 2018 into 2020, the longer-term chart profile remains positive with BTC in narrowing consolidation above its long-term uptrend. Granted, a series of lower highs (12/2018, 06/2019, 2019, 02/2020) remains in place and break below BTC’s 2015-2018 uptrend (7.7-8K) would be an obvious technical concern/problem. However, a break has yet to develop and a move above the 10-11K resistance band would...
SUMMARY MARKET STRATEGY:Crypto markets had a tough week as global risky assets sold off on coronavirus fears but crypto investors shouldn't panic. WINNERS & LOSERS:Winner: Argon's Tim Draper investment may hold promise for future crypto legal governance.Loser: Ripple's illegal security lawsuit claims may mean potential upside isn't justified by regulatory risks. WEEKLY RANT:Why the announcement "Startup Tokenizes $2.2B in Commercial Real Estate Through Polymath" makes me cringe. FINANCING ACTIVITY:Copper. co...
