Crypto Research
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Our view on crypto markets has not changed since last week when we increased our FY 2020 Bitcoin price outlook to $16,500. We saw a bit of bumpiness today when markets sold off after 50 BTC that had remained dormant since being mined in 2009 unexpectedly moved, spooking roomers of Satoshi selling coins. We’d dismiss this as an unlikely non-risk event and stay focused on the fundamentals. Crypto still looks...
Similar to other risk assets, such as the S&P 500, BTC has traded in a relatively narrow range under resistance through May. A breakout in either direction from the recent trading range is likely to signal BTC’s next tactical directional shift. 10k followed by 10.5k remain the levels traders are fixated on but 9.1K also remains an equally important trading level to be aware of. Our bias is for an...
Technical Roundup Analysis Bitcoin has found new resistance at $9,600 which is now acting as support on lower time frames. Although price is at resistance there is no evidence of rejection. BTC is currently retesting resisting these levels but it is presumed they will be weaker than before. If daily pricing breaks through $10,000 resistance, the next objective would be the double top at $10500. If daily loses weekly support i.e. starts closing...
CRYPTO FEAR AND GREED INDEX The Crypto F&G Index has recovered from March and April’s weakness and is now at 50 signifying a neutral sentiment. The index is up 11 points since last week. SHE-WHO-MUST-NOT-BE-NAMED Harry Potter author JK Rowling admits that asking for an explanation on bitcoin is something her young wizards may not have event been prepared for. Responding to all the posts and media attention she has received since...
HARRY POTTER AND BITCOIN I assume that most of BitDigest’s readers have been asked “what is bitcoin,” but the seemingly simple tweet “I don’t understand bitcoin. Please explain it to me,” by Harry Potter author JK Rowling took the cryptoverse by storm over the weekend with everyone from Ethereum co-founder Vitalik Buterin to Tesla’s Elon Musk trying to answer this question. Rowling had a difficult time understanding the explanations tweeting, “People...
Will Cashless Operations Be Permitted in Post Coronavirus World? I received an update from Amtrak yesterday. It explained the different procedures the rail company is taking to respond to the COVID-19 pandemic. Facial covering, 50% capacity, enhanced cleaning protocols, etc. The one new policy that caught my eye was “cashless service.” Amtrak has decided to temporarily move to cashless payments in stations and on the trains. Going cashless is not new. It’s something I write...
(FSInsight. com’s head of research Tom Lee revealed the first five of his ten rules of Bitcoin investing on April 23, 2020 and gave an updated outlook for the remainder of the year. The final five of ten rules will be published later this year. The webinar is available on the website and the following is a condensed version of his comments. This is the third in a series of...
WEEKLY STOCK REVIEWGalaxy Digital (TSX:GLXY.V) announced it has been conditionally approved to be listed on the Toronto Stock Exchange (“TSX”)The Bitcoin Fund (TSX: QBTC-U. TO) saw a slight decline in price (1.9%) week-over-week but average daily volumes increased 90% ahead of the HalvingHive Blockchain (TSXV: HIVE.V) initiated operation of 750 new Bitmain Antminer S17+ rigs at its new Quebec facility. Daily volume declined 19% this week.Riot Blockchain (NASDAQ: RIOT) reported Q1’20 financial results with a year-over-year increase...
BULLISH NEWS BUT A VOLATILE TECHNICAL RESPONSE - Despite the past week’s quick sell-off from resistance that saw most crypto currencies break below rising 15-dma’s, most coins remain in uptrends supporting long side exposure. As always, we find it noteworthy that despite seemingly bullish expectations regarding BTC’s halving, Paul Tudor Jones’ endorsement and news JP Morgan is increasingly engaging with crypto, BTC and ETH ping ponged between key technical resistance...
Increasing Outlook: Sentiment & FY 2020 Forecast Support a “Non-Speculative” Bitcoin Price of $16,500
PORTFOLIO STRATEGY The conditions appear in place for a continued rally in crypto asset prices over the course of the year. Last week brought two events that 1) incrementally de-risked the downside and 2) improved the bull market case.We are gaining confidence in the sustainability of this rally with each day that passes after the halvening that we don’t see signs of trouble in the mining sector.Investor sentiment data has...
CRYPTO FEAR AND GREED INDEX The Crypto F&G Index is basically on par to its posting last week with the sentiment index slipping 1 point to 39 following the Halving. TRUMP TO ANNOUNCE DIGITAL DOLLAR I want to make a prediction that President Trump will instruct the Treasury Department to issue a digital dollar in the coming months. We all know the President likes his headlines and he can use this...