Premium Daily Crypto NewsletterNovember 6, 2018
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Crypto Market Commentary
Mav's Daily Commentary
Markets Continue To Show Positive Movement
Bitcoin Cash Leads Pack With Upcoming Hard Fork
Successive positive days seems to be a rarity these days, and so it’s certainly worth noting.
Looking at the top ten, it’s clear that coins such as ETH, XRP, XLM, and BCH are leading the pack, while BTC continues to languish.
Specifically looking at BCH, we called this move over a month ago when we discussed how the Nov. 15th hard fork would result in price action. Be very careful about trying to play this one.
Let’s also look at ETH.
We can see the ETH / BTC ratio is increasing, we can see the daily addresses are growing, and we had a lot of positive sentiment coming out of Devcon last week. Not to mention, many of the short term (<= 1 day) technicals on Tradingview show a buy or strong buy bias.
Combine this with an absolute cleaning out of many short positions against BTC over the past few days and overall the market is looking the healthiest it has been in some time.
In addition, Bitcoin’s long-term technical indicators point to possible gains.
A look at Bitcoin’s Directional Movement Index with the long-term trend lines in shows it entered a recent bullish phase.
Widely considered an encouraging sign, BTC’s price trends broke out of their VERA band upper limit. This supports the hypothesis making the rounds right now that BTC could see a rise as it approaches year-end. That said, we’ve traded in the $6,000 range since June, albeit a few spikes, so a sustained rally could really require some movement we haven’t seen all year.
Once again, a BTC ETF seems to be the most popular thesis for a bull run. However, according to a tweet by lawyer Jake Chervinsky, the U.S. SEC’s decision on the previously rejected nine Bitcoin ETFs would not be made until December. Additionally, the current deadline for the SEC staff to decide on the VanEck/SolidX ETF is December 29, 2018, which can even be extended to February 27, 2019, at the latest.
If we do see approval of the ETF, it will be similar to what happened to gold back in 2003. The precious metal increased more than 300% during aftermath of the first ETF approval.
Of course, we’re dealing with a much rarer and speculative asset, so Bitcoin’s approval could have even stronger effects.
Whatever the case, the next 6 months are due for some major news events and hopefully some volatility returning to the markets.
We’ve started to produce episodes for The ReadySetCrypto Podcast; all of our episodes are posted on our blog (and on iTunes) and Episode Fourteen is now available. Episode Fourteen is entitled “Atomic Habits and the Four Maxims of Trading.” Look for more episodes shortly as we comb the crypto space for valuable interviews, and create valuable content to keep you in the loop! See you tomorrow!
Doc's Daily Commentary
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Offense – Adding Trades
Offensive Actions for the next trading day:
- If BTC is able to convincingly break above $6500 I will add a 2% position to our managed portfolio.
- Several other coins are starting to break higher but are in exhaustion.
Defense – Managing Risk
Defensive Actions for the next trading day:
RSC Managed Crypto Fund
How to read this portfolio: Please read through the FAQ tab
- ETH/USD 2% added 8/10/2018 @ $363.14
- ETH/USD 2% added 9/9/2018 @ $200.50 (10% more to add)
- LTC/USD 2% added 8/10/2018 @ $62.56. (5% more to add)
- XMR/BTC 2% added 9/21/2018 @ .018BTC
RSC Altcoin-Exclusive Crypto Fund
Technical Analysis Research
Some follow-through today, very subtle but persistent. We can start to take initial positions in some of our desired holdings as we get coins transitioning into a primary uptrend again.
In August we introduced a new “fund” project that we’ll be creating over the next few months, in piecemeal form. I will be slowly and methodically creating a “fund” with (currently) 23 assets that we will do “live” or at least very plainly indicate where we intend to enter portions of assets. As long as the market continues grinding down in a bear, we will use sentiment-based entries to hopefully secure a better entry. All that I saw were bear flags tonight; we are close to some good entries on coins showing positive divergence on the RSI. Going forward into the end of this year my plan is to do a LOT more swing trading; what would really help is a decent derivatives exchange. I am looking for big things from Digitex in this regard, which will be a commission-free futures platform however all trades must be made in DGTX as the base currency. Put yourself on the waitlist for this platform by clicking here. I have started to acquire DGTX tokens at Mercatox in anticipation of them turning up their platform, and this looks to be a good candidate for a pump prior to the production event. Here are the recent swings that we’re tracking in the portfolio below; :
- DGB/BTC – long @ .00000608 (7/23). My target exit is .000008BTC.
- WTC/BTC – Long @ .00155980BTC (4/23). My target exit is at .002BTC.
- ADA/BTC – Long @ .00003931BTC (5/1) My target exit is at .00005BTC.
- ONT/BTC – long @ .0008905 (5/20) My target is .0013BTC.
- ETP/BTC – long @ .000522BTC (9/21) My target is .00072BTC
Please keep in mind that if you want to follow these trades, I am using FIXED RISK POSITION SIZING. This means that I am using a fixed amount of risk capital that is based on my account size, like 2%. I am assuming that the trade will burn to the ground and that I will lose that entire capital position! Only in this manner can one effectively manage a position the way that you have to. If you’ve every checked your blockfolio nervously every 5 minutes when you’re underwater, this will prevent that. I will track these positions in this area and not in the main portfolio section. I will use a public portfolio tool to do so, which you can access by clicking below:
I hope you all got a chance to catch my webinar class from earlier this year; if not, the replay is available here. If you missed my earlier webinar, “More Profits in 2018; Ten Ways to Chart Like a Pro.” then you can catch the replay here. My new class “Introduction to Technical Analysis” is now available via our online store.
If you go to buy any of our courses at our online “store” you can receive $10 off the street price with your member’s “coupon code” of member18crypto..
Coinigy is a great tool for determining prices on each exchange, however I may not have access to the full suite of tools on TradingView charts. I am currently not using it as a front-end GUI for my exchanges, which it supports.I also use Blockfolio and/or Delta to give me a quick snapshot of my holdings, and find that it does an excellent job to aggregate all of my holdings into one easy-to-read snapshot of my cryptocurrencies, which are typically located in many different places.
I am also trialing the Profit Trailer and CryptoHopper trading apps which are working well in this choppy market.
Fundamental Currency Research
For flipping Good.
For long-term holding Neutral.
What is it?
What is our verdict?
What we like: Supernodes are very interesting. No trading commissions for users.
What we don’t like: There are many exchanges already on the market. Transaction mining isn’t currently solvent.
- Project name: Bgogo Exchange
- Token symbol: BGG
- Website: https://bgogo.com
- White paper: https://bgogo.com/assets/white-paper/BGG-Token-Whitepaper-v1.8EN.pdf
- Hard cap: 17,000 ETH (15,000 ETH during private sale and to supernodes, 2,000 ETH during public sale) for 10% of total tokens
- Conversion rate: Private sale: 1 ETH = 66,666 BGG; public sale: 1 ETH = 69,999.3 BGG.
- Maximum market cap at ICO on a fully diluted basis: $51 million based on current ETH price of $300
- Bonus structure: Whitelisted public sale participants have a 5% bonus over the private sale price, with no lockup period.
- Private sale: The private sale has already been completed with 10,500 ETH raised from 21 supernodes and 4,500 ETH from strategic investors.
- White list: Bgogo’s public sale will be a Genesis Mining event (exact date to be confirmed) that will start 24 hours before mining is officially opened to the public. Only whitelisted users can participate. Details on the Genesis Mining event can be found here: https://bgogo.com/announcement?link=mining.
- ERC20 token: Yes (will be switched to native tokens when the mainnet is launched)
- Countries excluded: TBA
- Timeline: TBA
- Token distribution date: TBA
2017- 2018Q2 Portfolio (Discontinued)
How to read this portfolio: Please click on the Chart Key tab above for definitions and color codes. The colors correspond to our 7 categories in the graphic below.