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November 8, 2018Watch this video to see how to use this newsletter. Click the square in the lower right to expand the view.
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Crypto Market Commentary
Mav's Daily Commentary
Market Drops As Fears Return
Can We Reverse Ship Or Is Another Iceberg Approaching?
Yesterday proved to be the high for the week as volume tapered off in the later hours, with price following it.
As predicted, we saw good support at 6450 and 6400.
Overall, I’m still bullish even if today has me questioning any break below 6350. Past 6325 and we’re in a danger zone.
Otherwise, I’m still longing BTC but I’m anticipating a pullback if we don’t see some action soon.
Some of the fear in the market today can be associated to the recent lawsuit by the SEC against the founder of EtherDelta.
EtherDelta, a decentralized exchange specifically for Ethereum and tokens running off Ethereum, was found to be in violation of running an unregulated securities exchange.
The SEC report stated:
“EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.
Without admitting or denying the findings, [Zachary] Coburn consented to the order and agreed to pay $300,000 in disgorgement plus $13,000 in prejudgment interest and a $75,000 penalty. The Commission’s order recognizes Coburn’s cooperation, which the Commission considered in determining not to impose a greater penalty.”
Now, it’s important to note that this has already been settled and SEC investigations take time. There’s no reason to believe that EtherDelta is being singled out here, nor that this is the last we’ll see of cases like this.
What makes decentralized exchanges like EtherDelta so vulnerable to oversight like this is that they often have an open door policy that allows anyone to list their token.
In response, we’ll likely see decentralized exchanges make changes to stay compliant, unless they are truly anonymous.
I do want to defend my earlier assertion this week where I spoke about the SEC’s recent actions against fraudulent ICOs and exchanges. I do think this is a necessary line to enforce. Allowing anyone to openly sell and trade securities (which most ICOs are) invites a whole host of issues.
The wild west of ICOs can’t exist while people are being scammed out of millions of dollars. The dream had good intentions, but governmental organizations exist to protect investors and shut down black markets.
Over the next few years, we should expect to see many more organizations hit with fines, cease and desists, etc. This is acceptable and part of what is necessary to keep the system operating. Otherwise, we go back to the days of Bitconnect-esque scams and I don’t think anyone wants that (except for the scammers). We’re in the first inning of a long ball game.
Watch Doc’s recent online classes here and here on “Four Rules to Chart Like a Pro.”
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 breakouts support going long, keep position size small.
Defense – Managing Risk
Defensive Actions for the next trading day:
- None.
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
- BTC/USD 2% added 11/7/2018 @ $6501
Click on image to download the datasheet
RSC Altcoin-Exclusive Crypto Fund
Click on image to download the datasheet
Click on the image to download the TXT file
Technical Analysis Research
Take initial positions on the first breakouts, but expect volatility. Make sure that you’re using small positions that you aren’t going to panic and sell if they go underwater, as most of them will before long. It’s a rare first breakout from a consolidation like this that actually gets traction. I also talked about a potential LINK swing coming up soon.
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:
Public Swing Portfolio Link
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
Bgogo Exchange
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
Website: https://bgogo.com
Whitepaper: https://bgogo.com/assets/white-paper/BGG-Token-Whitepaper-v1.8EN.pdf
2017- 2018Q2 Portfolio (Discontinued)
Desired Holdings
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.
Tier 4
ZIL
IAM
FT
DATA
ELEC
None.
Tier 2
MOD
Tier 3
REQ
SUB
LINK
NANO
KNC
Tier 4
BNTY
TAU
WISH
PHR
LOCI
XBY
ELA
ECC
POE
HPB
BIX
EVE
XVG
NULS
DNA
READYSETCRYPTO
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