Premium Daily Crypto NewsletterOctober 25, 2018
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Crypto Market Commentary
Mav's Daily Commentary
Crypto Market Hits New Low For Volume
Same Range Over and Over Again
This week, the US stock market lost all of its gains made in 2018 during a large sell-off.
“There are worries about what’s happening abroad. China, the world’s second-biggest economy, is showing slower growth. Last week, it reported economic growth of 6.5 percent in the third quarter, falling short of expectations. And it has been drawn into a trade dispute with the U.S., with each side digging in on tariffs on billions of dollars of each other’s imports,” CNBC investing editor reported.
Meanwhile, the crypto markets seem unphased. Bitcoin only moved -0.07% today, 5% less than another asset with perceived stableness: gold.
No coin in the top 10 moved more than 1% in either direction as the market continues to settle. We’re once again showing yearly lows for 24hr volume, and reaching levels we haven’t seen since November of 2017.
In a sense, it’s a bit of a ghost town in crypto as everyone holds their collective breath. So, while the stock market sell-off didn’t affect us in terms of price very much, it does seem to have the effect of causing fears of a global growth slowdown.
We’ll continue to see how this plays out.
In today’s news, we saw a couple of unconfirmed rumors.
For one, Intercontinental Exchange’s (ICE) Bakkt cryptocurrency platform could get approval to launch its physically-delivered Bitcoin futures by the CFTC next week, according to The Block.
That would certainly be a nice surprise given our expectations that Bakkt wouldn’t be approved until December after their recent announcement.
With that said, I’ve seen the rumor of a Bakkt futures launch on November 5th floating around for months now, so I can’t say that this is exactly a groundbreaking revelation.
Either way, we’re quickly going to see if all the hype has been worth it once Bakkt comes on the scene. They have the incentive to be fast and loud because they are quickly getting competition from the likes of TD Ameritrade and Fidelity, who are both introducing their own crypto platforms soon.
We also saw a claim that Coinbase will soon IPO by Ran Neuner, host of of the Crypto Trader show on CNBC.
While it is a very interesting and exciting notion to be able to own a piece of the blossoming crypto startup, and while Coinbase has previously hinted at going public, I do think the timing is suspect.
As we just covered, crypto trading is at a yearly low in volume. Ideally, if Coinbase wanted to pursue an IPO, they’d hold off until they could attract more attention in a crypto bull market.
Furthermore, Coinbase has previously expressed they have interest in security tokens. It is completely feasible that they would become the first company worth over a billion to tokenize their equity.
But perhaps that is grasping at straws when we’re still seeing that space evolve.
Whatever the case, it’s easy to lose focus in times like these because there isn’t much to get excited about in the interim. Thankfully, we should have some exciting months ahead as we start to get out of this low-volume funk we’re currently in.
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:
- The only thing moving at present are the coins we’re featuring on our Swing watchlist.
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
I expect to see massive amounts of volatility in the US Equities markets over the next two weeks; I believe that this is taking the oxygen out of the room. I’m having to drop my standards slightly to find opportunities, as I describe in today’s video.
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.