Premium Daily Crypto NewsletterSeptember 4, 2018
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Crypto Market Commentary
Mav's Daily Commentary
Markets Climb Higher
Bitcoin Showing Very Bullish Indicators
After an impressive run late last week, we’ve hit a temporary ceiling around 240 Billion. While many of the largest coins had lackluster performances today, altcoins rallied and posted some impressive gains.
Meanwhile, the MACD histogram on the Bitcoin weekly chart has broken the zero line and turned bullish for the first time since January.
Many of the other oscillators and moving averages show bullish trends indicating neutral or buy positions.
This is not to say a recovery is imminent, a bull market is inbound, and a $20,000 Bitcoin is inevitable. It does indicate that we may be climbing back out of the hole we started digging at the beginning of August, which is surely a good sign to see in the interim.
Always be on the side of caution when market analysts are predicting a “breakout”, because price does not always follow the rules of lines, patterns, and common sense. We are very much on a tightrope, and remember that we’ve gone through 8 months of the bear simply based on fear.
What happens when something actually bad happens tomorrow? Is it priced in or will the market revolt? For example, the SEC has set the deadline of the VanEck / SolidX ETF as September 30th, but they are well within their power to deliver a verdict beforehand, be that delay or deny.
As we get closer towards the end of this month, the market will certainly do a better job anticipating a delay than it did in August (mostly due to the more realistic expectations this time around).
That said, let’s also anticipate the flipside. The market went a bit crazy at the end of July. Will we see another rally akin to that? After all, we’re starting to see altcoins with 10+% 24hr gains, which is a promising sign of bullish action.
Nonetheless, this should prove to be one of the more interesting months of the year so far.
Also, be aware that the first deadline for the Bitwise Hold 10 Cryptocurrency Index Fund is September 7th, which means the SEC will either delay or deny the application this week.
What will be interesting to see is if there’s a repeat of what we saw two weeks ago with the Proshares / Direxion ETF applications, where the decision was amended based on Commissioner intervention.
What should be clear by now is that governments are large bodies of people with varying degrees of opinions and information. As we’ve seen with the SEC, forming a consensus on this topic has proven to be an arduous affair.
As I’m increasingly resolute on the direction of the space, so too am I resolute on the legal battles to come.
We will definitely see a reckoning on ICOs over the next year regarding security status. We will definitely see a push towards legal channels for tokenized crowdfunding. We will definitely see the governments of the world continue to struggle with the paradigm shifts of this new asset class.
Most of all, we will continue to see cryptocurrency shift as new technology is introduced, new technological methods are explored, and new challenges confronted.
As we quickly approach the 10 year anniversary of Satoshi’s whitepaper (October 30th), it’s clear that this space has grown so much in so little time, and has so much more room to grow.
I wonder where we’ll be 10 years from now.
If you missed Mav’s webinar “Top Ten Ways to Create Passive Income With Crypto” then you can watch the webinar at this link.
We’ve started to produce episodes for The ReadySetCrypto Podcast; all of our episodes are posted on our blog (and on iTunes) and Episode Eleven is now available. Episode Eleven is an interview with Adam Todd of Digitex Futures which we’ll be looking to employ as soon as it’s live. 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 over the weekend!
Doc's Daily Commentary
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Offense – Adding Trades
Offensive Actions for the next trading day:
- None today.
Defense – Managing Risk
Defensive Actions for the next trading day:
RSC Managed Crypto Fund
- ETH/USD 2% added 8/10/2018 @ $363.14. (12% more to add)
- LTC/USD 2% added 8/10/2018 @ $62.56. (6% more to add)
RSC Altcoin-Exclusive Crypto Fund
Technical Analysis Research
Today’s video was all about identifying specific entries for our Managed Crypto Fund; this has been a “creeper” trend higher much to the surprise of all that were ready to bury the market a month ago. Not quite capitulation but price can do whatever it wants to.
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.
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..
We’ve started to do some swing trades on alts, tracked in the previous section. I am mostly focusing on the top 10-20 coins for now until we confirm that we’re back into an overall bull market.
I am doing the majority of my Technical Analysis work on TradingView, and I have a BitFinex app on both my iPad and Android smartphone. All of these charting platforms call a TradingView API. TradingView is the 800 lb. gorilla in the Crypto charting space until the “established” players want to make a go at Crypto, like Ninjatrader, Tradestation, eSignal, Sierra charts, etc. My sense is that TradingView has such a head start that it will be very difficult for the big boys to make a dent in this space for a while. Until that point, TradingView has almost a monopoly in this space. If you have a particular tool that you think is superior, please let me know. You can access the BitFinex and TradingView platforms for free, however there are some paid features that you might want to consider depending on your needs, such as expanded watchlists, different study sets, account alerts, etc.
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.