Premium Daily Crypto NewsletterSeptember 12, 2018
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Crypto Market Commentary
Mav's Daily Commentary
Market Hits New Yearly Low
Bitcoin Dominance Hits Yearly High
Today’s market hit a new yearly low of 186 Billion before rebounding off that level to end the day only slightly negative.
Bitcoin’s dominance continued to expand today, topping 58% of the market —- the highest it has been since December 13th, 2017.
Meanwhile, Ethereum found a new low at $170, the lowest it has been since May 2017.
Today we learned that the US SEC hit two crypto firms with formal charges. The two firms include a self-proclaimed ICO superstore and an digital asset investment management firm.
- This follows trends we’ve seen, such as the ruling earlier this week that security regulations “may” apply to ICOs. The wave of unregistered ICOs in the last year has seen several cases of those operating outside of legal confines and regulatory agencies made an example of them. Expect to see more cases like this come up in the future.
In other news, Malta and Binance signed a memorandum of understanding (MoU) to launch a security token trading platform.
- Malta has been passing favorable regulations with regards to cryptocurrencies. Binance will likely be the first of many other such exchanges to operate on its friendly shores.
- “Malta has become a global hub for blockchain technology through active and transparent crypto regulations. This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens.”
- STOs, or “ICO 2.0”, will have us see assets such as real estate, equities, debt, and artwork become tokenized and hosted on exchanges.
With it being a slow news day, there really isn’t much else of significance currently making the rounds. Thankfully, when the market gets bored or hopeless like this, it usually predicates a nice bull move. Let’s wait and see.
This week I’m traveling to San Francisco this week to speak at Blockworld, Stanford University, and attend the Litecoin Summit. I look forward to continuing this discourse with those in attendance.
Doc has started to do a frequent live “Trade School” video; watch for announcements and links in the “Premium Chat” room of our Discord site.
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 Twelve is now available. Episode Twelve goes into the topic of “market manipulation.” Why it happens, when it happens, and how to protect yourself from it. 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
Our Weekly Premium-Only Livestream
Our next scheduled Premium-Only Livestream is scheduled for 12 September 2018 at 8 PM EDT (UTC/GMT -4 hours). Watch below for new link. Doc has also been doing a daily “Trade School” video with links in the Premium Chat room of the Discord page.
Our Public Livestream
New to Cryptocurrencies? Check out our archived classes “Intro to Cryptocurrency Trading”, “How to Find Your Next Big Cryptocurrency: Intro to Fundamental Analysis,” Mav’s class on “Security and Wallets” and Doc’s classes, “Introduction to Technical Analysis” and “Short Term Trading Strategies” which are now all available for immediate purchase in our Store, and seconds away from viewing in the Premium Member’s Home. View more about them at our online store by CLICKING HERE.
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Offense – Adding Trades
Offensive Actions for the next trading day:
- None at this time; let’s see if a base sets up.
Defense – Managing Risk
Defensive Actions for the next trading day:
RSC Managed Crypto Fund
- 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. (6% more to add)
RSC Altcoin-Exclusive Crypto Fund
Technical Analysis Research
Watch ETH over the next couple of days; a hammer candlestick along with a descending pattern means that we could see an explosive pop higher as the selling dries up, if it does.
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..
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.