Today, the total cryptocurrency market cap is at $194
billion. Trading volume is at a low $11 billion and Bitcoin’s market dominance
is pretty much at 56%. There is a lot of news that has happened from the
weekend as well today that has most undoubtedly affected the market.
big news that shook the cryptocurrency world was on Saturday. News that led to
another ~$11 billion loss in total cryptocurrency market cap was the US
suspension of Bitcoin and Ether Tracker One exchange traded notes that were
formulated in Nasdaq Stockholm. This caused Bitcoin to hit $6119 and Ether to
go below $200 in which prices still have not fully recovered. Ether is now at
levels we have not seen since November 2017.
some good news however. Citigroup has announced they will be launching what are
called “Digital Asset Receipts” in hopes of bringing in more institutional investors.
These DARs are similar to ADRs with the same logic of buying foreign
securities. Because of this, Citigroup could be the first to trade physical
Bitcoin. Hopefully this can add more legitimacy to cryptocurrencies as a whole
but definitely Bitcoin. It is unclear when they will launch this and as CBOE’s
ETF date looms closer by the 30th, we should be getting a better a picture
of how the SEC is going to respond to all these new projects.
Winklevoss Twins have launched GUSD which is the stable coin by their Gemini
Exchange. As talked about incessantly in the cryptocurrency community, stable
coins are one of the biggest challenges for cryptocurrencies. The current
infrastructure with Tether is not sufficient nor is it transparent enough for
investors. GUSD will be fully compliant with all regulations and may even be
FDIC insured. The importance of FDIC insurance is tantamount and is arguable
the main reasons why Coinbase and Gemini are allowed in the US. With so much
investor fear and bearish sentiment, more regulation seems like a necessary
evil at this point and personally, I’m excited to see how this project is going
to pan out.
currently trading at $6308. RSI has entered bearish zone and is now retesting
40 RSI which is when daily RSI would become bullish. MACD is still diverging downwards.
It seems that a rejection of a bullish reversal is likely to happen indicating
a future move down. If you recall, I had written on here at Newcoins168.com as
well as our livestream that a buy point would be around high $6000s to low
$6100. Bitcoin fell to $6119 over the weekend and rose back up $6450 before
being rejected on a downwards macro trend line. If this plays out, I believe
that Bitcoin will still follow my predicted trend. Pay very close attention
once we start nearing $6000.
took the biggest hit over the weekend, going from $217 on Friday to $185 on
Sunday night. At this rate, my prediction of $133 Ethereum is in play. On
Friday, I had said that if you wanted to buy and try to undercut other peoples’
limit buys, then to buy at $200 and then sell at $210 would be perfect. I was almost
right. Ether’s price shot back up to $208 before falling back down to now $195.
At this point I would not want to enter Ethereum right now or any other coin
for that matter. We need to establish a solid support and not some suckers’
rally. Even though RSI is oversold, I think at most we would bounce up to $215 before getting rejected and then going back down. The price action is extremely far away from even the 8-day EMA so a bounce up should happen soon but it will be brief. Daily MACD is still diverging downwards as well so the bullish signs are definitely not here yet either.
that I have been looking at for a quick entry point and quick profit is ICON
($ICX). Currently it’s being traded at $.61. An entry point would be $.58, with
a stop loss at $.54 and take profit at $.63. This will be a 5.32% risk for a
10.45% gain. That’s a 1.96 risk/reward so this is a pretty good play in my perspective.
I’ve been saying, please do not enter any coins right now as you will most
likely lose money. Momentum is very bearish for all coins, but DO NOT PANIC
SELL either. The market will eventually pick back up. Remain strong everyone!