Crypto Analysis Journal [bitcoin]
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Todays topic is just trying to understand bitcoins short term and long term projection.
Welcome to the Weekly Crypto Market Roundup, Every week I go through the (TOP 40) Cryptocurrencies (mainly chart analysis) alongside my personal take. On Fridays, I update the TOP 10 and 5 every day after. My analysis is long-term investment grade analysis and although I recommend a lot of buys and sells, I don't invest in all (very picky). You can see the ones I'm invested in at the bottom of this page (COINLIFE PORTFOLIO).
-daverex
I want to help build a community of knowledge, we are still in the early days of this tech revolution. Please ask any question and I will see to point you in the right direction. Also If you have any chart requests, I am happy to provide them!
#coinlife
Bitcoin Update
https://www.tradingview.com/i/DmL8cY09/
I keep telling myself that when Bitcoin contracts other coins will expand (logic would dictate money flow) the problem is that people are pulling money directly out of the ecosystem into their banks and $ exchanges. When bitcoin drops it causes a domino effect to all the alt-coins. Lessons learned... I had two good solid plays going on this week (deCRED & Lisk) both were at turning points and ready to rocket... well bitcoin decided to take a dump on the market, its crazy the amount of influence bitcoin has. Traditionally in normal markets, you have index funds and as a rule of thumb, you never invest (no matter how great the opportunity) if the index itself is short. But, as I've said in the past, Bitcoin is a coin, not an index... what the hell. Well simply put most coins are traded into bitcoin so a drop in bitcoin value brings down coins nominal values, my assumption is that although speculators buy into alt-cryptos in (bitcoin) they still measure their wealth in nominal currencies. Rather than letting the Alt-cryptos correct in bitcoin (upwards to current valuation)... people panic, this causes further domino effects to a crash. Now I'm ok with crashes and cheaper prices... it just pisses me off because It throws off my strategy! ahh. So this being said, from now on... when bitcoin is in a down cycle (as it is currently and possibly for the next 5-56ish days, any buy signal for an alt-crypto will be cautioned due to a farcled market.
Ok to the chart... I'm expecting bitcoin to break down at some point within the next 5 days but can take up to 50ish, if it does we need to be ready to buy the hell out of it. It is possible that It could come down as far at 1500ish. Those prices will not last. Once we purchase long again... hold and coast to 10k+ Jan. 2018.
... Good Luck Friends!
Invest at your own risk!
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Thanks
Good post . So its looks like a new oppotunity is coming to buy more during the dip.
I really hope so!
Nice post. I've been preaching the same thing... buy at its lows and hold it. It's only going up and I look at it for its long term investment gains. I laugh when I hear people seeking during a dip... you gotta ride the WaVeS 🌊!
YES... I really hope we get that opportunity... I'm all in at the moment and only convert to bitcoin, not to cash. I have close friends that tell me they messed up for missing the boat (been recommending about it since below 500) ... this may be their chance. Yes it is messing up current investment strategies but other ones are lining up ... the one im really looking at right now is dash... I would love to get some stupid cheap. Of course I would love to own NEM, ETHER, Monero ext... but at the right price. Still deCRED is my Ace in the hole (Love that coin and company) ... thanks and good luck Friend ... if you have any chart requests let me know!
I'll have to look into deCred... haven't heard of that. I'm currently mining dash/burst and ether. I have some quantity of ether I'm holding also to see what happens when proof of stake comes.
deCRED is a rebuild of Bitcoin --- like a 2.0 ... they pretty much saw what the issues are and fixed them from the ground up. It's not too popular because they are more of a culture of getting work done rather than hype. Rather than just a POW (proof of work) based block-chain, they are a Hybrid POW / POS (proof of stake), or as they like to refer to it as (proof of sacrifice). Unlike other POS coins, decred requires you to be an active participant in the network in order to gain POS commissions. The requirement is to vote, our last vote was to start work on (lightning network) which will be out in a few months and if we are lucky, it will probably be the first. (I don't know of any other coins that have lightning right now) ... transactions are already fast due to seg-wit... see so there is less friction in the community because stakeholder have a say (like shareholders in a company) ... so yea (undervalued)
Youtube Channel: https://www.youtube.com/channel/UCJ2bYDaPYHpSmJPh_M5dNSg/feed
I'm going to definitely do some research on that. Is it available on bittrex? Also, are you are saying it is currently mineable being that you have to be part of the network, if so what algorithm?
Yes, available on bittrex... and you can Pow mine and/or POS mine
What is the difference between POW or POS mining?
-POW is Proof of work (computer mining) -- actual resources like computing power and energy itself is used.
-POS is Proof of Stake (aka Proof of sacrifice) ... All this is is ownership of the coin. Some coins like dash and PIVX will use proof of stake to create super nodes which are paid interest (leaving your node open and participating in the network). With deCRED, you have to participate... you use your coins to buy tickets (to vote)... those tickets get locked up until they randomly called by the network (can take 1 to 6 months)... once they are called, it votes and your coins are unlocked with some interest (extra coin).
Let's hope we catch the buy opportunity again and get profit :)
I'm expecting some type of correction... at least down to 1700 would be nice.