22nd May 2018 12:30 PM SGT
Hello Cyptoholders Family
Welcome to the Greatest Financial Revolution of this Decade called Cryptocurrencies !!!
As always we begin with the Disclaimer : I am not a Financial Advisor and none of this is Professional Advice. Please Do Your Own Research before taking any decisions
Market barometer BTC
Fundamentals : This year the growth in Cryptocurrency market is expected from Institutional Investors. One of the biggest UK Forex Trading Platform LMAX will now be providing similar services for Cryptocurrencies for Institutional Investors. Last week Coinbase had announced a new suite of Products for Institutional Investors. Also another London based company called Crypto Facilities launch “world’s first regulated futures contract for ETH. US based Gemini exchange & Goldman Sachs are also planning to come out with Products targeted for Institution Investors. Institutional Investors have to go through their due diligence procedures before entering any new investment class and their suggested entry into this space may take some weeks to months
Technicals : There has been a change in the short term trend of BTC !!! The upward sloping trendline has been breached and a short term bearish trend has emerged . Possible supports are 8,250 & 8,170. In case of any FUD, the strong Short term Support of US$7,800 still remains intact
Sentiments: The Bulls & Bears are evenly poised and sentiments should turn Bullish once we get back above 9,000. A break below 7,800 will bring back the Bears into action. Currently in No-man’s land awaiting direction based on News.
Next to analyse will be The Largest Alt – ETH
Fundamentals : Yesterdays ETH network slowdown hit by 4chan Invading Ethereum With Meme Games has put into question scalability & txn speed of ETH.
Technicals: There has been a change in the short term trend of ETH not surprisingly as it follows BTC !!! The upward sloping trendline has been breached and a short term bearish trend has emerged. Possible supports are 680 & 660. In case of any FUD, the strong short term Support of US$ 625 holds
Sentiments: Bearish till BTC recovers from its short term pull down
Other Alts: With the short term bearish trend of BTC, all the other Alts saw a higher fall in prices. Not much to report on other Alts except that TUSD listed on Binance , created a surge in price due to hype and would settle to its true value of around USD 1. Bytecoin has some exciting news coming – Hardfork on 12th June & Public Testnet Release on the 10th of July.
Honorable mention : Holochain which is not a Blockchain Infrastructure Project – Truly Innovative concept. However adoption will be the Key & competition from the much Hyped ,Hedera Hashgraph coming in the near future. Looks undervalued at the current market cap of USD 175 million
Expecting the BTC movement broadly in the range of USD 7,800 to USD 8,800 levels , any break below or above these levels will trigger volumes & action in the market.
Have a great day ; )
Crypto1
