Hi Guys, Welcome back. We hope you enjoy the weekly newsletter and that you get a lot of benefit from it. It takes a lot of man hours and we hope it helps a little bit to better your trading experience. It is not financial advice and is purely cryptocurrency commentary and market speculation.
BITCOIN BENNY’S LATEST RECOMMENDATIONS AND MARKET BRIEF: UPDATE
It’s been a while and we have been busy indeed. The last month has been a baptism of fire for newcomers to the crypto space and a reminder to others of the volatility in this market.
As the market is still immature and relatively small in market cap it can be easily controlled, manipulated and prone to violent swings. However as time goes on this should become more even in its movement.
Many people are calling a beginning of a run up in BTC price, with Max Keiser even saying the 28k is still in play. With that optimism comes some strong sentiment for a continued tough time for the alts. Meanwhile others are declaring the start of another alts bull run.
I have spent the last week or so watching more videos on sentiment and reports of previous bubbles and cycles and its pretty interesting to see what certain people thought whilst it was still happening, versus the retrospective look back at what happened and who was right. We can learn a lot from the past and its our only real guide for what will happen next.
I love that we are in a new market, with a huge element of unpredictability, volatility and also uncertainty. As we know, markets are made up of greed for gains and fear of losses, so there will be some hard luck stories of the one that got away and some rags to riches stories yet to play out.
As we all know the market was awful leading into Feb and has continued. However we are now starting to see a slow recovery and we should see things turn around. All coins suffered from the pullback and new coins are often the worst hit. The methods used for the coin picks were the same as always and I still hold positions in all.
I will update my holdings for you all very soon.
COINS IN FOCUS
As you know, almost ever crypto has had a significant pull back from its recent highs. So many people are left questioning whether or not the crypto they are holding is the right one. I always state that the down times are the times to assess if you are happy with your holdings.
As we look to be slowly turning a corner, I think the most important thing to ask is, which cryptos will fair best if we do start another bull run?. The most obvious answer is BTC and the high cap coins, as this is what we have seen time and time again. IF BTC runs very hard, generally everything gets left in its wake. If it grinds slowly up, you generally get a relatively proportionate lift in your alts as well at least in USD value.
So, this is the time you need to be across the charts, news, releases and updates and be generally across what is happening. Opportunities at this time are often sharp and short lived.
During these times you can roll one profitable trade into the next as there are a lot of strong ‘likely’ movers. For example ETC still looks very strong and is building slowly and the right way (on the back of huge volumes)
STRAT and XCP will be ones to watch when they announce news and reverse the current trends. In this market, we are looking for good news stories after a prolonged period of negative stories, outlooks and also FUD. But the crypto choir often switches songs mid sentence. My tests right now would be to look at coinmarketcal.com and social media to determine the influence of this type of news right now.
So I will at the end of the month announce the winner of the bag of picks from last month. Let’s hope the market improves over the next 2 weeks or so, giving that person better winnings.
Also the Masternode will begin at the beginning of next month as this hasn’t been a good market to start this in. I will announce the MN in the coming week or two as well as the 5 winners.
With so many upcoming forks and airdrops, remember to do your research on the coin you get for free. In many cases they are clearly not going to be worth anything. In most cases you are better off dumping before the fork at the top, then buying back straight after. With the airdrop you will notice that as soon as people get them they start to dump them, meaning, if you really wanted to buy some, you can wait for them to dip and buy them out of some of your profits from the above mentioned sale at the high.
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