Patience is still key…we are still into a bear market ‼️
Chainfund report 07/09/2018
Dear Investors,
As of the 7th of September, the share prices of our portfolios are the following: $65 for the Dynamic and $67 for the Extreme.
Bulls were back while seeing the bitcoin price steadily increasing above $7300 and while the volatility had largely declined, the expected upper move has not happened and a big red candle towards $6300 has formed. This has as created an even larger sell-off on altcoins. The bitcoin dominance is now around 55% of the market and opens strong entry opportunities in the crypto market.

I still believe the bitcoin price will not go below $6,000. I mean the likelihood that the price goes towards $5k is small. A lot of market participants seem anyway ready to step into the market around those levels. Moreover Coinbase which has recently issued its Index fund will likely not leave the BTC price falling below that inception price. The overall sentiment is that a bitcoin price around $5k would be an amazing discount.

The exact cause of the BTC drop is difficult to appraise but whale may be behind it. Fundamentally speaking the fact that Goldman Sachs was said to abandon the idea of opening a crypto trading desk was seen as a very negative news. Then the investment bank Chief Financial Officer declared that this information was just another “Fake News”.
What to expect within the next few days? The market should start giving back a focus on the CBOE ETF decision that the SEC should render at the end of this month. This is a possible reason why we may see a strong recovery until the decision date. It is also worth noticing that the market sentiment is rather negative on the outcome and more optimistic for a February approval. Any potential hint that the ETF would be approved could send the Bitcoin price way higher.
As I was stating last week. Patience is still key and even though the overall sentiment was back to bullish after only a 30% increase, we are still into a bear market.
Talk to you next week,
Yann Quelenn
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