Cryptoweek: Enjoy the Ride
There is no reason to complain that crypto markets are boring currently. FOMO at its best after Segwit2x was called off two weeks ago. BTC seems once again unstoppable and rides an impressive wave form one ATH to the next topping $8000 on Monday. In a continuation of this solid pattern we will probably see the $10k handle sooner than expected. At this time It feels like the only thing that may hinder us to see the 5 digits is a renewal of the battle with Bitcoin cash. Thursday’s move may be the start of round 2 in this fight for dominance… keep a close eye on that as we head into the weekend.
Much in contrary to what we have seen in recent Bitcoin rallies, Altcoins join the party this time around as well. Last week’s initiated kick-off proved resilient and Alts seem ready to take the next step. Green candles and technical break-outs all over the place led to a rise in sea level across the board with the total crypto market cap crossing $250bn for the first time. Most prominent member of the Altcoin rally this week was Ethereum which finally made a move and broke out of a large technical triangle to hit a new ATH just shy of $425. NEO as well caught crypto enthusiasts attention this week after an article stated that China considers to allow ICO’s again under the condition that the Chinese smart asset platform will be used to conduct an ICO. Not surprisingly NEO witnessed massive tailwinds on that. The spike however was rather short lived and the currency gave back about half of the initial gains.
The only damper to the positive sentiment came from the hacking front where $31m worth of USDT (Tethers) were reported to be stolen from its treasury wallet on 19 November.
Break out of a large technical triangle and a new ATH just shy of $425 set the way for another leg higher. Looks like its only a matter of time until we see $500. In the meantime we expect $400, then $385 to act as supportive levels.
XMR skyrocketed up to a new ATH of $174 on Wednesday. Small consolidation is now likely before we probably target new highs again. Anonymous coins currently look strong and are amongst the top performers these days. In a set-back watch out for supports around the $150 area, then $130.
As expected some profit taking kicked in as we headed towards $1. The currency remains very volatile and overshot our target support zone of $0.74-$0.72 to as low as $0.666 in a drop lower Thursday overnight. Overall we stay positive for a retest of the $1 handle in a next rebound attempt. Breaking it would then probably come along with new ATHs.
28 November — Altcoin Meetup Switzerland, EY Auditorium, Zurich
6 December — Regular Bitcoin Meetup, Oskar Kowalski Cafe, Zurich
17 January — Implementing an Artificial Intelligence on a Blockchain, Auditorium EY, Zurich
17–19 January — Crypto Finance Conference, Davos