Daily Crypto Update — Bitcoin Cash Finding Support (18th Aug ‘17)
Most of the market appears to be cooling today; time will tell if this is a sign of a correction or just some profit-taking after such massive gains through August.
Bitcoin is bouncing between $4k and $4.5k, Dash has dropped back but seems to be finding support above $230 and NEO continues to fall. I am looking at where NEO bottoms out to reinvest. I think it will be looking at another run and I think + $100 price target this year is possible.
Outside of my portfolio, but on my watch list, IOTA, OmiseGo and QTUM have all seen over 10% drops in price. I am looking at a price entry point on all three.
Today’s portfolio savers have been Bitcoin Cash and MaidSafeCoin. Bitcoin Cash seems to be finding support both in the markets and the ecosystem. The price is rising, and an increasing number of technology partners are vocally supporting it. MaidSafe has made an overdue gain today and is another one of my steady coins, but I think it is a sleeping giant.
I have no idea how the price see-saw between Bitcoin and Bitcoin Cash will play out. I expect interesting times ahead, especially in November when miners are meant to support the 2x part of Segwit2x. Time will tell whether they will activate the hard fork of the Bitcoin code to increase the block size to 2MB and thus increase network capacity. Personally, I am holding both long rather than trading in and out of them.
There appears to be a whole bunch of new coins which have been making huge gains within the top 100 by market cap. My concern is that these +100% to +1,000% growth coins are pumping too hard. I expect the market to react at some point with a dip as investors start to take profit.
Being focused on the recovery of my portfolio and traveling through August I have missed a whole bunch of investment opportunities. I am not too worried, but I am preparing for a correction.
The global market cap keeps bumping against $145bn, and I am watching closely to see what will happen. As I mentioned in a previous post, when I get back from Spain, Aug 25th, I will be using that weekend to perform a full review of my portfolio, rebalance as necessary and then place a few new investments.