Pump fiction

Market Report: 11th Jan. 2019 — Subscribe to our newsletter.

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OUR TWO SATOSHIS

New year, new takes on Britain’s strangest news

Do you require some inspiration to stick to your news years resolution? Take a leaf out of these Vatican priest’s book, who have their sights on the Olympics! Or if the new year requires a career change why not try your hand at exotic egg smuggling? Or if that fails you could become a life coach when one of the Goss brothers eventually runs out of work.

PUMP FICTION

This year started nicely — but the recovery was mostly about wishful thinking

Since this year’s first newsletter, we’ve been warning about the lack of bullish activity and the unlikely recovery of the current week. Yesterday, this prophecy was finally fulfilled as crypto markets fell around 10% on average — following bitcoin’s dump. Now, it’s all about Friday’s reaction to the “pump fiction”. If strong demand is found near the local bottom, we can feel safe for the days ahead. Otherwise, it’s all about that dump.

THE DUMPLING SUPPLY

There was no reason for the dump. So, look for sustainable rises in demand

Meanwhile, total market cap has recovered from an average drop of nearly 10% over the past 24 hours to 6.6%. So far, the bounce has been unimpressive and it might imply a red weekend that would surely influence the rest of the month, as @CryptoUB visualises. On the bright side, note Quijote’s support scenario for bitcoin — as well as the possibility that new lows are met. Keep your eyes on the chart over the weekend and plan your trades!

WHAT YOU CAN’T MISS TODAY

Don’t leave for the weekend what you should read today

▪ This week’s attack on Ethereum Classic continues to attract a lot of attention. Dovey Wan had an interesting discussion with “a group of top miners” about it here.

▪ This week’s anticipation to Ethereum’s fork, which will take place next Wednesday, continues to attract a lot of attention. Sam Cassat offers a neat overview of it here.

▪ This week’s dump continues to surprise everyone — despite the many warnings. To better filter out the noise and anticipate trends, ColdBloodedShiller recommends using Renko.

QUOTE OF THE DAY

Trading is not about profits — it’s about managing losses

“If you can’t take a small loss, sooner or later you will take the mother of all losses”

by Ed Seykota in ‘Market Wizards, Interviews with Top Traders’