Ulog 008: Emotional Crypto day

Source: Pexels

I haven't written much about crypto recently, but today was a special day.

Bitcoin to reach 47% dominance of the market

Chart by Coinmarketcap

What does it mean?

Bitcoin is getting all the fun, all the attention, and capital from the altcoins, including Steem. If you check the chart for Steem, you might see the price is quite low compared with the rise of Bitcoin:

Steem price, provided by Trading View

Sadly, Steem is trading below the major support line at 18000 satoshis, which signaled a possible downward trend is coming soon for STEEM.

But Bitcoin is rising, is it right?

Again, I have shared recently that in cryptocurrency, the pure technical analysis doesn't work out. You need to combine technical analysis with the news and then predict the trend.

There are many rumors about the Exchanged Trade Fund (ETF) regarding Bitcoin. The final decision will be made before the 8th of August. As many right rumors said that more likely we will see an acceptance of Bitcoin ETF, which lead to a bullish scenario recently for Bitcoin

What should you do?
Many people in TeamVN had PMed me and asked whether what should they do. My only advice is to stay out of any trades and observe the market. Right now Bitcoin is trading in the much-oversold territory so that a correction is expected. I might expect Bitcoin to reach lower $8100 or $7800 area before any move.

About today

For today, I have done the marketing meeting with a partner company, and we have finalized a lot of things. What I have learned is that to have the most out of the discussion, you should prepare beforehand with a bright, definable plan. Then, in the meeting, things can be sorted out quickly and we can have a common understanding about the project requirement.

I also joined a birthday party of a team member and discussed an upcoming contest.

My boss suggested that the contest should be simple, focus on the prize. For me, I would prefer a genuine competition in which the teams are fighting against others in other to get a big prize. We are still in brainstorming, and no decision was made.

Tomorrow

Tomorrow will be a busy day for me, I will have tons of things to finish in my full-time job, three other projects to work on, and I will draft out some ideas for my friend, who recently started a new clothing shop.