2017 - The Year of Cryptocurrency!
2017 was an incredible year in cryptocurrency! It’s hard to believe that we started the year with a cryptocurrency market cap of just $17 Billion and here we are at $600 Billion!
Bitcoin was just $1000, Ethereum at $8.00 and Litecoin at $4.33. Many projects we know and love now didn’t even exist yet.
I’ve been in this space since 2014 when I mined my first Litecoin yet, anyone that’s been around for more than a year is considered a veteran now! This space is still very young and we’re just getting started!
I have been in this space since 2014 when I mined my first Litecoin yet, anyone that’s been around for more than a year is considered a veteran now! This space is still very young and we’re just getting started!
Through most of this year when the majority of people hadn’t even heard of cryptocurrency, we were fighting through the ups and downs of market booms and crashes, the big bankers’ denial and attacks, accusations of scams and pyramid schemes and even major countries banning it. We’ve had hacks, hard forks, cancelled forks and scam forks.
Yet through it all, those of us that hung on and have continued to believe in new projects such as NEO, OmiseGo and Cardano have been rewarded.
The tone has definitely changed and mainstream financial media is starting to embraced the industry. We have experts flocking to social media even though they couldn’t explain how Bitcoin works just a few months ago (certain self-help gurus that will remain nameless).
While the broader public is finally jumping on the Bitcoin wagon and traditional financial planners continue to deny its existence and potential, we continue to look ahead and will capitalize on this Blockchain Revolution! By the time they come around, they will have already missed the next Ethereum, the next Ripple and the next (fill in the blank).
2017 has been life changing for so many people and I’ve received countless messages from many of you with exciting tales and testimonies. Thank you for joining me on this exciting ride! This is all very encouraging and I’m looking forward to 2018.
Are you a HODL’er, a crypto-trader or simply just interested in this space? Regardless, there’s still plenty to learn, much to gain and much to share! The beauty of this space is how open and welcoming it is to new comers. Remember when you were new? Return the favor and help someone else come up to speed.
One thing everyone seems to forget is just how volatile this market is. Over the past two months, we’ve enjoyed a period of incredible and quick gains. Bitcoin is now consolidating those gains and while the altcoin market remains strong, we will continue to see big ups and downs. Remember to protect your profits! As a trader, this makes for exciting and profitable markets. For the longer-term portfolio, the next newsletter will include my top picks for 2018.
Let’s take quick look at the charts!
Bitcoin Still Consolidating
After a hug run up that took prices from $10,000 to nearly $20,000 in two weeks, we finally saw some pulling back in the market. It's important to note that during this consolidation period in Bitcoin, we've seen some incredible rallies in other names and I believe we will continue to see that.
As for BTC, I've been highlighting the potential for a bearish Head & Shoulders reversal pattern to play out on the daily chart. My last video went into more detail on this and what it means for the overall market (Linked Below). This pattern continues to play out though it has not yet confirmed a break to the downside. The hourly chart below will show more detail and the potential for an upside reversal.
The level to watch on the downside is a daily close below the $12,500 area as that would begin to breach the neckline of this pattern. In that event, we could see a quick sell off that could take prices down to $9K!
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The chart above is the 1 Hour chart of Bitcoin on Bitfinex and we can see a very tight symmetrical pattern forming. This pattern could break either way so we'll want to see prices get back above $16K soon.
Between December 22nd & 24th, prices put in a double-bottom with the lows around $12K. Since then, we've been making higher-lows which is encouraging but the we need to see upside confirmation before that bigger Head & Shoulders pattern is negated.
Alts Remain Very Strong!
After several months of significantly underperforming Bitcoin, the alt-coin market has been playing catchup and is back with incredible gains! We've seen 100% gains in a matter of days (Ripple!) and double digit trades are not uncommon.
I believe the longer term downtrend in alts vs BTC has reversed and we'll continue to see them outperform going into 2018. The more established names are turning the corner and newer names are coming on the scene and rising very quickly.
Below is a very small sample to show some examples but I will be putting together an in-depth summary of the names I'm most bullish on going into 2018.
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