2018-11-27 17:40 |
The current price of Bitcoin is $3702, with roughly 6.3 billion in 24 hour volume. Bitcoin has dipped 20% further since our last update. The total market cap of crypto has shed nearly 90 billion USD in roughly 12 days, resulting in a 43% loss to the total market.
As of right now, we are still holding our low leverage shorts in order to achieve neutrality in terms of crypto exposure. This will allow us to maintain our buying power as crypto stabilizes or moves lower.
Our goal now is to maintain as much of our capital as possible so that we can implement a dollar cost averaging strategy. Dollar Cost Averaging is achieved by simply formulating a plan to use predetermined percentages of one’s capital to buy at select prices.
Our team will be utilizing this strategy because it is a more risk averse system for ‘catching the bottom’. We will release a more detailed DCA strategy this week.
On lower time frames, we see an opportunity for $BTC to experience a mini rally from here to the $4300-4500 levels, but will wait for more consolidation before reducing our short exposure. (See Chart Below)
At this point in time, it is clear that panic is gripping cryptocurrency investors and participants everywhere. Besides the extreme sell-off, there are reports of miners selling their rigs in mass quantities at a per/pound price. Every news outlet is seemingly covering the demise of crypto as prices continue to plunge.
Does this mean crypto is truly dying?No!
During Bitcoin’s ten year existence, the price of $BTC has suffered four bear markets that, in terms of percentage loss, were worse than the ongoing 2018 bear market. This is what is expected when dealing with emerging asset classes. A long-term perspective on this market is one we with you all to take,
If price action is what gives you comfort, then consider that even at these levels, cryptocurrencies are still the best performing asset class of the past five years.
A rush of institutional products are slated to be released in the early part of 2019 by financial industry leaders.
Mass media won’t stop discussing this industry because millions are now invested and looking for guidance.
Our long term outlook hasn’t changed despite the harsh climate of 2018. We are aligning ourselves with this industry for years to come as blockchain and cryptocurrency continue to reshape the world economy. Shout out to Bitcoin Bravado for the great information and insight!
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