Market update - 18th July '17
So for those who have not been tracking and glued to Reddit, miners are increasingly signalling for BIP91, currently 76.2% of hash power. We could have lock in within the next 24 hours.
The market is reflecting this, every coin in my portfolio is green and this has been more than a single day rally. We have seen three big waves of price drops with smaller rebounds in the last three weeks but the current rebound has been over 24 hours.
So what will this mean? As ever, I can only predict, but my thoughts are as follows:
- Bitcoin will rally, potentially retest the $3k ATH
- The rest of the market will rally but then consolidate to their own natural positions
- Ethereum may rally but I don't see it retesting $400 any time soon as it still has it's own issues to contend with
- Litecoin may struggle as it appeared to become a hedge for Bitcoin but really is losing its distinguishable features
I fly home from LA today and won't be able to trade until I get back, which is tomorrow, how the market is reacting will likely affect my decisions.
I do though expect to do the following:
- Increase by Bitcoin holding, likely drop a few of my alts
- Reduce my Litecoin holding, potentially entirely
- Monitor Ethereum but as it hits resistance migrate back to Bitcoin
- Maintain my fav alts: Dash, Iconomi, Monero, Komodo, Syscoin
- Release a small amount of profits (which I put back in when I got greedy)
Again, let me repeat, these are the moves I will be making based on if there appears to be a full market recovery when I return. We equally could be just in a correction and the market will move sideways. If it does I want to ensure my investments are with the most solid coins. I only want to speculate during boom times.
Any questions then please ask. If you have held through the madness and are seeing some form of recovery then great. Still don't get too excited. None of us have a crystal ball, we can only watch the market, review the charts and make the decisions we feel are best.