DCU - Dash Flies While NEO Bleeds (17th Aug '17)

Dash continued its impressive rally today, jumping another 13% and is now over 21% for the week. I mentioned yesterday why I am such a fan of Dash. In my early days of Crypto trading, I was buying anything without ever really researching. I bought just under 6 Dash coins on the 9th of Feb at a price of £13.80. After reading more about the coin, its Masternode setup and mining rewards structure, I loaded up five more times that week, the highest price paid being £18.11.

As I continued to trade and build by portfolio, I noticed that the price of Dash would rise at quite a consistent rate. Whenever the market corrected, the price of Dash price would contract at a less extreme rate than the market, conversely when the market would jump the price of Dash would grow but also at a less extreme rate.

When I made the decision to trade full time and quit office work, my risk profile changed and I wanted a more secure and stable growth for my portfolio. As such, during the significant market correction of June/July, I loaded up with Dash twice again.

As the market recovered this month, I have been growing a little frustrated that Dash has been trading sideways and had considered liquidating part of my holding to support my 5% for 25%. Still, I held out. Cryptocurrencies tend to take turns in their spikes as whales and traders move around their flavour of the week, and this week it is the turn of Dash.

Rather than explain the benefits of the coin in detail, I would suggest taking some time to go through the Dash website. If you read on Reddit, you will find some detractors, especially around the InstaMine issue, though I think it is a non-issue. If you want, you can view a video regarding this on YouTube.

Dash is and will remain a long term hold for me as I want stable growth within my portfolio. Now is not necessarily the time to buy, if you do, then you may run into a retracement as we have jumped a good 20% this week, though equally, we may go further. If you do invest and the price drops then be patient, Dash is a long term hold. There is a whole bunch of things in the pipeline for release this year so keep an eye on the roadmap.

My gains from Dash have been dented by NEO falling hard. This was expected on top of the massive gains made this month; it has finally run out of steam.

NEO is bouncing between support and resistance lines, but I expect it to break support and drop further rather than break through resistance and go higher, in the short term. I am watching for where it settles before considering reinvesting. 

For any who have been chasing NEO late and are in negative, this is a perfect example of why you shouldn't chase a rallying coin, sure, you might get lucky some of the time, but you also might get smacked in the face with a shovel. I am long term bullish with NEO, so I am happy to hold out and see where we go.

Bitcoin hit another all time high today, yawn :)

Okay joking aside, the Bitcoin price rally this year is spectacular, reaching $4,522 today and currently sitting at $4,482. It feels like $5k is very close, possibly even by the end of the weekend, depending on how much the market still has in it.

We are in unchartered territories to some extent, though previous spikes of this % magnitude have always been followed by a significant price drop and slow recovery. This might happen again, though we have yet to see where the trigger point for when this will be. It could be just short of $5k; it could be $7.5k it could be at some price next year. I have no idea and will only be guessing. As such I am going just to wait and react where necessary.

The rest of the market is pretty buoyant too, some particular good movers at the moment:

  • Basic Attention Token: +30% on the back of new partner news, I bought BAT at totally the wrong time and bled down to -65%, pretty rough as it was a huge investment. I am back within -19% of my original investment and holding long. I think within a year this will prove to be a healthy coin and I only wish I had loaded up more when it had bottomed out.
  • TokenCard: +94.6%, a smart contract powered debit card. I feel like all these types of cards will be good investments over the next five years as crypto goes mainstream. I missed out on TenX but will be holding this long.
  • ZenCash: +40%, another investment I made at the wrong time, dropping over 70%, this is on its way to recovery.

I am also pleased with the continued growth of BlockNet +18%, old favs Factom +11%, Komodo +10%, Iconomi +10% and MaidSafeCoin +8%.

The market is great today, and it is only the drop in NEO which has prevented my portfolio shooting through the roof today.

I am still holding out through August before I make any drastic changes to my portfolio. I get back from Spain on August 25th and will perform a full portfolio review before I head to LA on August 28th. I will likely be rebalancing my portfolio quite significantly as well as entering into some new coins.

Any questions, then please get in touch.