Daily crypto update - SegWit locks in (9th Aug '17)

I am currently on my way to Spain for a couple of weeks of sunshine, so I will try and get my posts out early in the morning before the kids drag me to the pool. Also, my Dad doesn't fly so I have to drive him. I am currently at the Euro Tunnel waiting for our train, writing this post but as it is a long drive I am not sure what time I will get to post tomorrow, so bear with me.

I try and use holidays as a time to have a break and reduce my price checking from every 30 seconds to every 5 minutes ;). When I was in LA recently, I decided to travel light and avoid the temptation to trade. Turns out this was a wonderful time to make that decision as the market entered a huge correction and my portfolio dropped from its peak by 50%, oops! You have to laugh. The thing is I was forced to stand by my strategy and gut feeling that the correction was healthy and we would be back. And we are clearly back. The only shame about not being able to trade in LA is that I wasn't able to liquidate my altcoins into my stable favs. Still no sweat.

So after seven clear days of gains, I expected us to trade sideways or even down yesterday. I posted this in the Facebook group and on my Twitter profile, and for most of the day, this was proving correct until last night when SegWit reached lock-in with full support from 100% of minors. Bitcoin then bounced back from a low of $3,300 to back over £3,460, which kick started the rest of the market to see another day of gains.

As you can see the chart below, we are still in range for growth, but I am cautious. Remember, nobody knows where are going, but I do expect a market dip at some point as I am up +26% in August alone, an entirely green month.

Please also note: I am still relatively new to technical analysis and reading charts. I have been using them quite confidently for long range projections for a few months now but am spending a lot of time improving my skills for identifying short term signals. This is why I am quite clear about advising not to use my trades as something to copy.

The market continues to move sideways this morning, so I am patiently waiting to see where we are going. My flip from 1/4 of Iconomi to EOS yesterday was followed by EOS trading sideways, and Iconomi jumping a little. As I said, the EOS price I paid was quite toppy in the short term, but I do see some good long term growth potential where as I am unsure of what is next for Iconomi. As I am not a day trader, I don't sit and wait for the perfect short time to enter the market, if I want to invest in a coin then as long as we are not in some parabolic move, I will make my trade as my intention it to work as little as possible.

Regarding my other Tier 1 investments:

  • Bitcoin Cash: I don't have much to add here as I am not tracking it. I am just holding the coin to support the team. I'll leave it a few months before I take a real interest in it and it finds a stable market price.
  • Dash: continues to grow as expected and is now back above $200. The trend is good, and I expect it to test its ATH of $218 achieved on July 6th. Dash is a very good solid hold, and I like the Masternode setup. I think it protects the coin from volatile swings, which is good for a long term stable portfolio.
  • Ethereum: also great growth this week and is back over $300. I am pleased for those who bought in on the hype at $400 and held. A tough six weeks for these investors and I hope a lesson learned. I don't think it would be insane to see Ethereum over $500 this year as long as the news stays positive, hacks are avoided, and we start to see more real world use case.
  • Litecoin: still on watch. It is up %14 this week but is not seeing the gains of my other Tier 1 coins. I love that Charlie Lee is dedicating himself to it full time, but I do think he could do with some help on marketing and PR. His CNBC interview was a missed opportunity to push the Litecoin case. Litecoin was a Bitcoin hedge for me, but if I don't expect it to grow at the rate of other Tier 1 coins, it will lose its place in my portfolio.
  • Antshares/NEO: now the rebrand is complete I will only be using the NEO term from now on. Still up +128% for the last seven days. Congratulations to those who have been holding. It is trading sideways at the moment, and I am waiting to see if there is another wave up, whether it retraces down or whether it holds the current price range. If it starts to hold the current range, there is a chance I will reinvest as I think it will continue to grow long term.
  • Iconomi: I am waiting to see what is happening here as it too is trading sideways with a slight downward trend. I think it needs to be added to a few more exchanges as Liqui.io isn't the best platform.
  • Monero: up 20% this week. I just love this coin and is one of my favourite investments. Like Dash, I think it is a solid hold based on the community who understand its value. It is over $50 and could set an ATH soon. I don't think a +$100 price target this year is impossible.

In other coins:

  • Stratis: making great gains this week and recovering well from the correction. I am tracking the trend and will likely take some profit soon if it runs out of steam.
  • Waves/Wings: both are making great gains this week. My position is too small to take money off the table. I am happy to ride the waves with my smaller punts.
  • Basic Attention Token: great gains this week, as I have mentioned a few times I love this on a personal level and think it is a good long term investment.

I am also watching Mothership, Patientory and Byteball and thinking of taking out a position. I have been thinking of letting go both Siacoin and Golem as they are products which require a stable coin price, which as an investor isn't really for me.

As I mentioned the last couple of days, I won't be jumping into too many investments while the market moves up as I expect altcoins to continue to see accelerated gains.

On a personal note, thank you for all the kind emails, Tweets and Facebook messages and welcome to all the new email Subscribers and those who have joined the Facebook group. It is nice to build a good group of crypto enthusiasts who want to work together to grow solid portfolios, away from memes and arguments.

As ever, any questions, then please give me a shout.