DCU - Market is Recovering (6th Sep '17)

Market Performance (Global Market Cap):

  • 24-hour gains: +6.2%
  • September gains: -6%
  • Year to date gains: +817.5%

Portfolio Performance:

  • 24-hour gains: +3.8%
  • September gains: -4.4%
  • Year to date gains: +1,463.8%

A short update today as I spent a long time on an article discussing whether we are in a bubble. I think we are and I wrote about how to play it, you can read it here and also watch a short YouTube video I made discussing it here.

So the market is continuing to recover, and the market cap is now back to $162.3bn and within 9.6% of the all time high.

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The resilience of some of the leading Crypto assets is driving the market back:

  • Bitcoin is back to $4,579, and if we can maintain momentum we will likely retest $5k within a week and this time should hold
  • Litecoin is back up to $80, and it feels inevitable we will set new all time high prices on the way to test $100
  • Ethereum is back up to $332, not recovering as well as the previous two but still on an upwards trajectory

Sometimes I feel that the thousands of customers which Coinbase is signing up each day are driving the strength of these coins, being that they are the first three coins most new crypto investors are exposed to.

My exit on Komodo seems like a good price point, while it rose again it has sunk back down, and the rumours about their upcoming announcements are likely now priced in.

I am looking seriously at buying back into NEO; I am just looking for where it hits bottom. Any of you who bought yesterday will have been burned again, don't buy the dip, buy the boring zone. I am looking for where it finds sideways momentum,

Anyway, happy trading, shout me if you have any questions.

Peter McCormackComment