DCG provides analysis every day to the members of the DCG Mastermind and all insiders. Below are a few key things to keep in mind for this month. Also get the December 2018 mastermind report, identify every day profit probability every day for the month of December in advance.
At this point in time, we believe a short term bottom may be forming around 3700.. If 3700 does not hold, Bitcoin will drop down to 3k.
A higher low has been printed on the daily timeframe for $BTC, supported by volume at 3700.
We could potentially be seeing a ‘W Bottom’ forming for $BTC and for most higher market cap cryptos. This is most likely only a short-term bottom.
The break-out target on $BTC is $4340. If that price can be closed above on any significant time frame (4hr, 12hr, D), then our target will assume a price around $5200.
We are beginning to scale back into crypto at this time to play an estimated short term (48 hour-14 day) swing.
This swing play will be invalidated if $BTC closes below $3600 on a significant time frame. If 3600 breaks on any time frame, exit and re-enter the market at 2900 - to 3k
To accompany the positive price action, ErisX exchange has announced they raised 27.5 million USD in their most recent fundraising round.
Investors in this round include Fidelity and Nasdaq, two companies we have spoken about recently that are also executing their own endeavors in the space.
ErisX is hoping to launch next year, pending regulatory approval. They will offer the trading of both spot and futures markets for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
This fits the narrative of late that ample money is still flowing into crypto, just not directly into the crypto assets themselves at this time.
Understanding the long game of emerging markets is very important to remaining profitable.
We do believe, long-term, the investor interest from financial juggernauts such as the ones mentioned above will aid in the evolution of the crypto space into a multi-trillion dollar asset class.
That being said, crypto still has many months before these products are implemented. Just as the institutional players have the ability to set up infrastructure for many new investors to purchase cryptocurrency, we believe that they probably have the same power to suffocate prices until they are properly positioned as well.
Either way, seeing capital continuing to flow into higher-grade institutional trading products is very promising for the prospects of the blockchain space.
Anytime ripple hits under .30 In December 2018, I will be looking to buy and hold as a swing into January 2019.