The Cryptocurrency market started 2018 on a sharp retrace. Media outlets of course has been calling a Cryptocurrency Crash since Bitcoin was about to hit the all-time high of 10,000 (back in 2017) and haven’t stopped since then.
For InvestingHaven’s research team, after the price rises 1000% and up to 4000% in some cases within a year, a healthy retrace is to be expected. And that’s what we believe is happening right now.
We recently sent multiple alerts to our premium subscribers with select Top Cryptocurrency picks and provided our readers with our outlook through a series of articles to keep them updated:
The Cryptocurrency market reached a Pivot Point in June 2018
Our outlook for the Cryptocurrency market in 2018 and 2019 is still positive. We note however in the chart below which provides an overview of the top 8 cryptocurrency index that these Top Cryptocurrencies have reached a pivotal point in June 2018.
What this means for the Crypto market is the following: Since we are seeing the index clearly hitting the bottom of the channel, June to July 2018 will probably mark the start of the upwards move in Cryptocurrencies. If not, we might see the beginning of a real downtrend. In short, the trendline at the bottom of the channel needs to hold.
From a fundamental standpoint, most Cryptocurrencies are currently working on deploying upgrades that will enhance investors and miners experience: Examples of the upcoming upgrades are abundant: Ethereum, Ripple, Bitcoin. We are also seeing signs of adoption increase and what looks like signs of institutional investing: Goldman Sachs launching a Bitcoin Trading Desk, Huobi launching a Cryptocurrency ETF, Senior executives from major financial institutions starting their own Cryptocurrency related ventures, plans to build and launch Blockchain powered smart phone with a built in Crypto wallet and built-in support for major cryptocurrency protocols which will bring cryptocurrencies closer to retail investors looking to enter this market.
To conclude, we believe that Cryptocurrencies are at a crucial level and likely to move upwards. However, the support seen on the chart below absolutely needs to hold and we believe it will.
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Chart courtesy: GoldChartsRUs.
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