Micro update: My feeling is Bitcoin has established a floor at 6k USD which has been tested 3 times now with high volume. Interestingly this is right around Bitcoin’s all-in mining costs which is a powerful narrative the market has thus far confirmed. From a purely technical perspective the chart is temping…
From a fundamental perspective some stars seem to be aligning. There are continued murmurs of crypto ETF’s, institutional interest is increasing and sentiment (especially from traditional finance sector) continues to turn positive. I will be watching the next 2 weeks very closely for a large upward movement which may signal a bullish second half of 2018. Otherwise we are in for a 4th test of 6k – my sense is it the market wants to hold that level.
Looking ahead with following allocation:
Stay tuned for a full update.