Image is from: Bitcoin.com
I was watching a TA (technical analysis) by Tone Vays yesterday, he seemed a bit worried and that made me worried too. Although, Tone Vays is quite often wrong with his predictions, he made it clear that $ 40,000 is a huge support at this time for BTC and if this breaks then the market has high possibility of turning in a bearish state.
There is support at $40k and while it is significant level it is not going to change anything if price just drops at $39k, the main problem will be if it doesn't recover above $40k for a few weeks. What concerns me is that some of these traders have an impact to the public and Tone Vays still has some credibility but it was with the help of other traders that he predicted the top in 2017.
It was D. Tyler Jekins that passed away two years ago, with his Hyperwave theory that warned many back in January 2018 that Bitcoin (BTC) was entering a lengthy bear market.
Image is from Pixabay.com
Market Bottomed Out?
I write this since I have been contradicting lately, having no idea where the market is headed. Predicting the top is not easy either, but I felt successfully getting out at the right moment as I wrote in previous read.cash posts.
When BTC was at 30k some friends asked me if they should sell, I replied that I'm not recommending shorting or selling at the bottom. It was the bottom then, although there are possibilities for anything.
What is inspiring is the support cryptocurrencies find right after the latest Chinese ban of crypto. Some investors reacted immediately by selling, and the most selling was done above $40k levels. It inspires confidence but again, after 50k BTC looks like making lower highs with increasing support though. Lower highs, and higher lows. It will be interesting since anything different from China fud will increase interest in the market.
BTC, ETH, BCH ETFs. Are They Coming?
There are hopes for crypto-ETFs. The SEC keeps stalling and rejecting but every analyst I've met thinks this is already predestined to happen. A Bitcoin (BTC) ETF will be followed by more cryptocurrencies and Bitcoin Cash seems it will also become one together with Ethereum.
It is optimistic to think of a Bitcoin Cash ETF and it will all depend on how the investors will react to it. For a BTC ETF it will be easier, there are already a few running in Canada and Europe and investors have shown interest at different times. For Ethereum, possibly there is an equal interest and then the investors have in mind Litecoin, Bitcoin Cash, and lately perhaps Cardano which has as purpose to compete with Ethereum.
Bitcoin Cash may become a 3rd or 4th choice in a financial option that could be achieved in a couple of years.
There is also another issue, there is not many funds that are pushing in this direction. Grayscale lately gave a push to Bitcoin Cash by adding it to the Sec reporting trusts, and has now the right set of circumstances for those wealthy enough to use Grayscale.
Grayscale also tries to create ETF for Bitcoin (BTC) and the next options it has are Ethereum, Litecoin and Bitcoin Cash.
It is part of our investing strategy to look for future posibilities and as long term investors some promising elements appear for Bitcoin Cash from the front of the future institutional adoption.
SmartBCH - LawPunks Giveaway!
I didn't discuss SmartBCH today, but I have to inform my readers for a giveaway organized by Ben Token (EBEN) on Twitter.
Follow this link for this contest and the rules from BenToken and you will be elligible for a LawPunks NFT!
https://twitter.com/BenTokenFinanc1/status/1443477608881004546?s=20
LawPunks are the first NFT series produced on SmartBCH. If more NFTs join SmartBCH we can have a marketplace too, maybe Juungle could be under consideration of adding SEP20 tokens, it would certainly be yuuuge!
A second pleasant development for today was MarketCap.Cash adding a dark theme. It makes the website look cool and helps using it when our eyes are tired after many hours in front of a screen.
Finally
Well, this was it for today, we didn't have many developments with SEP20 tokens, but rest assured there will be a few surprises soonish!
Don't have something else to discuss, but I'm always keen to read and respond to your comments!
Good information