For most citizens of the developed world, and many more traditional investors, misunderstandings about the fundamental drivers of bitcoin and other cryptoassets lead to widespread skepticism and doubt, preventing adoption and investment in one of the most revolutionary technological breakthroughs of the 21st century.
About 18 months ago, we wrote an article titled “Do Cryptoassets Deserve a Place in Your Portfolio? The Case or Digital Assets as an Asset Class” exploring the textbook features of an “asset class” and concluded that “digital assets offer a differentiated risk-reward profile from more traditional asset classes...there’s a compelling case for readers to consider an allocation to cryptoassets in their own portfolios.”
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It has been a wild week for Bitcoin with a ~40% trading range. It was just as Bitcoin was breaking major support and looked sure of making lows, Chinese president Xi Jinping told Chinese citizens to support the development of blockchain technologies.
If Bitcoin cannot bounce convincingly, we will likely head lower over the next few weeks. Our first general support level will be $5,500 and then $3,000. These are just rough guides but for any medium-long term traders, it's important to understand these key support levels.
Ammateur traders often make the mistake of wanting to get into a trade early to get an extra few percent out of the trade - why wouldn't you? The reason is the probability is not yet in your favour.
The last few weeks of cryptos have been extremely interesting - we have seen some serious divergence between Bitcoin and other major coins. Bitcoin has displayed some serious relative strength when compared to its smaller siblings ETH and LTC.