The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC[1] exchange.
The market capitalization of the crypto world has increased by about $25 billion since May 29. The Italian political crisis and the probable escalation of a trade war have attracted investors back into cryptocurrencies.
Dan Morehead, founder of Pantera Capital Management believes that Bitcoin has made a bottom for the year. He proposes to buy[2] now when the prices are still low, to benefit from the ensuing rally in the next few months. We have been voicing a similar[3] opinion for the past few days but we believe that the purchases should be staggered[4] to take advantage of the volatility.
Bitcoin continues to be the undeniable leader. It sets the direction that is followed by most altcoins. Brad Garlinghouse, CEO of Ripple[5] believes that once the crypto markets mature, they will start differentiating between the digital currencies and the correlation with Bitcoin will reduce. He, however, warned that 99 percent[6] of the virtual currencies in circulation will vanish in about a decade. Only the ones that solve a real problem will remain.
There have been a few complains that we don’t mention the fundamentals in our analysis. In technical analysis, we believe that the charts discount all the fundamental news. Hence, we only read the patterns on the chart and try to forecast the probable direction. In the past few months, these patterns have kept us on the right side of the trade
