Category: Crypto Markets

The rebound in the NASDAQ has been sharp and it’s possible we’re now looking at a level of overhead resistance. For crypto investors, this provides an opportunity to consider hedging or an outright short position.

The strategy requires a stop loss which means any short exposure is closed out if the market rally continues.

7/4/22 update: BTC-USD has rolled over and the technical setup remains negative.

The rebound in the NASDAQ has been sharp and it’s possible we’re now looking at a level of overhead resistance. For crypto investors, this provides an opportunity to consider hedging or an outright short position.

The strategy requires a stop loss which means any short exposure is closed out if the market rally continues.

Coinbase is a NASDAQ listed stock, Coinbase Global, Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform.

The company is part of our Crypto Infrastructure list and model portfolio constituents. After 4 months of heavy selling, Coinbase is now finding increased buying support, and the technical indicator set up highlighted in the chart below, identifies our recent trading alerts.

Maker goes onto our weekly trade setup watchlist

Chiliz was covered in last week’s edition of the weekly review video and we continue to look at the price action to hold above the $0.19 support

Biden issued a presidential executive order to the US Treasury and regulatory agencies to coordinate regulation of digital assets, protect consumers, mitigate systemic risk, and drive US competitiveness and leadership in, and leveraging off digital asset technologies.

Goldman Sachs Group is exploring offering over-the-counter bilateral crypto options, signaling the bank’s deepening participation in helping institutions trade digital-currency derivatives. Bilateral options allow trades to be customized so that crypto holders such as hedge funds and Bitcoin miners can hedge risks or boost yields.

Our New Crypto Model Portfolio:

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Ripple is under Algo Engine buy conditions and is up 234% after being added into our Crypto Large Cap model portfolio in Sep 2020.

Ripple is a real-time gross settlement, currency exchange and remittance network created by Ripple Labs Inc, a US-based technology company. Released in 2012, Ripple is built upon a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.

Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks”. The ledger employs the native cryptocurrency known as XRP.

ThorChain was added to our Crypto Model Portfolio in February 2020 at $0.102. The price has since rallied 5210% and now trades at $5.42. RUNE or ThorChain remains under Algo Engine buy conditions.

THORChain is an independent blockchain built using the Cosmos SDK that will serve as a cross-chain decentralized exchange (DEX). It uses an automated market maker (AMM) model that resembles the first iterations of Bancor (BNT) or Uniswap where THORChain’s native token (RUNE) will be the base swap pair.

Solana was added to our Crypto Model Portfolio in October 2020 at $1.71. The price has since rallied 5704% and now trades at $101.

SOL remains under Algo Engine buy conditions.

Solana is a public blockchain platform with smart contract functionality, which works to one-up Ethereum by providing faster transaction times and cheaper fees.

Polkadot Crytop is now under Algo Engine buy conditions after creating a higher low formation and a pivot low at $14.15.

The price action has been supported by increased buying activaty above the $14.15 pivot low and we now have two trading sessions that have closed above the 10-day average.

Polkadot is an open-source platform that allows for distributed computing. The protocol was adapted by the Ethereum co-founder Gavin Wood and is developed by the Web3 Foundation with the initial implementation by Parity Technologies.

Polkadot’s first token sale closed on October 27, 2017, raising a total of 485,331 ETH (Ether, the currency of the Ethereum blockchain).

Polkadot allows for cross-chain transfers of data or assets, between different blockchains, allowing for cross-chain DApps (decentralized applications) to be built using the Polkadot Network.

The Polkadot network has a primary blockchain named relay chain and many user-created parallel chains called parachains. The beating heart of Polkadot is called the Relay Chain. It is the origin of the network’s shared security and consensus and facilitates cross-chain interoperability. Parachains can be attached to the Relay Chain and used for transaction verification and validation.