cryptos Archives - FaithMight

May 15, 2024May 15, 2024

Bitcoin Bulls Set In Motion

Bitcoin, the premier cryptocurrency, reached the threshold of $1trillion market cap in 2021 and this year also, a feat no other cryptocurrency has attained. The current market capitalization of Bitcoin is $1.2trillion. The next most valuable cryptocurrency is Ethereum, with a market cap of $347billion. The value of the crypto market is way ahead of the total US stock market as of this year which stands at $50.8miilion.

Bitcoin reached a record high at $73,913 in March 2024. Since the downturn of 2022, investors haven’t been able to smile to the bank until now. The bulls have been in control since January 2023, but with slow movement. The 2024 growth is quite exponential as price has been able to reach an all-time high.

On the weekly chart, RSI has shown that price has been overbought since November 2023. This has not resulted in a reversal. Instead, price has continued its bullish run. Bitcoin’s price corrected, which made price fall to $56,464 on the first trading day of May 2024. As of the time of this writing, Bitcoin is at $61,472. We might see the bulls move price to $64,900 in the coming weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrency in your portfolio? Schedule a meeting with us here

November 18, 2022November 18, 2022

Solana Hits All-time Low

Since the Solana project was launched in 2021, the first four months were all bullish. Solana had its ICO at $25 and in the space of those four months, it rose to an all-time high of $260. But just like other cryptocurrency assets in 2022, the price of Solana has fallen dramatically.

Investors in crypto have not seen profit in 2022 as many crypto assets have been dipping. Solana’s year’s low is $12.245 which was reached earlier this month, and this currently stands as the all-time low for this cryptocurrency.

Currently, there is a consolidation in motion. However, there are no indications of a rally resulting from this consolidation. On the daily chart, price is currently oversold on the RSI. But there are no indications on the RSI weekly chart that price is oversold.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

September 20, 2022September 20, 2022

Bitcoin Set For New Low Before Expected Rally

On August 17, 2022 when Bitcoin’s price was around the psychological level of $24,000, we made a forecast that the bears might push price downwards to another psychological level at $20,000. We made this forecast against the backdrop of anticipation of a rally for Bitcoin. On the 27th of August, Bitcoin hit $20K as we had forecasted.

After this $20K mark was hit, the bears still pushed price lower to $18,500. When price hit $18,500, there was a bounce to $22,800. The bounce was not able to mature into a full-blown rally because the bears took back control and price is again below $20,000. As of today, 19th of September 2022, Bitcoin hit a 3-month low of $18,300.

Altogether, it’s been a bearish year for Bitcoin. The current support level for the year is at $17,625. We might be seeing price go below this level in the next few days or at most, two or three weeks from now. If the price of Bitcoin eventually gets to a new low for the year, this might form a major support level for the next bull run to $40,000. On the weekly chart, RSI indicates that price is oversold.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

January 17, 2018August 28, 2018

New Year, New Markets

Happy new year! It is 2018 and the only market that doesn’t sleep now is the cryptocurrency market. This is a brand new market being created right before our very eyes. What a time to be alive! No matter the asset or investment vehicle, human nature still reigns supreme. And in a pure market where human nature reigns (and not algos), technical analysis works so beautifully. But if you trade based on the news, you’ve been in for a wild ride. While the king of cryptos is Bitcoin ($BTC.X), 2017 saw an explosion in blockchain innovation that allowed many other coins to be created by just about anybody. This explosion in coins led to an explosion in wealth creation as buyers and sellers raced to the markets. Traders, investors and techies from the West to Zimbabwe have been making money in cryptos and everybody wants in.

Seeing the frenzy for information, I decided to host my first investment event, “What is Bitcoin, Anyway”. I rescheduled this event 3 times since September. I was originally going to talk about the importance of investing. (*yawn*) I forgot to order food. I also forgot to send out invitations. It was my first event! I was concentrating so hard on getting the talk and presentation right that the event production went right out the window. LOL oh well. Thankfully, my office is in a WeWork so the venue hid my blunders well. I had a good audience and the presentation was so well received that I was asked to do another.

Yes, I will have another crypto event despite the crash in cryptocurrencies right now all across the board. While I understand the hesitancy in buying cryptos, I also think it is irresponsible to write off any investment opportunity due to ignorance. However, it is also irresponsible to invest, in a market this new and still unregulated, alone or naive. Do as much learning as you can. Read, watch and ask questions. Hire an investment adviser. Get a mentor. Every investment story is the same, so always do your homework — trade what you see, not what you hear.

And stay tuned for my next event, First Friday Pasadena. February is the #crypto edition?

January 16, 2018August 28, 2018

Is It Really A Bloodbath?

Cryptos are finally making news today and not because of the a 3,000% move in a few weeks. No, every digital coin and token is down today and down BIG. It’s blood in the streets now that Jamie Dimon has repented for ever calling Bitcoin a fraud. Markets can be so ironic sometimes that it is poetic. Warren Buffet has to be grinning from ear to ear as he said it was going to end very badly anyway. He must also be buying but that’s a musing for another day.

Well, thankfully, I don’t trade off the news. You’d be in a pickle right now as to what to do with all those coins and tokens you bought yourself for Christmas. Confess now. We all bought some. The smartest of us only sold and even then, we sold too early.

The Fibonacci levels will tell you something different on different charts. So I’ll zero in on ethereum because ether is the only coin falling right now from all-time highs. Many of the alternative coins, the forked coins and Bitcoin itself have been consolidating lower since the 2nd week of January 2018. With the euphoric year that 2017 was for cryptocurrencies, you have to love the narrative already shaping for what 2018 will be. But looking at this chart, is it really a bloodbath yet?