It was a week of range trading for Crypto and we are not out of the bear market. My view is that we may see coinmarketcap momentarily drop below USD300bn before a slight rebound this week. But the marketcap should remain rangebound this week between USD250bn to USD350bn.
Trades done this week
As per previous posts, I scale down my Ether and swap them for a number of altcoins as recommended in my previous post.
Altcoins that have been purchased include ICON, KNC, AELF.This seems to be the right move as they outperform ether and BTC over the last week
These are the reasons for entering them:
ICON(37% gain, current price: ICX/BTC: 0.00037, Entry price: 0.00027) Korean government is considering to lift ban on ICO and if that really actualize, platform coins originated out of korea, eg ICON may be in for a big spike. Coupled with the large price reduction during past 2 weeks. This was a screaming buy as the position was entered in anticipation that the korea government may possibly lift the ban in the future . The presumption is right. Entry price was around USD2.50 or 0.00027 ICX/BTC
KNC (36% gain ,current price: KNC/ETH: 0.00253, Entry price:0.00186)
Kyber network beta just go live. I have been following this project since last year (previous post attached: http://coindecipher.com/2017/08/26/kyber-network-ico-analysis/). Since ICO, I have been waiting to see if the team can deliver on the roadmap. The mainnet just went live last week and with reduced price of less than USD1, this was a buy call. Entry price was USD0.99
AELF (15% gain, current price: ELF/ETH:0.00113, entry price: 0.000983 )
A promising ICO that I have wanted to get in but did not have the opportunity as its only available to institutions and accredited investors. The price has already hiked by a few times. Notwithstanding, looking at the charts anywhere below USD0.60 seems to be a good support level and the github website and community for this project has been very active. Entry price was USD0.58 last week .
Trading strategy this week:
It appear the market is trending downwards this week and if my view is correct we may see a 10-20% retracement from current marketcap level, it means ether may be purchased at around USD450-USD460 range.
If USD460 price target (slightly above S1) is hit, I would scale purchase of some ether and swap into altcoins for long term hold, as I am still short term bearish on ether.
Stay tuned for more updates and feel free to share if you like this post.