Blockman Capital Bitcoin review clients 181019

Welcome to Blockman Capital Analysis.
Today we’re returning to Bitcoin on behalf of our clients, a coin that we have referred to a number of times over the past few weeks, we’ve
also talked about the downturn that we saw on the 24th of September.
Apologies that we keep returning to this, but until this formation plays out, we’re going to keep returning to it because it’s an important
part of what we’relooking at at the moment.
Now, what we also identified earlier on this week was that Bitcoin was trading within a fairly defined range down here at about the seven
thousand eight hundred level, up to around about taking out the blip, about eight thousand six hundred.
So that’s the kind of range about an eight hundred dollar range on the on the trade.
Is that easy to get hold of?
Not really. The reason being is that you don’t really know if it’s going to start to keep this momentum going and it tried to continue
this. So a break to the upside plateau, breakout upside plateau, break to the upside, then failed.
So at this stage, you would be sort of thinking maybe we should be going long.
And, you know, is this a recovery phase?
We’re not as confident as that because of this downturn here.
What we’re actually doing is biding our time on behalf of our clients.
And there’s a very definitive reason why.
So if we look at a couple of the other coins in the top 10 by market cap, we’ll look at Litecoin, for example, and we’ll also look at Neo
one of the other coins in the top 10 by market cap.
And what we can see is a high degree of correlation.
All three of them down, so 20 percent to 25 percent from that initial drop and kind of holding this line within a range.
Now, what does that mean?
It doesn’t show us any indication whether to go long or to go short.
There are some positives here.
The first one being, whilst ever we hold this support line on all three of these coins, the greater the likelihood that we’re going to
start seeing a recovery.
We’re not right there right now.
But we believe that it’s very potentially on the cards that we will start seeing a run to the upside.
But for now, we’re sort of biding our time.
There is also because of this flash crash on the 24th of September, the opportunity on the downside as well.
What we do believe is within the next few weeks, we should see another decent move one direction or the other.
Now, that’s great news for us.
As you know, we capitalised on this drop.
And whenever we start seeing a decent move because of the way that we trade we’re able to capitalise on this on behalf of our clients.
So rest assured, we keeping an eye on things and as soon as we have an update, we’ll be in touch.
Thank you very much.

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