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Prepare For The Worst Hope For The Best

Prepare For The Worst Hope For The Best

Prepare For The Worst Hope For The Best hey welcome back everybody to altcoin daily of course the reason you subscribe to our channel is for our daily articles on recent news market analysis today you are unlucky my friend were going to go over some pretty interesting pieces of news its coming in the second half of this article right now I want to start right here lets do some market analysis and I guess the overall sentiment for todays article is hope for the best but prepare for the worst as you know Im very long term bullish when it comes to Bitcoin for me its not really a question of if bitcoins gonna get to 100, 000 someday for me thats more of a question of when thats gonna happen so despite my long term bullishness I think we need to be realistic and thats what this article is about I think we need to recognize two additional possibilities this year possibility number one is that as we end the summer and we get into the fall the price might cool off for a while little react you Malaysian period then possibility number two in the even shorter term 9100 might not be the local bottom this might not be the floor and we might see a big flush downward in the nottoodistant future hopefully that be followed by a rally up going into the end of the year and talk about that in a second but lets talk about both these possibilities in the short term mind you and I guess lets start with the first one lets start with number one so if you look back at prior calendar years in bitcoins history youre gonna notice one specific pattern actually we notice a few different things but today I want to focus on the summer rally so I invite you go through every year in bitcoins price history and youre gonna notice the summer rally were in the summer we often see the try strata up followed by a cooldown period and then an endoftheyear rally so for instance 2014 summer rally 2015 summer rally 2016 summer rally its very distinct 2017 a double summer rally theres really no cooldown period here and then 2018 well it didnt really happen in 2018 and 2019 today this year summer rally is what I think weve just gone through so actually and just the general pattern you probably noticed we see this almost every year its we see a dip in the beginning of the year we see a rally during the summer we see a short cool off period in the fall and then we see a greater rally going into the end of the year of course this is all within the context of the Bob Lucas for your cycle weve talked about this before and of course as you know no year is exactly the same right in fact theyre all very much different all of this being said I think itd be very realistic to think that what we have just gone through was the summer rally of sorts and now as were entering into the fall maybe for the next four to six weeks you know nobody really knows the exact time frame we might continue to see a cooldown consolidation riah cumulation period so if Bitcoin cools down thats not bearish in my opinion in fact if you look at the weekly if you look at the monthly we could be setting up a little consolidation launchpad to take us into greater alltime highs in the end of the year or possibly I think most definitely in 2020 so those are my thoughts on the medium term and now is the title suggest so I also have thoughts on the short term and so while I am preparing that we might see a cooldown in the medium term possibly in the short term we might see a flush downwards in my last for a week in my last for a few days but the reason I think this is for a couple different things but what I want to show you is this we go back in Prior Bowl cycles in bitcoins history we can basically what Im talking about is something like this something like this and something like this where each time we see after a massive rally up Bitcoin kind of starts consolidating for weeks and weeks and just as you think well maybe we formed a little plateau right here we see the flush downwards and then whats good is that each time this happens the buyers step in and bitcoins price rallies up further as you can see after a certain point bitcoins price never got to those previous levels ever again so just taking a look at the BLX chart maybe what Im looking for this here is a little law maybe flush downwards little cool off period followed by the buyers stepping in us getting near alltime highs going towards the end of the year and then possibly setting us up for I think a greater bull market going into 2020 going into the having let me know what you think but now I am excited to get to some recent news this is stuff that you will find very interesting one of Europes leading budget airlines the Norwegian air will allow passengers to buy tickets using Bitcoin the story is the title this is according to Yahoo Finance as of July 31st and yeah I mean this is the PR the word of mouth the Bitcoin needs people actually wanting to use and interact and promote bitcoin is bitcoins grassroots PR team so I just wanted to point this out to you next piece of news if you are a bi Nance fan regardless if you are or are not I just want to let you know Congrats that by Nantz was successfully listed in the App Store I believe this is on the UH the I store the Apple Store and you can see the app right here so far it has a 4.2 rating but if youre really into trading if youre really into finance now you have more options available I am going to like this because I want to support stuff like this next piece of news well its not really news but its kind of a snapshot of where red it is with cryptocurrency so Bitcoin dominance in subreddits subscriber counts so these are individual subreddits for specific coins Bitcoin and alt coins and you can see the dominance breakdown so Bitcoin has over its the biggest it has over 1.1 million subscribers 43 of the of the total dominance next is aetherium next is our BTC which is actually more of a be cash subreddit then ripple has 8 Mineiro seller card ah no Bitcoin sv at the bottom and Im sure theres even I know Im a part of like a nulls one so Im sure theres even a lot less compared to this but it is an interesting snapshot you can see that even in reddit bitcoins dominance is the greatest then Imperium is second which is interesting next another snapshot as work countries where bitcoin is banned or legal in 2019 so in case you were ever wondering what kind of the world governments thinks of Bitcoin you can see that a lot of the country is you would want for Bitcoin to be legal they are green then we have some restricted in yellow illegal is in rad I think this is a pretty good chart as this person pointed out India plus China plus Indonesia is a huge chunk of the population in the yellow zone so take that for what it is I just wanted you to know lets actually dive into this next story I thought it was pretty interesting this is courtesy of CC and dotcom the headline is this this ripple chart screams by will XRP defy the altcoin apocalypse so lets check this out so since late June when ripple X our peace price reached its 2019 high near 50 cents the crypto currency has plummeted nearly 50 percent currently XRP is trading at about 26 cents and at least one analyst believes its primed for a major recovery according to the chief market analyst at think markets naheem Aslam the altcoin is quote way oversold and a tremendous value at its current level now I personally dont feel that way lets go over and check out its current price I dont think I know a lot of XRP people say that X or P is going to the moon is still at 26 cents I think I actually have the opposite view Im not opposed to trading ripple or swing trading ripple because I think this coin is primed for a lot of volatility especially going into the ball market I actually think it has yet to capitulate I think its teetering on capitulating and the fact that its supply is so big makes me worried that because the adoption isnt coming as fast as maybe youd want because the ripple company as was originally planned you know taking coins out of escrow and selling them to certain parties I personally think that well Im just not getting involved in xrp at the moment and I dont believe in it long term but in the bull market it could be good to swing trade this is the opposite opinion from the original bullish version this person is more like my opinion traders should be cautious with ripple but while the charts are screaming by for ripple some analysts are urging caution Cole Walton head trader at knose Capital Management and cofounder of pluton mining cited the increasingly competitive crypto landscape as a reason to tread carefully when considering an investment in XRP quote although many of the technicals like RSI and position relative to moving averages looks like X RP is severe severely oversold and could bounce traders should be cautious because the token has been falling out of favour with many crypto market participants and there are many competing projects with similar characteristics maybe like Libra and arguably a much better value proposition that have come to market so two opposing points of view there wanted to share this with you I guys right now as you know I am all everything I do pretty much is I talk about ultimate news sometimes but all my articles basically what Im researching is all Bitcoin right now because I think bitcoin is the best buy right now even if Im bullish on the fundamentals of XRP I personally think that in the short to medium term its not a good investment I in fact dont I dont think most altcoins are not a good investment right now in the coming years once many new people step into the market altcoins will be hot again and itll be fun because were gonna know way more than the average people youre gonna tune in to this channel and see what altcoins maybe are the best buys but thats not the time right now and thats why I talked about Bitcoin most of the time Im going to finish off todays article as you know we broke the the backed news check out yesterdays article if you want to find out more details on packed but we tweeted this can somebody explain how backed is bullish for Bitcoin serious question and it was just interesting and insightful reading some of the replies for instance well how is greater liquidity increased legitimacy higher price higher participation and more access bullish for Bitcoin well I think he just answered the question there can be no naked shorting with this instrument because it requires a physically physical delivery of the asset so it is more bullish than the CME in that regard yes imagine plebs not knowing back to custody is enough Bitcoin to also physically Dom hug is a little bit more bearish a feel but basically its because because it is physically backed theyre gonna have to hold a large supply of Bitcoin in their custody to be able to settle these futures contracts and the guest gives it more little legitimacy gives people more access to it just its just its just better its just that continued snowball effect where Bitcoin keeps gaining momentum slowly but surely and eventually as the snowball keeps rolling downhill it gets bigger and bigger and harder to stop basically is the point and that is it for me today my friends of course you can follow us on our Twitter at ulta point Dave the IO we are brothers Aaron myself and Austin crypto investors and enthusiasts and then of course subscribe to our YouTube channel our main point of contact multiplying daily we are leaders in this space when it comes to crypto news crypto market analysis basically being crypto enthusiasts and investors and that is it from me today and that is it for me today I will see you guys tomorrow cheers its gonna be a great year but possibly a cooldown the next few weeks

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