News
2 December 2022
Crypto
30 November 2022
Blocksmith Says: ETH Will Underperform Next Year
I thought today we could consider Ethereum vs Bitcoin on an intermediate term price horizon. XETXBT basis weekly data here is highly suggestive of a meaningful downswing (in other words Ethereum underperforms across next year). Let’s unpack the cycles first – 54 month, 18 month and 40 week. There are two 40 week cycles to one […]
Bitcoin
28 November 2022
Blocksmith Says: BTC Grinding Lower
Because Bitcoin has event driven forces working in the background, the cycles analysis has been disrupted by fundamental price shocks. Typically when this happens, for example a big earnings surprise, a pandemic, a shock interest rate change and such like, the cycles get jolted but then fairly quickly resume their cadence. The current 80 day cycle trough […]
News
25 November 2022
This Week in Crypto: All Eyes on Genesis
Bitcoin and other cryptocurrencies continued to trade sideways throughout the week, with the world’s largest cryptocurrency stubbornly stuck around the US$16,000 level for now. At the time of writing, Bitcoin (BTC) is trading at US$16,504.48 (-1.41%) while Ethereum (ETH) is trading at US$1,186.92 (-1.21%). Major altcoins such Solana (SOL), Avalanche (AVAX), and Polkadot (DOT) have […]
Markets
21 November 2022
Blocksmith Says: BTC to Crash Even Lower
Bitcoin at 240 minute level looks be constructing a downside continuation triangle. This is an Elliott Wave theory pattern that consists of 5 three wave moves: A, B, C, D, E, and starts forming typically after a very sharp price drop. The implications are bearish and once wave E completes (and that will be a final […]
News
21 November 2022
Weekend Roundup: No Santa Rally for Crypto
While some institutional investors are slowly getting back into the game, a recovery in the crypto and broader financial markets is unlikely for now. Also, is the Bahamas government behind FTX hack? Ronaldo finally scores, and Sino Global’s in a “mid-seven figure” hole.
Markets
17 November 2022
Blocksmith Says: Nasdaq Bull Trap; Hard Down for Crypto
YTD the correlation between Nasdaq futures and Bitcoin is +87%, namely they have been dancing to the same tune.. However so far this month, with the FTX “money laundering Dems money through Ukraine” event, the two series have decoupled to -0.13%. My view, macro wise, is that we are due a rotation: dollar up, equities […]
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