Blockchain Weekly - Issue No. 17


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BlockHash Research

July 20 · Issue #20 · View online

Covering the latest topics that move the market, chart signals that you should watch, the best low cap crypto projects and much more!

Hey guys!
Hope you are all having an excellent week! I just want to peer into the market today with a microscope and explain a few things that are going on. It doesn’t necessarily warrant looking at the chart right now, but we’ll do that like always just to stay up-to-date.
One key thing to note with Bitcoin right now is the Grayscale Trust expiring this week. This is allowing a lot of people to sell their Bitcoin that maybe got into at the wrong time. It explains a lot of the price suppression down to $29k.
Looking at Bitcoin Futures, a lot of “Put” options are being made. In other words, people are betting that the price of Bitcoin will go down in the short term (it’s like shorting the market). Note: Bitcoin futures are still fairly bullish, as there are many “Call” options being made for Bitcoin to go up by next Spring. That’s a metric to keep in mind!
Lastly, the Bitcoin “hashrate” has plummeted. This is a result of numerous miners going offline in certain jurisdictions in the world (China, India, Malaysia, etc). This will inducing selling as well in the meantime, until the newer ASIC models hit the market to seize on the increased Bitcoin profitability margins.
So there’s a lot going on with Bitcoin, yet it’s still holding that floor around $28k-$30k. I think a lot of good is also happening, but the market is still shaking out weak hands that bought into the market the past 6 months. I stress patience above all else when buying Bitcoin. It’s a bumpy market.

Bitcoin (BTC)
Bullish Prediction:
Don’t let the news freak you out. Just follow the trend. Bitcoin is not dead, but it’s certainly not in the same 6-month bull cycle that occurred this Spring. The key is determining whether or not Bitcoin is in the same bull cycle that started around this time last year.
Bearish Prediction:
We the bull cycle is dead, then Bitcoin will surely break below $28k and head down to around $19k where it has another line of resistance. I’m betting that this doesn’t happen, but anything is possible for now. So invest wisely and manage risk accordingly. I’m calls on Bitcoin stand the same as the past couple weeks.
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Stay tuned for the newsletter next week and thanks again for being a subscriber! Feel free to email me with any questions or suggestions you may have. Have a killer week trading!
Brandon Zemp
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