Using crypto as a hedge is a bit risky, no telling what might happen to crypto if the traditional markets hit trouble. In the recent past, when the Dow took a dip, so did most of the crypto space. However, given the crypto markets were consolidating anyway, might not be the most reliable indicator that they are linked in any way.
Interestingly, the market did not consolidate much over the weekend, in fact volume has been the highest over the weekend than it has been in the last two months. Appears we may be in more bullish territory again leading up to the end of the quarter and many traditional traders are long on several crypto projects (over 80% long on the top 3 being BTC, Ethereum and Ripple). BTC now appears to be trading in the $6500 to $6800 band, might break through and reach over $7000 before Wednesday. If this happens, those going long might start selling their positions, but we shall see.
“Experts” Now Predict Bitcoin to Hit USD $10,000 This Year (CNN)
Last night the Dodgers introduced 20,000+ people to crypto/blockchain with the first ever Crypto Bobble Head give away on the Ethereum blockchain.
XRP vs Bitcoin - Banks vs. The People (will people still use banks 10 years from now? Probably. But banks will be forced to be more competitive and transparent).
Advancements with Ted Danson (CNBC) Blockchain with VeChain (was not a bad video considering it is CNBC)
The Creator of Litecoin, Charlie Lee, Address Major Critic Strikes About Litecoin.
(while LTC is struggling on price, once the Lightning Network integrations are done, it might end up being the most used cryptocurrency on the Lightning Network)
Brave Browser Taps Blockchain Identity Startup Civic for Secure KYC
Cybermiles just released the Lity language to help devs write smart contracts on the CMT blockchain
(YAL - yet another language)
VIBE - Mainnet release today
Dragon Coin (DRG) Partnership with Ultimo Hombre announcement today
Fedora Coin (TIPS) Mainnet launch today
High Performance Blockchain (HPB) Mainnet launch today
Several CDA are being delisted from Poloniex and Bit-Z tomorrow, check your wallets if you use them.
Banca - New Product announcement Sept 26th
Ontology (ONT) Conference in Taiwan on Sept 26th
On Sept 30th (a Sunday), there is so many project updates and new products and partnerships from projects big and small, the amount is too much for a summary. Suffice to say, this could be a big week leading up to all the announcements.
USD - t’s a busy week ahead on the data front, key stats due out including September consumer confidence numbers on Monday, finalised 2nd quarter GDP numbers and August durable goods orders on Wednesday, with the FED’s preferred core PCE price index figures, personal spending numbers and finalised September consumer sentiment numbers due out on Friday.
(Given recent performance - we could be looking at another bullish week for USD)
EURO - while a relatively quiet week on the data front, key stats that will influence the EUR include business expectations figures on Monday, consumer confidence and unemployment numbers out of Germany on Thursday and Friday.
(Indicators are bearish for the EURO this week - While the EURO is at two-month highs, the YEN is near two-month lows. Keep an eye on EURO/JPY pair for trading)
GBP - stats include August CBI industrial trend orders on Monday and finalised 2nd quarter GDP and business investment figures on Friday. In one day (last Friday), sterling lost all of the gains that it had built up during the week and this shows just how sensitive the currency is to Brexit news.
(Mixed sentiment on GBP)
JPY - stats through the week include prelim industrial production, retail sales and inflation figures due out on Friday, with focus likely to be on the retail sales and industrial production numbers, though direction through the week will ultimately be hinged on market risk appetite.
(Mixed sentiment on Yen)
AUD/USD presently struggles with an intermediate resistance-line, at 0.7300, in order to justify its strength. If the pair reverses from said barrier, the 0.7260 (trading at now), the 0.7245 and the 0.7230 are likely following support lines, but broke through that support last week, might see it again this week. (#shtcoin)
USD/CAD initially traded lower on the back of stronger retail sales but trade headlines prevented loonie from extending its gains. Canadian Foreign Minister Freeland came back to the U.S. to continue talks but on Friday the White House said they are getting very close to NAFTA deal that involves Mexico and not Canada.
EURO - Mixed - 64% Short
GBP - Bearish - 63% Long
JPY - Mixed - 58% Short
AUD - Bearish - 52% Long (many traders expecting good end of quarter results, I doubt it though)
XAU - Bullish - 88% Long (Money going back into Gold again)
Bitcoin - Bearish - 79% Long
Ethereum - Bearish - 92% long! (highest ever)
Ripple - Bearish - 98% long!!! (landslide going long for last week of Sept!)
The indicators on Ripple and the shear landslide of everyone going long is positive for the Crypto market space. So, some short term consolidation today, then I suspect we could be headed into Bullish territory for most of the week.