Crypto up against the wall

Crypto up against the wall, but will the bulls or the bears come out on top? I’m leaning neither to the bullish or bearish side at this point, but the market reminds me a UFC pay-per-view at this point.

As Bitcoin and Ethereum grind higher a bigger challenge looms ahead. Can the bulls push prices higher into record territory? Or is a pull back in the cards? To be sure, this question is top of mind right now.

Any attempt to analyze the crypto space is a daunting task. Never is all my life have I seen an asset class present such extreme volatility. Indeed, this is likely the reason Elon Musk decided not (at least for now) to accept Bitcoin for a snazzy Model 3.

I don’t blame Musk for halting the idea of accepting Bitcoin as payment. Until there is stability in crypto prices, no retailer will assume the risk. Volatility is just too much to stomach.

However, volatility has rewarded investors and traders on the long side. Below are two charts with simple support and resistance levels noted for the big coins: Bitcoin and Ethereum.

Bitcoin

Ethereum

Conclusion

To sum up everything crypto, the bull are in charge and prices are likely headed higher. Buy how much? I have no idea, but if volatility remains elevated we could reach the mythical $100k Bitcoin! Good for specutlators but bad for mass integration of crypto into everyday life. In the future I plan to dig into the volatility side more and provide a better picture going forward. Reason being, if the market can reign in volatility, the likelihood of crypto going mainstream increases. This would be a good thing.

As a side note to end this post, Ethereum is now leading the crypto bull market. Not sure if this meanings anything significant, but it’s worth noting.

Are you looking for a quick recap of the global capital markets? If so, checkout the Ultimate Investor Update published ever so often.

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