Weekly Overbought / Oversold Ranges
Selling pressure has slowed and “HODLR’s” are seeing demand for #crypto tokens, as speculators and investors have witnessed attractive gains in the last 2 weeks. As #crypto currency miners, we almost turned off our GPU mining machines because profitability was near an all time low!
I believe selling pressure has slowed, relieving intense downward pressure. Nothing really interesting has caused token to increase in value. As a former corn option trader at the Chicago Board of Trade we understood there were two types of markets.
- Demand driven
- Supply driven
We do not currently see a demand for cryptocurrencies, as much as we believe supply held by weak hands has been exhausted at this time.
While cryptocurrenies are fun, exciting and sexy, Cenacle Capital can invest your IRA or 401(k) in the Enterprise value of blockchain stocks. We believe this is the best long term strategy to take advantage of this technology. We believe 80% to 90% of current cryptocurrency utility tokens will ultimately fail.
Companies like IBM, CSCO, JPM, CME Group and others in our opinion will not only survive but thrive!
These are the dominant companies in their industry and have the resources at their disposal to pivot and find revenues and efficiencies smaller companies can’t.
Not investment advice. Cenacle Capital owns positions in Bitcoin, Ethereum and other digital tokens.
For educational purposed only.
Please read our disclaimer at www.cenaclecapital.com