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Bitcoin: The Next Target Is $10,000, the Downward Adjustment Might Be Over

July 17, 2019
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
― Warren Buffett

5-Day Change

  • Bitcoin: $7,918
  • Ethereum: $244.81
  • S&P 500: $2,886.73
  • Dow Jones: $26,062.68

Top Movers

Bitcoin gained 1.68% after a sharp rally spiked over $8,000 yesterday 
BitcoinSV lost 12.29% for the last week as the long-awaited correction finally took hold
• Litecoin is up 23.84% on last week’s trading, meeting its year-to-date high of $128
Beyond Meat, a meat replacement producer gains 67.61% on the previous week as short sellers lose out
GameStop, an American video game store franchise, lost 28.04% despite news of a 12 million share buyback by the company


Top trading ideas:


Bitcoin Hops Back to $8,000 - But Can It Break Free

Bitcoins bulls rejoice as the price breaches $8,000 once more…but can the bullish pressure hold? The standard bearer for cryptocurrency has been hovering between $7,500 and $8,000 all week. But there’s a reason to believe that the correction may soon be over.
Price goes up? That’s the expectation, anyway. Bitcoin gained 5% yesterday, and the $7,500 support has been tested numerous times without breaking, a good reason to expect that the bullish trend will soon continue.
Any risk of a trend reversal? Anything is possible, but it doesn’t seem to be going that way. The $7,500 support hasn’t been broken and a new lower low hasn`t been established, after all, and the stochastic oscillator is in the oversold range.
What’s next? Now that the correction seems to be over, the next goal would be to reach $9,000 again. Things have already moved in that direction with $7,900 being tested multiple times yesterday, establishing new short-term support. A continuation of that trend would see the breakouts beyond $8,000 become permanent.
Wut We Think: Bitcoin isn’t likely to stay this low, not with the halvening in a year and continuing influence from the US-China trade war and capital flight driving buying pressure. While it may not rise quite as quickly as we expected, it’s still heading up, which makes now a good time to buy in before the price shoots past $10,000, the next major target.


Litecoin Consistently Surpasses The Rest 

Litecoin has had a stellar year...and it shows no signs of slowing down. It’s gained 30% vs Bitcoin’s loss of 3%, and there are reasons to believe that it’ll retest it’s all time high in the next six months. Being up 126% since the start of the year isn’t anything to sneeze at, despite the recent uncertainty in the crypto markets.
What’s pushing Litecoin so high? There are a few factors contributing to the price: Litecoin’s upcoming halving, which will reduce the block reward from 25 LTC to 12.5 LTC; the highest hashrate in Litecoin’s history, and good technical indicators.

What’s this halving thing? It happens in a lot of cryptocurrencies. Simply put, a lot of cryptocurrencies have a limited supply, so in order to make sure the coins aren’t mined all at once, the block reward for miners is halved every four years. This constrains supply, and pushes the coin’s price up.

What about these indicators? LTC is currently testing its year-to-date high of $120, but it has a clear bullish trend, pushing it up. The daily moving average, the stochastic - they’re clearly pointing up, so it’s a good bet that LTC will continue rising.
Wut We Think: Litecoin has been a stand-out altcoin this year, and it shows no signs of stopping. There is a risk that some old-time HODLers may start dumping in order to cash in, but it’s a growing altcoin with improving fundamentals and a continuously shrinking supply, giving a good chance to break out from under Bitcoin’s shadow.

Zoom Soars High With Its Investor-Pleasing Earnings

Zoom posted its first earnings report with 109% year-over-year revenue increase...making a lot of Zoom investors very happy. While a lot of IPOs this year have run into trouble (Uber, Lyft, Tesla), Zoom is surpassing expectations since doubling its IPO price in the past two months. Zoom’s stock is up 17% since its earnings were posted, making it a stand-out tech stock for the year.

What else is giving Zoom its boost? A bunch of really good metrics for investors. First off, it reported a loss of only $0.2 million for its first earnings, compared to $1.3 million a year prior. Second, enterprise customers paying more than $100,000 a year have grown 120% to 405 customers. And last, it generated $15.3 million in free cash flow.

Those are some good numbers! Wall Street certainly thinks so. It’s surpassed expectations on street significantly, saying that revenue for 2020 should be in the $535-540 million range, above Street projections of $526 million.
Anything to watch out for? It’s got high valuations at the moment - maybe even a bit too high. It’s currently trading at an enterprise value-to-revenue multiple of 35 times its fiscal 2020 revenue and 27 times its fiscal 2021 revenue, so while there’s nothing to be overly cautious about now, the future may tell a different story.
Wut We Think: Zoom is currently on everyone’s lips, as it’s earnings were nothing to scoff at. And it’s a tech stock well-insulated from the effects of the US-China trade war that has sent a lot of tech stocks in a spiral. If Zoom’s future projections are accurate, then Zoom investors are going to be counting money on the way to the bank for a good few years to come.

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