Crypto Week in Review - Oct 28 Bitcoin and Doge Rises
John Barry | Fri Oct 28 2022
Dogecoin Rises as Elon finalizes Twitter purchase.
As mentioned in our article on Oct 4th, https://quantifycrypto.com/blog/elon-buying-twitter---impact-on-dogecoin their was a positive price movement with Elon completing the purchase of Twitter. Speculation that Twitter will implement a crypto payment system is part of the reason for this price increase. Mentioned in the linked document is the bulllish trend signal for Dogecoin at $0.643 that occurred on Oct 4th.
Crypto support, Rishi Sunak is the new Prime Minister of the United Kindom.
Bitcoin and the majority of the cryptocurrency market had a strong week with the news Rishi Sunak is the new PM of the UK. Bitcoin was up 7.6% this week with 38 out of the top 40 were higher this week. Ethereum was up 20%, Doge up 43%, and Flow up 18%.
Weekly Crypto Gainers
Dogechain (Not Dogecoin) $DC up $343%, https://quantifycrypto.com/coins/DC
$TONE up $128%
$KLAY up $75%
Today's educational item - The difference between an "investment" and "trading" basket
The investment basket contains funds allocated into an asset for the long term. The plan is to buy and hold these funds for a 1 to 3+ year time frame, or until there is a significant profit with this investment. In cryptocurrency the term "HODL" (Hold On for Dear Life) is often used for this. This is a best practice to avoid emotional trading.
The trading basket includes funds used for short to medium term trades to create greater returns than just holding onto an asset. Bitcoin, Ethereum and other crypto assets tend to have large price swings which can be used for a buy low / sell high trading method.
Quantify Crypto provides real time technical analysis to support your trading decisions. We have the fastest live price feed of all cryptocurrency informational platform. Our proprietary trend algorithm calculates the predicted direction of future price moves. It is specifically tailored for the cryptocurrency market. Our state-of-the-art displays are designed to provide maximum amount of significant data on a single screen.
None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin, Dogecoin and other Altcoins.