WistCap Flagship Long

This is a tough moment for the crypto market. $BTC has dropped through obvious trendlines. We can argue over the reasons why - Government and Mt Gox sell-downs, regulatory choke, global liquidity air-pocket - but it doesn't much matter.

We are where we are. And as the chart shows, we have returned to the mid-point of a long term, structural uptrend.

More important is to step back, take a deep breath, look at the bigger picture and remind ourselves why we're here.

1. We own $BTC as a debasement-proof option on the continued mismanagement of public finances. With no major government calling for any sort of fiscal retrenchment, That Hasn't Changed.
2. We own other cryptocurrencies like $ETH , $SOL , $NEAR, $UNI , $PENDLE to gain exposure to a revolution in value transfer on the global internet. That Hasn't Changed.

Our belief in a high level consolidation before an autumn break-out have been dashed, but that doesn't mean that from here to year end we should be despondent. Far from it. There are likely to be upside catalysts once this storm abates. The markets always give you a chance.

Good luck, invest carefully and in a size that enables you to stomach the volatility. In other words, a small, manageable part of your overall financial portfolio.

Our latest newsletter, out yesterday, can be found here.

THIS IS NOT INVESTMENT ADVICE.

Another edition of CHAINLETTER hits the planet's inboxes. Entitled "Bitcoin Is Poised To Break Out Again" we tackle the most critical technical, on-chain, macro and crypto specific issues of the fortnight.

$BTC $NEAR $FET $AR $ETH $LINK

Enjoy it and sign up on our website to receive it directly.

20% corrections have been a consistent feature of $BTC's run-up from the 2023 lows. We are tracing a healthy path back to the medium term uptrend. When the RSI has breached the 40 line over the last year, the price has generally formed an interim low.

This looks like an obvious area of support although as ever much will depend on the macro. That said, this market moves from being "bad news sensitive" to "good news sensitive" in pretty short order.

Eyes on the horizon.

Enclosing a link to our latest newsletter. (Bitcoin Is A Slow Fix - CHAINLETTER 28).

Markets are entering choppy waters, but Bitcoin is holding up strongly. This is an important phase. $BTC passes the test and proves to be a lifeboat, it will roar. The technical set-up in this regard is encouraging. We examine the case for decentralisation, and look at some blockchain use cases in the poorest parts of the world. Also, why open-source should be the default setting in the free world.

• Technical analysis Flag pattern in play, BTC dominance increases

• On-Chain Transactions recover

• Macro Gold sniffs inflation, MOVE smells trouble

• Cryptoverse Blockchain use cases making the world a better place

• Ethos Bitcoin is a slow fix, why decentralisation is better for freedom

Click here for our fortnightly newsletter, CHAINLETTER. This edition entitled "HAVE I MISSED IT (2)?" (The first part was written in November 2023, when the price was US$36,000).

For technical and macro reasons the short term could be choppy, but that's an opportunity to add. Longer term we argue we are entering a new regime.

Also, why:

• ...gold making a new high is as significant as the ETFs.
• ...bitcoiners in Egypt should be building a pyramid to Satochi.
• ...BTC should get to more than US$300,000

And more.

In the WistCap Flagship Long strategy we have taken this bout of weakness to add $IMX as part of our "sector leader" process.

Little change elsewhere, delighted by the contrarian price behaviour in $MKR which is behaving like a genuine portfolio diversifier.

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