Yesterday I talked about how the rally cries throughout the crypto space had one underlying issue – bitcoin had not broken out. It was at resistance and if it didn’t push through then hopes of a continued move were nill.
A Quick Turnaround
Less than 24 hours later we got our answer with a big fat red candle as bitcoin got smacked down by resistance in that 4100-4200 area as seen in the chart.
Just about all the other coins followed and are even trading below their prior highs that they broke above, i.e, LTC and EOS to name a couple.
Next Steps
We definitely
The Dow Jones Industrial
Average DJIA rose 181 points on Friday, making it the ninth straight weekly
gain for the Dow and the first time since 1964 that the DOW rose in the first 8
weeks of a calendar year.
This recovery since the Christmas lows is primarily due to Fed Powell succumbing to the Markets demands and putting its interest-rate policy on hold.
In addition, growing hopes that the US and China will come to a tariff agreement in the coming weeks. President Donald Trump described negotiations with Chin as having a “very good chance” of reaching a deal and as a
Haha. STEEM got poor gains these last few days compared to other tokens (I think we didnt even outperform BTC) and when the dump hits us we lose 11%. Good thing im starting to diversify my portfolio, moving some of my STEEM to other projects to reduce some of the risk. STEEM just seems to be slowly slipping. Outside the pump we had a few weeks ago when Bithumb opened transfers again, STEEM has mostly followed the rest of the market, but with poor gains and sharper drops.
March is a few days away and im hoping, finally, we will hear some SMT news. They promised the testnet on March 1. and as much as im skeptical that Steemit.inc will deliver, im hopeful just the same.
State of things.
I promised myself 3 things when i bought STEEM.
I will not hold Bitcoin!
I will not sell for fiat!
I will not cry if i lose all my money!
Haha.
So far im standing strong although every market shift feels like someone is poking me with a hot poker since i know im missing out by not doing smart and obvious trades.
Oh well, cant wait for another slow build up and sharp drop. Kudos for @enforcer48 for calling it. haha.
Those who know me know my position on Steem Monsters. That game is making me rich AF so i love it to death. hehe.
Today/Yesterday Steem monsters came out with an update which i think is probably the most significant one since the battles were introduced.
Tournaments.
Prior to the release of tournaments, Steem monsters did have tournaments that were organized for most part on off-chain sites (cant remember the name) and discord, but that made the whole experience tedious and annoying. You would have to shout out names in the discord chat, people wouldnt show up, then you would annoy @aggroed or @yabapmatt with questions and then theyd put timers on discord messages and then folks would mistakenly type in the wrong results, etc etc etc..
Can i please call this a win? Can i Aggroed, can i please? I waited for 20 mins already.
It was just supremely annoying and would take way too long. I played a couple tournaments but the waiting and not knowing when the next game will be was just boring and took away from the experience. But now we have a pretty UI.
The look of the Tournaments tab i think is perfect.
Shows all the necessary information.
Looks slick.
its extremely intuitive and you pick up how it works almost instantly.
The strongest part of this update is that you can simply jump in a tournament when ever you feel like when youre browsing your collection or doing your dailies. You just check the tournament list, see a tournament happening in 10-15 minutes, grab a glass of Whiskey (imperative) and just jump in.
I cant even describe how big of an improvement that is over having to jump between 10 screens, discord chat rooms, DMs, etc.
I was intending to try out a tournament today but i literally missed the check-in at 15:00 by less then 1 minute so all you get are a few screenshots this time.
Now that Steem Monsters has competition in the gaming department on the Steem blockchain i have a feeling that we will see a bit more innovation and quicker improvements which is always a good thing for the user base.
Side note: A birdie told me that some whales and investors arent really happy with some of the choices Aggroed and Matt made with Steem Monsters and a lot of them started looking towards DrugWars which could add some more urgency to the work Steem Monsters devs are doing.
Cant wait to see what happens next.
These last few days we are only getting good news. Hopefully Steem and BTS gain some more momentum in the market and my joy-meter will show FuLL. Then ill be able to treat myself with that bottle of Jack ive been eyeing on my neighborhood store shelf these last few days…
IHT Real Estate Protocol (Bittrex: IHTBTC) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, I-House Token began a wave one advance on December 20, 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 14 this year, and the red wave two (blue sub-waves a-b-c) correction ended on February 20. If this wave count is correct, I-House Token should be heading next towards the January 14 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
IHT is a smart contract technology and distributed accounting technology developed for the
Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel displays and solid-state lighting applications.
Universal Display Corp is probably best known for being the OLED screen in the iPhone X and all three of Apple’s 2019 iPhone models.
Despite slumping iPhone sales, Universal Display Corp. recently announced earnings this past week of $0.40 / share on sales of $70.1 million in the December quarter. Analysts expected Universal Display earnings of $0.34 cents / share on sales of $70 million. On the news the stock price rose
Let’s talk some Bitcoin! Talk about some bullish momentum finally. We have now taken back 3 months worth of price action, in ONE Week. This is very good news and the next thing we want to see is this weekly candle close strong tomorrow over the most recent high. After the 2018 bear we finally have some movement here. This rip, as you can already see is going up fast and bitcoin is not even the leader in the Alt world right now. EOS is killing it going from sub $2 to $4+.
Last year, Tilman Fertitta, owner of restaurant company Landry’s Inc. and the NBA’s Houston Rockets, offered $13 a share in cash and stock for the company.
In January, activist / investor Carl Icahn built a 10% stake in Caesars Entertainment Corp. Now Icahn’s is pushing for a sale of the company after Caesars rejected a merger approach by Tilman Fertitta.
The activist investor said in a filing with the Securities and Exchange Commission that he wants representation on Caesars’ board and for the company to refrain from immediately appointing a new CEO.
The past week or so in crypto has pumped some life back into the space. The “animal spirits” as investors say are alive and kicking.
The question is will we see any follow through?
Several coins have broken out above their prior highs. Example are LTC and EOS among others, however there is still a key ingredient missing.
The Ingredient is Bitcoin
I know, I know that bitcoin doesn’t carry the weight in our minds it once did. However, to any new crypto investor and the market sentiment on a whole Bitcoin still represents crypto and as Bitcoin goes the crypto market, for the
Real knowledge is to know the extent of one’s ignorance.
Confucius
Easily stated, heads nodding sagely, then promptly ignored and back to Facebook for crypto outlook. I guess my point is that if you intend to play in this space for a number of years – look under the hood.
This week in crypto was as frenetic as usual. Samsung threw the crypto dog a nice juicy bone with an integrated hardware wallet on its next generation of phones. EOS poked its head above the parapet. Market sentiment turned vaguely optimistic (let’s respect the trend for now). Picked up an extended reading list
