Day: July 4, 2019
The price action on bitcoin has been interesting of late. Just when we got a nasty reversal candle on the weekly chart after the parabolic move higher price came down to the first support level and rallied hard.
Where do we go?
That is the 20,000 dollar question.
If you look at the weekly chart above you will see what I mentioned in the opening sentence of the post. Talk about mixed signals! I had 9800 as a target and the first support, the reversal pattern (on daily chart) coupled with some follow through is making that nasty candle from last week obsolete.
So the question is. Is this real or is it a bull trap. It has been quite some time since I was this conflicted about the price action.
As you can see the daily chart is looking positive at the moment. It surpassed the 11,600 level and has since tested it intraday and bounced off it higher.
In the end btc really needs to crack 12,300 to have not created a lower higher after making a lower low.
That level could act as resistance, especially after running up from 9800. At this point I’m just holding my long-term bag as I missed the trade entry at both 9800 and 10,800.
Trading Around a Position
This is why I personally like to hold a core position and then trade around it so that I don’t have to be stressed about getting in or out when the picture isn’t completely clear.
Public Storage (NYSE:PSA) is the undisputed leader in the self-storage industry, and the stock had been quite a market laggard until recently. However, tides have turned, and Public Storage is now up 18% in 2019. Is it still a good buy, or has it become too expensive?
Public Storage has previously said that it can break even with about 30% occupancy in its properties, and its occupancy rate is currently 92.5%. That’s a big margin of safety.
Public Storage also has a rock-solid balance sheet. Most real estate investment trusts use a considerable level of debt to fund their operations — debt in the 30%-40% of total capitalization range is common. Well, Public Storage has just about 3.2% (not a typo) of its capitalization in the form of debt.
Over the years, Public Storage has built up a great dividend track record. Since 2002, the company’s dividend has grown at a 9.8% annualized rate, and the current 3.4% yield is well covered by Public Storage’s earnings.
Some of the risks include if long-term interest rates are rising, an overabundance of self-storage facilities and the sector being cyclical because of their month to month leases. But overall, it appears the pros far vastly outweigh the cons. However, the chart suggests the upside opportunity is limited due to the weekly supply at $254.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Sadly it would appear that nothing is sacred in the world of crypto. This shouldn’t be news to any of us, though it is always sad to see when it hits close to home.
I have caught the exchange Daybit (https://daybit.com/) wash trading Trybe’s TRYBE tokens in an attempt to boost their apparent volume, at least that is how it appears. I’ll tell you the story and show you the screenshots – you can decide for yourself.
For several months I have watched TRYBE price fluctuate wildly on my “Favourites” list at CoinGecko. TRYBE is normally either my main winner or loser over the typical time periods of 1h, 24h and/or 7d.
The active exchanges listed for TRYBE are Daybit and Newdex. Prices vary wildly between the two exchanges. To me that means one of two things: either there is an arbitrage situation or there is rampant wash trading taking place. At first I thought I had found an arbitrage opportunity, but watching it over time I saw that the daily price changes of Trybe are nonsensically volatile. There should be no way that such a spread could be sustained with that sort of trading volume.
I decided that in order to do a more thorough investigation, I should get some skin in the game. Instead of blogging yesterday, that is what I was up to. Admittedly it took longer than expected. I had recently used my Scatter Wallet to carry out the WAX mainnet swap and things were looking unfamiliar to me in the already confusing EOS economy system. The WAX swap entailed importing new keys and switching networks in Scatter, as well as using both the old and the new (version 11) of the wallet. I elected to move carefully in unfamiliar territory.
I decided to withdraw a few TRYBE tokens which I have earned on Trybe in order to carry out the experiment. This was the first time that I have tried to withdraw from Trybe, so that took me a few minutes to sort out. Unfortunately it turns out that there is a delay in withdrawing from Trybe: tokens withdrawals are only processed once a day. On top of that: only 1000 tokens can be withdrawn at a time (though I remember reading that that would be increased to 5000 soon). I executed a withdrawal request, but then couldn’t afford to wait all day for it to be actioned. So I needed another plan to get my hands on some TRYBE.
Fortunately I had some STEEM and SBD available. I converted SBD to STEEM, sent all the STEEM I could lay my hands on to Binance, traded STEEM for BTC, traded BTC for EOS, sent EOS to Scatter, logged into Newdex with Scatter and finally traded EOS for Trybe. With that Trybe in hand I made my way to Daybit to run my test. I logged in and noted the previous trades. They looked like this:
As you can see: there is a long line of orders executed at a price of 0.00148560 EOS. It is important to note that they were all for just over 300 000 TRYBE and that they had been executed over a very short space of time. It had also been several hours since the time of the last trade. Before that time there had been a gap of many hours, and then a cluster of similar trades – already very suspicious.
With 0.00148560 as the selling price for all the trades shown and with the cheapest current order on the platform being 0.00148570, I decided to send my TRYBE to the exchange and place a sell order at a price of 0.00145000 EOS, which I then did. Take note: the price shown for all the “Recent Trades” is 0.00000010 EOS below the price of the lowest sell order – you will see why this is important later on.
I placed a Sell order for 14900 TRYBE at a price of 0.00145000 EOS (a limit order).
Nothing happened. Then more nothing happened, and finally a whole lot of nothing. Eventually I stopped watching went to sleep.
THE NEXT DAY…
I woke up this morning to find that (surprise, surprise), my order had not been touched, even though it was still the cheapest order. BUT: a whole lot of new “Recent Trades” had appeared in the logs:
Thousands of dollars in TRYBE orders had magically appeared during the few hours that I had been asleep. Once again: all the same price, all right after one another (and then absolutely no activity after that) and all for about 300 000 TRYBE. What was the price of those orders? Exactly 0.00000010 EOS below the price of my sell order…
So I cancelled my order and placed a new one at a MUCH cheaper price: 0.00080000 EOS. Anybody prepared to buy at 0.00144990 should immediately snap that up… but no, the order has now stood there untouched for hours.
From this I conclude that Daybit is using TRYBE to try to inflate its volume and to boost its popularity. As further evidence of this, I can offer the following:
Daybit uses four base currencies for its trading pairs: BTC, EOS, ETH and USDT. Here is a complete record of the alleged trades recorded for each of those base currencies over the last 24 hours (at the time of writing):
EOS – note the very high TRYBE volume and the zero volume for everything else except “DAY”:
BTC – a little bit of DAY (suspiciously close to the amount traded for EOS), some HUNT, a small bit of STEEM and a lot more zeros.
ETH – a world of nothingness – the list carries on, but as you can see I have ordered it by decreasing volume – nothing has been traded.
USDT – More nothing
As you can see on CoinGecko: the total claimed trading volume of Daybit over 24 hours was just over $500 000, most of which came from TRYBE.
Yet my orders never even triggered.
I’m calling Daybit out on what is obviously Wash Trading. I don’t know why they have picked TRYBE, perhaps they feel it is “below the radar” enough not to get noticed. Hard luck Daybit, it’s been on my watchlist for months – and I don’t miss much.
Decide for yourself if I am right, I don’t see how I could possibly be wrong. In light of this, I will be ensuring that CoinGecko gets this information so that they can improve their “Trust Score” algorithm (which I have written about in the past). At the moment Daybit is too small to even get a Trust score, but the sooner CoinGecko knows about it, the more they can keep an eye on it and the better for us all.
Bad actors are a blight in the crypto space. I will fight them wherever I find them, be it a little wash trading by a small exchange or the mighty Facebook, Ripple or JP Morgan and their self-serving “cryptocurrencies”.
As a community it is up to us to self-regulate. Nobody is going to regulate crypto for us if we don’t do it ourselves. (Yes we all know the banks and governments will try in vain – much to our amusement!) Dishonesty in this sector is bad for us all, it breaks trust and gives crypto a bad name. Wash trading is a major problem, what you see in this post isn’t even the tip of that iceberg, some major exchanges do it all the time. We all need to stand together to say that we will not accept it.
I recommend that if you want to buy or sell TRYBE then you do so on Nexdex. It works smoothly with Scatter and is non-custodial – making it cheap, easy and secure to use – just as a DEX should be.
To the Trybe team: I suggest automating the withdrawal process and increasing the withdrawal limits. For Trybe to find fair price, get noticed and to gain popularity as a token, it needs to be traded, spoken about and visible on the exchanges.
For the record I don’t think that TRYBE is the kind of token that one should be trading right now: it’s still a small token and the value of such tokens lies mainly in holding them and staking them while they are still cheap. My readers will know that I’m far more interested in investing than in trading. As a community let us all try to grow our TRYBE in the healthiest way possible: let’s spread the word and let the price grow organically. I definitely suggest that you avoid using Daybit for TRYBE trading.
Yours in crypto
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain
Bit Brain recommends:
As someone who is starting up a new business, you ear must have been full of words from the horror stories of business failure after business failure. Listen to people who consistently denies, criticizes, or doubts and they will make you have the belief that not less than 89% of all new businesses are destined to record failure. However, the actual fact is a light on your path to achieving success in your new business: The U.S. Bureau of Labor made their findings and recorded that 75% of new businesses do not fail in the first year, 69% make it through the first two years, and 50% keep the survival going for good five years. Going by this record, it means you have a 50-50 chance of surviving to five years without recording failure in your new business. I know this doesn’t sound that great, but you can’t just sit down, fold your hands and let chance be a dictator of your own fate in that business. Which is the more reason I appreciate that this awesome article came up just at the right time for people looking to start up a new business. I will be giving some interesting points on what to do to survive the heat in this initial years of running a business, and they are as follows:
Create a Business Plan
I do say this that if you want to be successful as a businessman, then you really need what is called a business plan. Although it’s tempting to not want to care about having a business plan when you ain’t in search for an investor or loan. Even with that, I still want you to know that creating a business plan is a perfect way for you to make your vision more acute and effective. This tends to give you a proper and accurate insight into the problems your trying to solve, whose lives you are trying to improve and the best time for your product launch, sales and profitability. Just make sure your business plan is concise and detailed enough (in relation of target market, business model and others) to serve as a roadmap on your way to achieving success in that business.
Make sure to Reinvest in your business
I know how hard it is for someone who left a salaried job to practice entrepreneurship, to give up stability of the money received on payday as payment for work performed. But to come out realistic, you should try as much as possible to make sure the first money you make from that business is reinvested back into the company, your product and marketing, as this will help boost finances and increase revenue. In conclusion, you need to develop the attitude of pursuing a long term goal, because if you don’t then you might give up on the business in times of crises even before the business fail.
Thanks for reading this amazing article.
- Facebook’s David Marcus: Libra Crypto Users Won’t Have to Trust Us ;
- Bitcoin Rallies $2K in 24 Hours But Price Hurdles Remain Intact ;
- Pompliano 75% Confident Bitcoin Price is $100,000 by End of 2021 ;
- ‘Release the Tape!’: Nouriel Roubini Calls for BitMEX CEO Debate Video ;
- US Congress Requests Moratorium on Facebook’s Libra Stablecoin ;
- ? Daily Crypto Calendar, July, 4th?
- STEEM Trading Update
Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!
Facebook’s David Marcus is pushing back against concerns about the social media giant’s new cryptocurrency project, Libra.
In a note published Wednesday on Facebook, Marcus addressed “a number of questions and a few misunderstandings” about the project.
In Wednesday’s post, Marcus sought to address a number of issues that have been raised by lawmakers and informed observers alike, including whether Libra is actually decentralized, why there isn’t a charter in place for the Libra Association and whether Libra can actually address financial inclusion.
Bitcoin has risen nearly $2,000 in the last 24 hours, establishing strong support at $9,600.
The outlook, however, would only turn bullish once the bearish lower-highs pattern is invalidated with a move above $12,448. A breakout, if confirmed, could be followed by a rise to or above the recent high of $13,880.
Bitcoin could fall back to $9,600 if prices fail to hold above $10,830 in the next 24 hours, validating the bearish crossover of the 5- and 10-day moving averages.
The operator of Binance’s upcoming U.S. crypto exchange, BAM Trading Services, has hired a former Ripple executive as its CEO.
BAM announced on Tuesday it had appointed Catherine Coley as CEO, who will be responsible for rolling out Binance U.S., as well as expanding the exchange’s marketplace in North America.
Prior to joining the firm, Coley was the head of XRP Institutional Liquidity at San Francisco-based distributed ledger tech startup Ripple, BAM said in the announcement.
Before entering the blockchain and crypto space, Coley worked for banking giant Morgan Stanley in Hong Kong and London in the institutional foreign exchange market, and handled international payments and global treasury management for startups while at Silicon Valley Bank.
Changpeng Zhao, founder and CEO of Binance, said in the announcement:
“I am confident that with Coley’s leadership and Binance’s leading technology platform, Binance.US will be able to provide valuable services to the U.S. community.”
NYU professor and noted anti-cryptocurrency economist Nouriel Roubini exploded online last night after a debate with Arthur Hayes, CEO of BitMEX, at the Asia Blockchain Summit in Taipei. The debate, called the “Tangle in Taipei,” was allegedly not streamed live at the behest of the organizers and and Roubini wasn’t having it.
Hayes, for his part, shot back at the economist, further enraging Roubini.
In a July 2 letter addressed to Facebook CEOs Mark Zuckerberg and David Marcus, and COO Sheryl Sandberg, the lawmakers request that Facebook and its partners immediately agree to a moratorium on the development of Libra and its dedicated Calibra wallet.
The committee claims that the project may lead ”to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.” The committee notes that it believes such an endeavor could have serious implications:
”This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”
? Daily Crypto Calendar, July, 4th?
Equal (EQL) will be listed on Binance DEX on 4th July 2019.
100 KBC can be exchanged for 1g of gold.
“Join us together on the evening of 4 July with Cardano Foundation members!”
Japanese language support for the iOS wallet will be released.
“Join us for the IOTA Barbecue Satellite TOA Event in Hafenküche July 4 at 6PM.”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
We can clearly see that the 0.34$ became an important point on the STEEM chart as support but also as resistance. As I was supposing yesterday, the support line has not really been broken and the market decided to save it some hours after the little break. You can see now that we are upper of that line so let’s see if a bigger candle will come in the coming hours to confirm that we saved that support line.
- ? Daily Crypto News, July, 3rd?
- ? Daily Crypto News, July, 2nd?
- ? Daily Crypto News, July, 1st?
- ? Daily Crypto News, June, 28th?
- ? Daily Crypto News, June, 27th?
- ? Daily Crypto News, June, 26th?
- ? Daily Crypto News, June, 25th?
- ? Daily Crypto News, June, 24th?
- ? Daily Crypto News, June, 19th?
Join this new Free To Play on the STEEM Platform !
Synthetix Network Token (Bittrex: SNXBTC) 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, SNX began a wave one advance on May 14. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 7, and the red wave two (blue sub-waves a-b-c) correction ended on July 1. If this wave count is correct, SNX should be heading next towards the June 7 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Synthetix is a decentralised synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. Blockchained Future explained the platform in more detail back in May this year.
How can I vote? Where is the contest?
You can vote by following this link.
I made an attempt at running a YouTube channel and posted a few videos, then ran out of steam and have not done anything for some time. Having recently moved and many ideas for projects I was thinking of making videos again, I decided to do a review on a tool I bought recently. I wanted a setup where I could film facing down so that I could display the tool on a table and work with it there.
I ended up with the following jerry-rigged setup, I have you to film anything but almost there…
But let’s start closer the beginning. Over the past weekend I brought my table from our previous place and set it up in the corner yesterday.
It is quite a bit bigger than the table I was working on, but I was managing so I started out trying to get something assembled over this table.
Being someone who firmly believes in using what you have, I used old poles from a gazebo that I found when cleaning up the yard. The previous owner left quite a few bits and pieces outside which had been overgrown with grass, weeds and brambles.
I had something up pretty quickly, then test it with my phone and decided the table top was too dark and would make it too hard to see something if it was not a bright colour. So I swapped out the other table, which has a much lighter coloured top.
I went through a few iterations of combinations of the poles, one of the most whacky is below.
My aim was to have none of the poles touch the table, so that I could move stuff or bump the table without affecting the camera.
Eventually I settled on this solution, poles on the ground to keep the footprint stable, and a pole at mid level to add more stability. Unfortunately the top poles where too long meaning the vertical poles were not symmetrical.
I did not want to, but ended up cutting the poles. They are very thin walled and I don’t have a way to clamp them properly so it is a PITA to cut. Here you can see the mid height pole now fits as the uprights are now parallel.
The top poles are also now a bit more parallel with the floor and there is just much less tension in the structure.
The three short sections cut off of each of the top poles. Judged by eye how much to cut off, the joints are quite loose so the margin for error is quite high.
Some of the other bits I found and put away in an outside room.Yes, it’s garbage, but I found a use for some of it, it’s not costing me anything to store so it’s all good.
I have started cutting up branches and so on in preparation for winter. This won’t be the main fuel, just the bits we use to start a fire. There is a lot more wood available, right next to my house, so I could probably fill those racks to the roof by winter.
Well, bit of a random post, but maybe you are inspired to up-cycle something as well before going to the store to buy more stuff?
Consumerism is a bug bear of mine, the ease with which we toss out old stuff, to buy new stuff makes me really really sad some days.
Apple shares raced into July.
The stock surged 2% on Monday, adding to a nearly 30% advance for the year, after a pause on additional tariffs between the U.S. and China reignited hopes of trade progress.
Apple would need to reach at least $210 to break out above the upper band of its symmetrical triangle pattern. That marks a roughly 4% rally from its current level at less than $202.
“However, the more important level is going to be the early May highs. That’s up right around $212. You break above that, not only will you get a break of the triangle pattern, but you’ll have a nice higher low, higher high sequence which should give this stock another leg higher,” said Maley.
But the real level to watch is the weekly supply at $222, because of the previous sellers at $215, the weekly supply at $222 is just below the monthly supply and the unfilled sell orders waiting near $222.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
QTUM seen from the temporality of 1D we can observe how the price maintains a movement of (EW), after forming the wave number three, QTUM has entered into accumulation where it has found support within the price range of 4 – 4.1, which is indicated on the graph within a blue rectangle, this structure is forming the wave number four of the current trend, therefore, it is a good time to buy to go for more profits in the fifth wave that I have placed in the price range of 7.6 – 7.9.
QTUM seen from the temporality of 4H we can observe more closely the bullish banderin, a pattern of continuation of the bullish trend, in the graph I have marked the points (ABCDE) that has already formed this setup, currently the candles are consolidating in support forming point E and last of this pattern, we should see the price rise from here to test the resistance of the figure and look for the break up to the rise.
In conclusion, the price is forming a pattern of continuation and the movement has already formed point E, therefore, this is the best time to enter long and take advantage of the next movement of the price, I recommend to be attentive to the movement of the next candles of 4H, the price should not fall beyond 4.8, as this would be causing us an invalidation.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
You can follow me on Twitter: https://twitter.com/armijogarcia