The US Markets just closed out the week at ALL TIME Weekly Closing Highs (the Dow Jones and S&P). The Bears are out talking about unemployment ticking up and the yield curve inverting and Powell cutting rates. Well Mr. Jerome Powell has quite the decision to make in the coming weeks because that insurance rate cut is going to have to come on the back end of a YUGE JOBS Number. The jobs this morning came in RED HOT and the 50 point cut just went out the window. The 25 point cut is now on the ropes and will be a huge decision.
The perma bears just don’t understand this market and that is part of their problem. They can’t go both ways. You have to learn to go both ways! Long and strong baby! Do you go all in here? NO! You should have loaded up at the beginning up June!
I am looking for pullbacks to be bought until otherwise. The chase is on. You cannot be bearish unless you are under 2918 for starters.
Bitcoin continues to consolidate on higher time frames. Price is respecting both a descending resistance line on smaller time frames, as well as a longer term ascending support line. This battle between bulls and bears will likely come to an end no later than early next week.
In today’s video we’ll discuss where price may be heading next, key areas to watch and so much more. I hope you find it helpful.
In this era of podcasts, blogs, videos and such just about anyone can become an influencer if they hit something at the right time and have a little luck.
This isn’t to say that cream doesn’t rise to the top, but there are plenty of people with just an opinion throwing it out as advice and have gained a cult following to give it credibility.
Who are you taking advice from – should you be?
With so many crypto personalities and influencers out there it is tough to weed through all the crap. However there are some thing we can do to see if someone is worth listening to or just pushing their opinions of an agenda.
There is something to be said for experience, especially because I truly believe in the statement
Experience is the best teacher
With that said, has someone who is giving advice on the price action of cryptocurrencies shown a track record of success? How long have they been actively investing in crypto? Is the information they are providing useful to you in a way that it adds value to your decision making or knowledge base?
Actions Speak Louder Than Words
An influencer that is spouting out a particular piece of advice, or even a specific call, are they acting on it as well or actually doing something different? It happens more often than you think.
Simple But Worth Pointing Out
These things seem obvious but we are emotional creatures and get caught up in hype and propaganda and the reality is it works. I know that if I was more outlandish and over the top I would get more eyeballs on my stuff.
But, after looking back on things like Bitconnect and obvious sh*t coins that were nothing but an ICO pump and dump it is good to remind people to pay attention to who and what they are listening too.
THERE IS ALWAYS UPSIDE AND DOWNSIDE RISK TO ANYTHING YOU INVEST IN.
In this episode our guest Nicholas Rodriguez, President of the Liberland Aid Foundation, discusses:
1) How his journey with Liberland began in Acapulco, Mexico 2) What it is like being former military in a Libertarian-oriented world 3) The power of face-to-face interactions, especially in regards to building Liberland’s future
It’s been easy to hate banks as investments — not only were some of the biggest players bailed out by taxpayers in 2008, but bank stocks and the financial sector more generally have underperformed the broader market for years.
But over the past three months, the financial sector has turned from laggard to leader, rising 5.9%, versus a 3.5% advance for the S&P 500 index SPX, +0.77% , making it the best-performing S&P sector since the start of April, according to FactSet. From the beginning of 2018 through March of this year, the S&P 500 had risen 6%, versus a 7.9% decline for the financial sector.
Within the broader financial sector, Opppenheimer analyst Chris Kotowski is particularly bullish on large banks, writing in a note to clients that “the breadth, stability and quality of [large banks’] earnings has never been better,” even if the market has shown much greater love to other sectors during the current bull market.
I’m not a fan of the banks. I should say, I’m no longer a fan of banks. Earlier in 2018 I went long, the ETF, XLF.
The Financial Select Sector SPDR® Fund, XLF seeks to provide precise exposure to companies in the diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (“REITs”); consumer finance; and thrifts and mortgage finance industries.
But I got out when I saw the banks were not taking advantage of rising interest rates. Banks make loans to borrowers at a higher rate than non-performing assets such as savings accounts and CDs and profit from the difference. However, in an environment in which the yield curve is flattening, Banks’ margins are adversely affected.
NOTE: When interest rates rise or fall, it’s the short term interest rates that are moving the most. When a Bank issues loans, they are issuing longer term interests rate loans. As short term interest rates rise, Bank margins come under pressure, which affects their profitability.
So even if price breaches the the weekly supply at $28.
XLF has been range bound since mid-2017, so it’s dead money…take your money and invests elsewhere.
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.
A quick post to end off the week – let’s take a look at what the major Stores of Value are up to.
Gold and Bitcoin are my two favourite Stores of Value. Many people seem to believe that you should hold either one or the other – I believe that diversification is safer and better. It’s always nice to gain value, but a Store of Value should HOLD value as a primary characteristic, and gain value as a secondary one.
I know that property is also seen as a good store of value, but property rights are not universal, in some places property can be a risky investment. Ask Zimbabwean farmers how secure property is as a Store of Value.
After a quick rise at the end of last month, Bitcoin has spent the week counter-correcting, over-compensating and generally just consolidating. There are evidently many new investors in the market and their weak hands are predictably scared by “sudden” rises. It is amusing to watch how shocked mainstream reporters seem by the “extreme volatility” of Bitcoin – or as more experienced crypto investors would call it: “the norm”.
At around $11400 at the time of writing, I consider Bitcoin to still be suffering the effects of a little FUD after it’s recent rise and subsequent fall. I believe it is trading at a lower price than it should be, and I expect it to recover about $1100 – $1200 over the next few days as it makes its way back to the median mid-term trendline. That trendline runs along the 0.382 diagonal Fib and is indicated by the dashed line on the chart below:
After an up and down week, Gold looks to be ending on a bit of a low note and may well close below $1400. This is no cause for alarm. Gold has managed to hold the majority of its mid-June gains and is looking rather bullish. Looking at the chart we can see that it appears to be forming a bull flag after its climb. A bull flag is a continuation pattern and indicates that gold is likely to continue its climb. The dashed orange lines are the bull flag and the solid yellow lines are the limits of the converging triangle that Gold has now conclusively broken out from.
The very thin dashed line is an interesting one and something which I only added to my chart yesterday: it’s a line running parallel to Gold’s previous climb. If Gold can once again climb like it did from 2000 to 2013, then that little dashed line is the path that it will follow: standby for possible $2000/oz Gold in November 2021. See the zoomed out chart below:
For those who may be curious: that means $5000/oz Gold in June 2027…
After a week of ups and downs, I’m looking forward to seeing Bitcoin climb again soon. The media is speaking about Bitcoin much more than ever before. The mass media gets almosteverything wrong, but the exposure is still good. For the foreseeable future the altcoins will probably continue to suffer. Eventually the new money will find the likes of Ethereum, Litecoin etc, and then finally trickle down into increasingly smaller projects. For now it’s probably best not to turn your BTC into altcoins (which are NOT as good at storing value!).
Should BTC fail to climb for some reason, then it shouldn’t drop lower than the long-term trendline, now sitting at just over $10000 (which is also a psychological support level). That trendline is depicted by the thin dotted line on the BTC chart.
Ignore the media reports that try to state reasons for the recent increase in the prices of BTC and Gold. Once again, they miss the big picture and focus on stupid short-term issues like the Trade War or Zuckerberg’s pseudo-crypto. The big picture – as you know – is that fiat economies and the politically correct, liberal, yet despotic governments that support them are slowly losing public support as people wise up to their trickery and failures. If there’s one thing I would NOT store value in now then it is fiat based assets!
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”
With the S&P 500 up more than 19% already this year, investors are scrambling to find the next big winners. According to Wall Street analysts, these stocks could have the most room to run.
CNBC used FactSet to screen the stocks with the highest average 12-month price targets by analysts. To find the names with the highest conviction from Wall Street, CNBC winnowed down the pool by selecting the stocks whose forecast has only gone up in the past three months. Stocks that have fallen in the past three months were also excluded.
To be sure, consensus analyst opinion doesn’t always work and some investors even use it as a contrarian indicator. However, the list gives you an idea of the stocks analysts are most bullish about in meetings with clients.
The company that sparked my interests on the list was Royal Caribbean Cruises because it’s on my long term bear list.
This consumer confidence indicator provides an indication of future developments of households’ consumption and saving, based upon answers regarding their expected financial situation, their sentiment about the general economic situation, unemployment and capability of savings.
If consumer confidence is turning for the worst, discretionary spending will decline. If discretionary spending declines, so will Royal Caribbean Cruises’ revenue. If Royal Caribbean Cruises’ revenue decline, so will its stock price.
The chart suggests if price can close below $112, price will go to $83 over time.
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.
CME’s bitcoin futures product is continuing to show signs of increased popularity, with June setting a new record for open interest amid a surge of new account sign-ups.
More than 2,960 accounts have traded CME Group’s bitcoin (BTC) futures across all client types and time zones since launch, according to new data from the derivatives marketplace. In 2019 alone, there has been more than 950 new accounts created, marking a 30 percent increase in total client sign-ups, CoinDesk has learned.
In addition, the number of large open interest holders, entities that hold contracts worth at least 25 BTC (worth $280,000 at press time) grew to 49, up from an average of 46 during the last week of June, a new record.
According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.
On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth. José Angel Alvarez, president of the country’s National Cryptocurrency Association, commented to cryptocurrency news outlet CCN:
“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”
Schiff, who is well known for warning investors not to trust bitcoin as replacement for gold, triggered the goodwill gestures after becoming the topic of a Twitter debate with Morgan Creek Digital co-founder, Anthony Pompliano. Pompliano (also known as Pomp), highlighted the fact that Schiff in fact does own some BTC despite his negative comments.
”This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”
“Join us this Friday afternoon (EST) as special guest Dave Winterstein (co-founder and CEO) takes over the Aion AMA. ”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
The market is again trying to break the support line at 0.34$. As we can see, till now that line is doing well its job but I’m not sure it will stay alive long time if we continue to test it like that hours after hours. However, long tests like that can also show that we are reaching a low and that the market doesn’t want go lower. So everything is not always negative but for sure I would like to see the STEEM going UP and take some distance from that support line.
In Elliott Wave terms, YCC began a wave one advance on May 28. The red wave one finished on June 7, and the red wave two correction ended on June 16. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on June 26, and the red wave four (blue sub-waves a-b-c) correction ended on July 4. If this wave count is correct, YCC should be heading next towards the June 26 peak in the red wave five.
July 5, 2019(updated July 6, 2019) Published by timm
Just yesterday evening, while resting (and playing @drugwars ) at my hotel room, I was having an exceptional, as usual, Crypto phone chat with my bro @beiker …
We spent more than an hour talking about the life in general but also mainly on crypto and blockchain tecnology… I don’t know how it came but I named DOGECOIN as one of those cryptos that used to have always incomprehensible PUMPS not justified afterwards by any new apparently…
Well, exactly 50 minutes ago, BINANCE announced the LISTING of DOGECOIN in the Exchange:
Suspiciously around 20′ before the TWITTER announcement, we have a LOOOOOONG GREEN candle of 50% higher price…
This long first candle is right now moving all DOGE price at a higher estratospheric level because uninformed people are just buying following the stupid new…
What is going to happen next?
Obviously, the same who put the massive order at the begining of the PUMP will sell taking all the money of enthusiastic people…
I don’t have anything against DOGECOIN, for me it is not a SHITCOIN as others think it is, DOGECOIN shares the 99% of CODE with BITCOIN…
… but it is a pitty that still Centralized Exchanges keep using these kind of tricks to increase massively their benefits in a very shady way…
aaaaah how I would like to see a real DEX massively adopted by Crypto investors…
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.