Crypto Contest July 18: Origo

Origo (Huobi: OGOUSDT) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, OGO began a wave one advance on July 4. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 8, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, OGO should be heading next towards the July 8 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Origo is a privacy preserving platform for decentralized applications. You can watch their latest AMA below.

(Sources: Origo and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

? Daily Crypto News, July, 18th?

  • The Case $7.5K Could Become Bitcoin’s New Price Support ;
  • G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative ;
  • Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development ;
  • Jamie Dimon Says Libra Does Not Pose a Threat in Short Term ;
  • Swiss Crypto Broker Bitcoin Suisse Applies for Banking and Securities Licenses ;
  • ? Daily Crypto Calendar, July, 18th?
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

? The Case $7.5K Could Become Bitcoin’s New Price Support

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts.


Bitcoin has faced selling pressure over the last few days, despite an impending golden crossover on the three-day chart – a bullish crossover of the 50- and 200-candle moving averages, as discussed last week. As of writing, the 50-candle moving average (MA) is on an upward trajectory and looks set to cross above the 200-candle MA in the next few days.


It is worth noting, however, that a similar golden crossover on the three-day chart was observed in early February 2016, when a bitcoin bull market was then in its nascent stages.

? G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative

The Japanese government is attempting to spearhead the creation of a new, global cryptocurrency payments network that would be similar to SWIFT.


Replace SWIFT with a global crypto payments network?


Citing an anonymous source, a Reuters report published on July 18 claimed that the country’s push for the network is motivated by a resolve to combat money laundering more effectively.


While plans are being kept firmly under wraps, the source alleged that Tokyo hopes to have the network established within the next few years. 


Cuban expat Claudia Rodriguez of the Brazilian startup Fusyona, the sole bitcoin exchange proactively serving Cubans, told CoinDesk the exchange has nearly 700 accounts since launching in 2018. She said up to 60 users purchase a total of one or two bitcoins every week.


? Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development

U.S. lawmakers repeatedly pressed Facebook’s top blockchain executive to halt development of the Libra cryptocurrency during a contentious hearing on the project Wednesday.


They didn’t get far.


David Marcus, the CEO of Facebook’s subsidiary Calibra, reiterated his promise that Libra would not launch until regulators’ concerns were fully addressed. But he stopped short of committing to freezing technical work on the project, much to the chagrin of House Financial Services Committee members.


The committee’s chairwoman, Rep. Maxine Waters (D-Calif.), had previously called for a moratorium, and it was one of the first things she brought up in the hearing, asking the Facebook executive:


“Will you stop dancing around this question and commit here in this committee … to a moratorium until Congress enacts an appropriate legal framework to ensure that Libra and Calibra do what you claim it will do?”

? Jamie Dimon Says Libra Does Not Pose a Threat in Short Term

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future.


As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.”


Dimon continued saying that any new effort will have to comply with the industry’s Anti-Money Laundering provisions.

Dimon said:

? Swiss Crypto Broker Bitcoin Suisse Applies for Banking and Securities Licenses

Bitcoin Suisse, a crypto-broker and pioneer of Switzerland’s “Crypto Valley,” has taken anticipatory steps to comply with a “maturing” regulatory environment.


The firm announced on Tuesday that it has applied for a banking license with Swiss Financial Markets Supervision Authority (FINMA), as well as a security dealer’s license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, financial authorities at the Swiss Federal Council said blockchain and distributed ledger technology will be governed by existing regulatory schemes.


However, a Suisse company representative said:


“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”

image.png

? Daily Crypto Calendar, July, 18th?

YCash, the first “friendly fork” of the ZCash blockchain, forks at block height 570,000 (expected July 18).

“We are hosting a Ask Me Anything (AMA) with SWIPE on Tokenomy’s English and Indonesia Telegram Groups!”

HarmonyAsia China from July 18 – 22.

“Join us for our cross-community office hours with Hedera @hashgraph this Thursday on Telegram!”

“Sia will be hosting its congressional hearing..oops..#AMA tomorrow, July 18th from 12 pm EST on @reddit and twitter!”

image.png

STEEM Trading Update by my friend @cryptopassion

Here is the chart of yesterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

We are currently consolidating just upper the major resistance line at 0.24$ while the BTC is having a very nice bounce. It is becoming hard for all the altcoins and STEEM is not better than other and is sometimes even worst. What to say, we have to wait for better days, the market doesn’t really care currently for the altcoin market and I really don’t know how many time it will last like that. Courage and perhaps focus on the BTC if you want do short term trades.

image.png

Last Updates

image.png

Play on a fair STEEM CryptoGaming website !

Join this new Free To Play on the STEEM Platform !

Fade The Blue Apron Rally

Blue Apron is responsible for pioneering meal kits to the masses and went public in 2017, but they really had no competitive advantage. After Amazon bought Whole Foods, two weeks after Blue Apron went public, Amazon announced it was entering the meal kit business. 

Than with the advent of the fast / gourmet delivery service companies, it gave consumer many more options.

SIDE NOTE:  I know people who know people who will order one coffee/latte through grubhub even though Starbucks is one block away from their apartment building.

Ever since Blue Apron went public the stock has been in a decline and did actually go under the $1 level.  Because they feared being delisted, Blue Apron did a reverse split to artificially inflate their stock price.  Why is this important….

Blue Apron Holdings Inc’s beleaguered stock closed 35% higher on Tuesday after the meal-kit subscription service said it would add Beyond Meat Inc’s plant-based burgers to its menu, betting on a growing market for premium meat alternatives to attract new customers.

Blue Apron said its Signature Two-Serving Plan – a curated meal plan subscription – would include recipes using the Beyond Burger, a four-ounce patty with 20 grams of plant-based protein.

“We know a growing number of customers are interested in plant-based proteins, whether as an alternative to meat, a desire to explore a new ingredient, or an opportunity to make more sustainable food choices,” Blue Apron Chief Executive Linda Kozlowski said in a statement.

Source

Despite the stock surging after the announcement, the chart suggests to fade the rally back down to $1. 

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.

CSX Breaches Critical Price Level On Disappointing Earnings

CSX Corporation, together
with its subsidiaries, provides rail-based freight transportation services. The
company offers rail services, as well as transports intermodal containers and
trailers. It transports chemicals, automotive, agricultural and food products,
minerals, fertilizers, forest products, and metals and equipment; and coal,
coke, and iron ore to electricity-generating power plants, steel manufacturers,
and industrial plants

CSX is the third-largest
US rail operator operating in 23 states as well as the District of Columbia and
two Canadian provinces. Its network spans 21,000 miles.

CSX announced earnings before the opening bell today.  CSX posted earnings that didn’t meet expectations and slashed their full-year revenue forecast amid slowing.

The generally reliable railroad operator said earnings for the second quarter came in at $1.08 per share, up 7% from the like period last year but three cents shy of the Street consensus forecast, while revenues totaled $3.08 billion, missing analysts’ forecasts thanks in part to trade-related weakness in its intermodal business.

“Both global and U.S. economic conditions had been unusual this year, to say the least, and have impacted our volumes,” CSX CEO Jim Foote told investors on a conference call late Tuesday. “You see it every week in our reported carloads. The present economic backdrop is one of the most puzzling I have experienced in my career.”

Source

Because the Dow Transports have lagged the Dow Jones Industrial Avg. since September.

Source

And because CSX stock price has breached the major support / resistance line at $72.50, the chart suggests price will fall to the weekly demand at $55.

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.