Yesterday we discussed the potential for a bull trap. I told you if the breakout was a bull trap, it’d likely reject at $11,050. That’s exactly what happened. As of now, price is again trading within the prior area of consolidation around $10,400.
Bears executed a simple death cross (50 MA below 200 MA) on the 4 hour chart a few days ago. Since then, bulls have been fighting to prevent a follow through exponential death cross (50 EMA below 200 EMA) on the 4 hour chart.
In today’s video we’ll discuss where price may go from here, key areas to watch, your questions and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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July 21, 2019
(updated July 21, 2019)
Published by toofasteddie
Another stagnant-price week = Another Good Chance for building your account on the Steem blockchain = More chances to reinforce your Engagement
I don’t expect a brilliant recovery of the STEEM price in the coming short term future, however we cannot deny that this price level is perfect for reinforcing your SP. I don’t think we will see STEEM prices lower than the bottom reached lately unless BITCOIN and the whole market collapse again, of course…
STEEM price has crashed dramatically during the past weeks and months due mainly in my opinion to the permanent selling pressure of our friends of STEEMIT INC, however it is possible that STEEM has found a solid place around the 80th position out of the top 100 altcoins at the cryptomarket.
The chart below shows the weekly amount of Steem withdrawn to the exchanges (data extracted from @penguinpablo ‘s weekly report), as you can see, this week more than 1.8 Million Steem has been sent to the exchanges, 300,000 Steem more than the previous week:
But the position of STEEM at the Total Market Cap during the past 2 weeks have not changed so much despite we have lost capitalisation:
This is because even if the amount of the Liquid steem increases continuously, there are other altcoins that are suffering a selling pressure higher than STEEM even if they don’t have such increase of tokens coming to the market every week.
So I think this is very positive for STEEM.
Sellers prefer to sell other altcoins than Steem because there is a REAL VALUE in this crypto, better than any other useless altcoin. And you know why?
We have USE CASE
We have the best Community
We have the best developers
We have the best DApps out there
As I said, there will not be better time to build your SP than nowadays.
SBI Sponsoring
My SBI shares for this week are going to @kokoliso and @serlanvet . I am very happy for having met them here despite both are at Steem since quite some time already. Lately I have interaacted with them a lot and I think we have engaged very well, remember that “engagement” is one of the three magic words fro anyone to success at this blockchain, the other two are INVESTING and COMPOUNDING.
@kokoliso is an excellent photographer and traveller. Lately he has shared his experiences at Australia but now he is back at home (guess is San SEbastian in the Basque Country)
@serlanvet is a guy from north of Aragon, an historical region in the north of Spain. He is also an excellent photographer and naturalist who shares original pics and nice bucolic scenarios from the countryside near him.
Both of them get 2 shares of the @steembasicincome initiative, hope it will help them to reach minnowhood soon , despite I know it is not so much but helps at least…
All in all, they represent really good candidates for the #tenKminnows@steevc initiative,
This week’s recap reflects the intense regulatory and government scrutiny lavished on crypto in recent days. US lawmakers exhibited a wide-range of stances from recognition of BTC as ‘an unstoppable force ‘ to repeated calls to hit it with the ban hammer. This is just the beginning of a multi-year (decade?) debate on blockchain and cryptos. There are going to be many missteps and anyone hoping for a smooth transition to a post-legacy finance era is surely going be bitterly disappointed. Strap-in, be realistic and prepare for volatility – destination unknown.
Picks of the Week
Why BTC? – this article makes a convincing case. Ray Dalio has made a wildly successful career out of being ahead of the economic curve – his article on a pending paradigm shift in the global economy is fascinating.
A high stakes week with many more to come. The establishment is just beginning to sniff the existential danger crypto poses to the status quo – let the games begin!
Note on Sources:
Twitter & Reddit (cryptos current meta-brains) / Medium / Trybe / Hackernoon / Whaleshares / TIMM and so on/ YouTube / various podcasts and whatever else I stumble upon. The aim is a useful weekly aggregator of ideas rather than news. Though I try to keep the sources current – I’ll reference these articles and podcasts etc. as I encounter them – they may have been published just a couple of days ago or in some cases quite a bit earlier.
In Elliott Wave terms, Aeon began a wave one advance on May 15. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on May 28, and the red wave two (blue sub-waves a-b-c) correction ended on July 13. If this wave count is correct, Aeon should be heading next towards the May 28 peak in the red wave three.
Some of the world’s currencies are accepted for most international transactions. The most popular currencies are accepted for most international transactions are the U.S. dollar, the euro, and the yen. However, the U.S. dollar is the most popular.
And in the foreign exchange market 90 of forex trading involves the U.S. dollar. Thus, when assessing the relative strength of the most popular currencies in the world, it’s always against the U.S. dollar, using the dailytime frame chart.
The “major” forex currency pairs are the major countries that are paired with the U.S. dollar (the nicknames of the majors are in parenthesis).
AUD/USD – Australia dollar (Aussie) vs. the U.S. dollar
EUR/USD – Euro vs. the U.S. dollar
GBP/USD – British pound (Sterling or Cable) vs. the U.S. dollar
NZD/USD – New Zealand dollar (Kiwi) vs. the U.S. dollar
USD/CAD – U.S. dollar vs. the Canadian dollar (Loonie)
USD/CHF – U.S. dollar vs. the Swiss franc (Swissie)
USD/JPY – U.S. dollar vs. the Japanese yen (the Yen)
Based on the moving averages and the last daily closing price, relative to the moving averages,
the currency relative strength relative to the US dollar is the following:
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.
