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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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.
And here we are again trying to define the market destiny!
Bulls seems to gain terrain in front of the Bears but we can not say who will win until we see what happens in front of the 11000 USD resistance level.
I personally expect for a sudden acceleration of the price upwards as soon as BTC breaks that level. If so, I am pretty sure we can bet for another higher high of BITCOIN and thus for the whole Crypto Market…
By the way, the “balance” between TETHER and BITCOIN is not met so, ALTCOINS are also getting feed here in a strongly manner:
In particular, have a look to BCH , ADA, TRON, EOS and BITCOIN SV, all of them rising higher than 10% while BITCOIN 4%…
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.
Taiwan Semiconductor Manufacturing Company (TSM) is the world’s largest foundry, meaning they manufacture semiconductors. This past Thursday they beat analyst estimates for sales for the quarter, but more importantly signaled a rebound from the current chip down cycle.
Memory chipmaker Micron Technology (MU) reported better-than-expected earning, increased its DRAM (dynamic random access memory) industry demand growth outlook for 2019 and say it expects demand to recover in the second half.
I’m no genius, but clearly these are clues that the semiconductor sector might be bottoming. And what’s funny about making money investing in stocks, you don’t have to be a genius, just need to be able to connect the dots. And if you can’t connect the dots, just follow what the Smart Money does because they have information at their disposable that you and I can only dream about.
On Friday, I noticed unusual options activity in Micron Technology. What’s interesting is these options are short dated, meaning they are going to expire soon. What’s more interesting is these options only become profitable if and when Micron’s stock increase $10 or 22% over the next four weeks, meaning the Smart Money bought a little over 14,000 of the August 30th call options with a strike price at $55.
If the Smart Money is right, these call options have the potential to increase 5X. Will the Smart Money be right, stay tuned.
NOTE: funny how the strike price lines up with the monthly supply 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.
After a nasty drop that took price through the 108 support litecoin found support and has rallied hard from $77.
Big V or Little V?
Looking at the daily chart you can see price has already begun a V bottom and came right to the last little consolidation point during the sell off right around 105.
Intraday price has seen a little fight at that price so the question is will price stall here and just give us a little V bottom recovery or are we set to see a push all the way back into the 120’s.
That would be a full V bottom recovery and is very plausible. I do like that after price rallied hard we got a little sideways consolidation for a day and a half before this current candle pushed higher again.
Upside/Downside
On the upside…breaching 105 to broach the old 108 level is a start. After that I think there is a possible clear run to 120.
As for the downside, well really price needs to hold 95 in order for the price action to remain bullish in regard to this move.
I did add some long at 99 last night with a stop loss just below 95. If price struggles to pass 108 in the coming days I’ll consider taking profits otherwise I want to see 120 for a full V bottom recovery.
Bitcoin continues to consolidate right below our $10,650 resistance. Price is getting squeezed within a tighter range. It looks like we should have resolution in the next 24 hours. We’re seeing a potential bullish ascending triangle, which would suggest a break to the upside to at least $11,050. Bears are struggling to confirm a 4 hour death cross on the 50 and 200 EMA. This truly is an interesting battle to watch.
In today’s video we discuss where price may go from here, price targets, the Litecoin halving and your questions. 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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Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
Generally, a Federal Reserve rate cut is very well-received by the stock market, especially if it’s done during a growing economy.
In fact, there have been six such rate cuts since 1971, and the stock market has rallied after every single one. On average, the stock market has risen 9.7% in the three-month period following a non-recession rate cut. If a similar outcome were to happen now, it would indeed send stocks to new highs.
In December, Powell said the Fed’s program to reduce the bond holdings on its balance sheet was on “autopilot.” Powell later went on and raised short-term rates another one-quarter percent. The Markets didn’t like what Powell said and showed him by tanking.
In early January, during a round table with Janet Yellen and Ben Bernanke, Powell said, there is no preset path for raising rates or adjusting the balance sheet. The Markets like what he had to say, eventually climbing 10%.
Then in late January, Powell said the case for raising rates has weakened somewhat. In addition, Powell made it very clear to the Markets and used the word “patient” eight times in his speech regarding hiking interest rates.
The FOMC meets on July 30 and 3 where they will announce, no rate cuts, 25 basis point rate cut or 50 basis point rate cut. If Powell cut rates by 50 basis point, we will see new all time highs within weeks. Anything other then that and we may see a sell off.
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.
In Elliott Wave terms, UIP began a wave one advance in November 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in April this year, and the red wave two (blue sub-waves a-b-c) correction ended in June. If this wave count is correct, UIP should be heading next towards the April peak in the red wave three.
UnlimitedIP is a recreational copyright intelligent trading platform created by Link Entertainments Technology based on EOS. You can watch their intro video below.
