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Category: Education

The Price of STEEM – Destination 10 Cents

July 12, 2019 Published by

We get so caught up in the day to day that sometimes I like to zoom out and look at a monthly price chart of a crypto to see what my broad guess would be for future price.

Boy I Wish I Wouldn’t Have Looked

This monthly chart of steem seen in the post.  Well, it definitely doesn’t give you the warm and fuzzies about future price action.

25 cents is a key area on the daily chart and price just bounced off it today.   It is important to hold that level because otherwise we are likely going to see 20 cents which is the most recent bottom on the monthly chart.

However, for tried and true support from the past though, we are looking at 10 cents steem.  TEN CENTS!  I really don’t want to experience that again.  I was here for it the first time and boy is that ride depressing.

Here’s hoping we see an uptick in alts, steem included.

The Sell Programs Need to End Already

I can say this, until these sell programs from some whales (not to be named) end it will be unlikely we see good price appreciation.  So many good things going on in the steem community and on the blockchain, but damn if that selling pressure just won’t let up!

Two Minute Crypto – Key Concepts 6 – Smart Contracts

July 12, 2019 Published by

Please click the link below to listen to the 45th episode of my weekly crypto podcast ‘Two Minute Crypto.’ These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Consider dropping a like and or a review on iTunes or Podbean if you enjoy the podcast. Comments and critiques welcome.

External Podcast Link

https://www.podbean.com/eu/pb-cfx5a-b79679

Transcript

Two Minute Crypto – Key Concepts 6 – Smart Contracts

Welcome to Two Minute Crypto -today examines another key concept in crypto – Smart Contracts. As usual, an attempt is made to eliminate the use of jargon and to break down concepts into the simplest possible terms. These explanations are intended to form the basis of a sound introduction into the world of blockchain and cryptocurrency. Shades of gray and differences of degree (for example slightly varying implementations of smart contracts across different crypto projects) are put to one side in the interests of clarity.

What is a Smart Contract?

A smart contract is really as it seems – it is a digital version of a binding agreement between two or more parties that carries itself out or executes automatically based on real-world information it receives. It is a contract as code – the parties involved first draw up the terms of their agreement usually for the purpose of doing business and these terms are coded into the contract.

Once written into the agreement the conditions of the contract become automated. The agreement in its digital form does not require the supervision of the parties it covers. In very simple terms the digital agreement works in an A-B manner – If A then action B. It can be as simple as one action performed once such as a payment on delivery of an agreed-upon sum or as complex as many thousands of intertwined actions through time.

Once drafted and agreed upon the digital contract cannot be altered by any outside party. Any attempt to edit the agreement would involve all the parties who originally created the agreement and it could not simply be changed by one side. As the contract is decentralized or distributed it is, therefore, free from centralized control – it cannot be hidden or removed from public view – it is on a blockchain and can be inspected by anyone. The digital agreement will remain in place until the terms that govern it are fulfilled.

To give a practical example -two companies wish to do business. They do not need to trust each other. They simply draft a smart contract, agree the terms and conditions, place the necessary funds in the contract and from that point conduct their transaction.

If the agreement is for the delivery of a product in a certain quantity and quality by a certain date – the funds for that product will not be released until the 3 criteria of the agreement have been met – quantity/quality and delivery. However, if these criteria are met – the producer is guaranteed to be paid. The other party cannot renege on the agreement as the funds are locked up in the contract.

A smart contract requires an interface with the outside world in order to gather the data to allow it to confirm or deny the information it requires in order to execute. The next instalment of the Key Concepts series will focus on these sources of information or Oracles as they are known.

The key benefits of smart contracts are the ability to conduct some form of transaction without the requirement of trust between the people involved and the automation of that process.

Smart contracts just like paper versions need to be carefully checked or audited as bugs or coding errors can result in a loss of access to funds or expose the contract to being hacked.

Thanks for listening.

Resources

What Are Smart Contracts? [Ultimate Beginner’s Guide to Smart …

https://blockgeeks.com/guides/smart-contracts/

Quick Bitcoin Update!

July 11, 2019 Published by

Bitcoin bounced nicely off the $11,000 support, providing a decent scalp as discussed yesterday.

Screen Shot 2019-07-11 at 6.40.53 PM.png

In today’s video we’ll discuss where price may go from here, key areas to watch and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

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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ATOM technical analysis

July 11, 2019 Published by

ATOM seen from the 1D temporary we can see how the previous candle and the current candle are finding demand in this support located at 4.305, the current candle is forming a hammer candle with a higher buying pressure, this is a reversal signal of trend, we should have confirmation at closing and with the next candle.

ATOM seen from the temporality of 4H we can observe more closely what we have mentioned above, as we see, the current movement of the candles are marking a setup of inverted SHS, a well known bullish pattern, we still have no confirmation as the price would have to test the support that has recovered after the pullback made, once correctly tested with confirmation wicks, the probabilities of a bullish movement are very high, if the price fails the test forming a lower high, then the probabilities of a bearish movement are higher and we could see the price fall towards the weekly demand support located at 3.752.

In conclusion, the price in 4H is in oversold starting to show bullish impulse, if the price manages to consolidate above the support located in the 4.305 it is very sure that we will see the price rise towards our objective indicated in the graph within a blue rectangle that is located within the price range of 5.47 – 5.63, as I mentioned before, if the price forms us a lower high the price could go down, I recommend to be attentive to the next candles in 4H.

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

Kroger Is Not A Buy

July 11, 2019 Published by

Kroger Co.’s stock has been beaten down this year, but some investment pros are bullish on its prospects for a rebound.

“While I think the battle for market share in the grocery space is far from over, I believe the risks are worth the potential rewards when I look at Kroger’s dividend metrics combined with its low valuation,” Nicholas Ward, of private investing community the Dividend Growth Club, recently wrote on investment website Seeking Alpha,

Ward doesn’t own Kroger stock, at least not as of the Monday writing of his post on Seeking Alpha.

Source

While Ward believes the risks are worth the potential rewards, he doesn’t own the stock…I wonder why.

Maybe because Kroger must compete against Amazon in the digital world.

Maybe because Amazon is planning on opening dozens of grocery stores in several US cities.

Maybe because a couple of months ago, a Robert Beyer, Kroger Co. director has completed the largest outright stock sale by a company insider in six years.

Maybe because price broke out of the wedge to the downside. Kroger is not a buy, the chart suggest, price is heading to the monthly demand at $16.50

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.

BTC – 11 July

July 11, 2019 Published by

This is a quick look at what BTC is up to today and what it might do in the next day or two.

 

I remind you that I post a steady stream of short crypto updates and suggestions on Twitter. As you will see, most of what I say today has already been said there some time ago. Twitter is the place to be if you want my real-time analysis of crypto price action.

Well the Libranauts are out in full swing again, once again claiming that Libra decisions have affected the price of Bitcoin. This is not just wrong, it’s stupid! Anybody with half an eyeball would have seen markets jumping all over the show yesterday: crypto, precious metals, forex. I’m SURE that the Fed discussing the future of interest rate cuts was not the real reason for the BTC dip!

Bitcoin:

 

Gold:

 

The S&P 500:

 

Even the Euro:

 

Clearly global finances are now only concerned about one thing: Mark Zuckerberg’s fake crypto. Honestly, this Libra hysteria is beyond belief! It brings out the worst in me: during my basic military training phase – many moons ago – we had an instructor who always used to threaten us with: “I’ll rip your arm off and hit you with the bloody side!”. If only I could catch a journalist in the act of writing such Libra rubbish, I would feel obliged to carry out that particular form of “behaviour correction”!

Rant complete.

As I was saying before I so rudely interrupted myself: I announce a lot of my crypto ideas on Twitter. This is what I thought yesterday when prices were sliding:

 

But I was wrong about support holding:

 

And that’s what I still think for now. Let’s see that on the charts:

I am expecting Bitcoin to find support at about $10900 – the base of the diagonal Fib levels. Since this dip is based on no fault of BTC’s, I expect that the dip will be bought rapidly as people realise this. It remains mind-boggling that investors continue to treat BTC like a regular asset (dumping it at the first sign of FUD), when it clearly plays according to different rules. Maybe one day they will learn… – but don’t hold your breath.

Because BTC was upwardly mobile prior to the dump, I expect it to rise fairly fast. probably straight back up to the 0.382 diagonal Fib resistance level which it was testing prior to the dip. That level is sitting above $13k and climbing.

 

Alternatively: the still shaky market (2018 taught people the meaning of “fear”!) might not have that much confidence, in which case BTC will pull out of the climb one level lower: somewhere near $12500.

 

I very much doubt that BTC will break the 0.0 Fib level and continue downwards, that would be against all the odds. Still, this is crypto, so let’s say there is a 1% chance that that can happen. Looking at this medium-term chart, it’s hard to imagine such a scenario in an asset which is so bullish at the moment: (though not nearly as bullish as what it may later become!)

 

A more likely alternative is that BTC – now being suppressed by FUD, breaks straight through the Fib level at around $13500 and climbs to the next higher level. We could be looking at $14400 BTC before the weekend…

 

Scenario weighting is as follows:

  • BTC hits support and climbs rapidly back to the 0.382 diagonal Fib ($13500ish) – 40%
  • BTC hits support and climbs rapidly back to the 0.236 diagonal Fib ($12500ish) – 30%
  • BTC hits support and climbs to the 0.5 diagonal Fib ($14300ish) – 15%
  • BTC breaks support and heads lower – 1%
  • Something else – 14%

Even though Libra isn’t to blame for this, blaming the Fed is hardly much better. Yes, it DID probably cause this dip, but it shouldn’t have. Sadly we still live in a fiat-centred wordl. I live for the day that crypto take over and that fiat events no longer mater to anyone. Hopefully I live to see that day.

 

Don’t listen to moronic journalists and “analysts”, listen to Bit Brian.

 

 

Yours in crypto

Bit Brain

All charts made by Bit Brain on TradingView

All Tweets from https://twitter.com/brain_bit

“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:

Crypto Exchanges:

Crypto Contest July 11: Ankr Network

July 11, 2019 Published by

Ankr Network (Bithumb: ANKRKRW) 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, Ankr began a wave one advance on May 17. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 11, and the red wave two (blue sub-waves a-b-c) correction ended on June 27. If this wave count is correct, Ankr should be heading next towards the June 11 peak in the red wave three.

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

Funnymentals

Ankr Network is a distributed cloud computing platform. You can watch their intro video below.

(Sources: Ankr Network and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

Be Careful If You Hold Monero On Exchanges

July 11, 2019 Published by

In May of this year, even the best and largest crypto exchange in the world, Binance.  Binance called the attack a “large-scale security breach,” in which hackers stole 7,000 bitcoin which was about $40 million.  Monero just made some headlines, warning owners who  hold Monero on exchanges.

Not one, not two but nine security flaws have been revealed to be on Monero from developers. One of these nine bugs could actually be exploited and used to steal XMR from cryptocurrency exchanges.
The developers have also found five DoS attack vectors and they labelled one of them as a critical issue.  Another security flaw was found in relation to the application layer used in the Monero ecosystem to increase the privacy of the transactions, CryptoNote. If hackers were able to exploit such a bug, they would be able to take Monero nodes down via a method that includes the malicious request of a big bulk amount of blockchain information from the cryptocurrency’s network.

Source

Note: An offline wallet, also known as cold storage, is probably the best way to secure your cryptos provides because one stores their cryptos in a digital wallet that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.

I’m sure the developers of Monero will address these flaws.  Thus, the chart suggests, momentum is to the upside, so if price can pull back to the weekly demand at $67, look for a first target at $160.

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.

Litecoin Answers Quick as Market Sells Off

July 11, 2019 Published by

Roughly 24 hours ago I did an analysis on litecoin discusses the upside and downside scenarios out there.  Price had been consolidating for a while and a move was bound to happen in the near future – it didn’t take long!

Battle at Support

I mentioned in the downside 108 was a key level (give or tack a point) as it is evident when looking at both the weekly and the daily chart.  Much history at this level of reversals both up and down.

We saw the level come into play earlier today after price puked to 102.  Here is a chart of the hourly price action from the afternoon.  When it finally bounced look where it struggled and then ran out of gas.

Yep right around 108!  Price ended pushing back up against the level and the daily candle closed right up in the mix of it so really the answer of weather support was broken or not is debatable.

However, looking at the weekly chart, where this price support is vital shows that price is already pushing lower again…..

What is crazy is that when you look at weekly candles your “intra-week” highs and lows give you quite the spread.  You can see that 102 and even 98 are intra-week lows that if held is fine if we end the week above 108.  Atleast that is my opinion for LTC to remain bullish.

I’d rather buy 102 and 98 if I get the chance, knowing my downside exit is near, which is why the coin I got at 110 from an open order I forgot I had (doh!) I quickly closed out at 107 for a tiny loss as I want that capital available for purchases at the lower price points if they become available.

Either way, it will be interesting to see how LTC reacts in regard to BTC, which sparked the market sell-off and on the weekly chart has me skeptical about going higher before pulling back a bit more over the next week or so.

ICX technical analysis

July 11, 2019 Published by

ICX seen from the temporality of 1W we can see how the previous candle has recovered the zone of demand in 1W, the current candle is doing the test of this support located at 0.3236, I have enclosed within a blue circle this area where you can make a reading of the price and determine the course that could follow the price.

ICX seen from the temporality of 1D we can observe more closely the movement that has followed the price in the most recent candles, after the price recovered the support we can see how they have formed two doji candles, signal accumulation, however, what I consider more important to take into account in this structure are the three minimums that have formed previously on the support located at 0.2925, if the price in 1D closes below the weekly demand support located at 0.3236 the odds of the price breaking support in the fourth touch, if this happens we should see the price fall to the zone of demand that I have pointed out in the chart above within a blue rectangle located within the price range of 0.2173 – 0.2308, at that level the price could find a recovery.

ICX seen from the temporality of 4H we can confirm a bearish movement if the candle closes below the horizontal marked in the image above in blue located at 0.3313.

In conclusion, ICX currently looks bearish from my point of view, the support of 0.32 has been weakening with every touch, a new approach and the break will occur, what I recommend is to wait for a better entry into the price range of 0.2173 – 0.2308, above all I recommend to pay attention to the closing of the candle in 4H and take into account the movement of BTC.

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

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