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Is Bitcoin Still in a Bear Market? Analysis and Answering Questions

July 8, 2019 Published by

Bitcoin jumped today from $11,350 to our known resistance at $12,000.

Screen Shot 2019-07-08 at 12.11.07 PM.png

Zooming out on the weekly chart, we can see price is trading above the last 3 weekly candle’s close. Bitcoin has been defiant of the bearish reversal candle we saw 2 weeks ago.

Screen Shot 2019-07-08 at 12.12.31 PM.png

As most of you know, I believe the bottom is in and bitcoin is now in a bull market. Could I be proven wrong? Of course…and I’ll be the first to admit it if I am.

In today’s video we discuss the case for the bear market continuing and lay out why I think it’s over. I also answer your questions on how I learned to trade, discuss where price my be heading next and so much more. 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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Ripple Trying To Make Money Moves

July 8, 2019 Published by

Ripple’s mission is to provide bank solutions allowing for faster payment settlement and lower foreign exchange fees.  So they created the digital currency / ledger XRP.

XRP has gotten a bad rap over the years by the hardcore crypto maniacs out there because they claim XRP isn’t decentralized because of the Big Banks’ compliance requirements and members on their board who once held government position.  Who cares whether they are decentralized or centralized, it’s about are they adding value to the Crypto space and recently, they are making money moves.

For instance, Xpring, the Ripple incubator, and investment arm revealed in a blog post on July 2, 2019, that it had invested $500 million in over 20 startups that are using the XRP protocol to grow the Ripple community.

In the same vein, Ripple on June 17, 2019, announced it has entered a strategic partnership with MoneyGram, one of the largest money transfer companies in the world.

It’s also worthy to note that the Federal Bank of India revealed in March 2019 that it has collaborated with Ripple in a bid to enable financial institutions to send cross border payments more securely.

The cryptocurrency community, on the other hand, are banking on developments of this nature to push the price of XRP above its all-time high of $3.15.

Many crypto analysts have predicted that the virtual asset may take charge and trade as high as $7 in the coming months.

Source

If investments into worthwhile projects within the XRP ecosystem continue, investors in XRP/Ripple will be handsomely rewarded in the long term.  The chart suggests the next levels to monitor are the daily demand zones near $0.25 and the daily supply at $82.

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.

Dogecoin…Now Listed On Binance

July 8, 2019 Published by

Dogecoin is a cryptocurrency which got its from the “Doge” Internet meme that features Shiba Inu dog as its logo. What started out a joke, it now has it’s own online community and is ranked the top 30 coins according to CoinMarketCap.

Jackson Palmer is an Australian entrepreneur created Dogecoin as a joke.  However, what started out as a joke, grew through social media, has an active community and has now been listed on Binance.

After years of waiting, Dogecoin (DOGE), the popular meme-based cryptocurrency, has finally been added to the world’s largest crypto exchange, Binance.

The reasoning behind the sudden listing of one of the oldest cryptocurrencies is seemingly fairly straightforward: people simply love Dogecoin.

“This one is an exception [to Binance’s strict listing policies], as there isn’t much new tech development (I guess it was never about the tech for this one),” explained Binance CEO Changpeng Zhao. “The users/community is large, and a famous ‘ex-CEO’ (cough  Elon Musk) helps!”

Source

So where is the price of Dogecoin headed next, after the major weekly resistance/support line at $0.002 has held earlier this year and with price respecting the weekly up trendline, the chart suggest price is headed to the a short term target at $0.007.

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.

Bitcoin 08 July

July 8, 2019 Published by

Perhaps you saw on yesterday when I posted on Twitter:

It was always the idea to blog about Bitcoin today, but Bitcoin was too fast for me:

While that movement has already begun, I’m going to write about it anyway, I guess I’ll just have to type faster than usual…

I am expecting moves in the $1000 (or greater) region by tomorrow.

BTC has been in a (somewhat messy) bullish converging triangle for roughly the last 10 days. The dominant BTC movement at the moment is a rise, and so this “sideways phase” is probably coming to an end.

Thanks to an “over-hyped” phase, followed by an “over-corrected” phase, this triangle is somewhat difficult to spot – fortunately you have me to spot it for you. ?

The rest is rather simple, as I said earlier, I expect a large price movement. This is to be expected after a period of sideways movement – especially when a converging triangle is in play.

I believe this will either be in the form of a direct price rise, or as a dip down to $10500, followed by a large price rise. The upwards break out of the triangle is an argument in favour of the former scenario: it’s a bullish breakout which will probably run to $12850 and possibly beyond that. The median price line (which is over three months old) is at $12850, so that would be a good place to stop, but momentum may carry it through to the next diagonal Fib at $13700 – or even higher if “over-hype” kicks in again.

The other scenario is that BTC first dips to support and then climbs. That support is the bottom of the diagonal Fib levels – the 0.0 Level – and is defined by the 10 June dip as well as by the over-correction dip of a week ago (which you may recall me calling exactly right – based on these same Fib levels). In support of another dip is the fact that volume has been decreasing over the last five days, though I don’t consider this to be as important as it would appear. I assess that volume also became “over-hyped” at the time of the $13800 price spike in late June and has taken a while to normalise after that. Volume also continues to far exceed the levels of the 2017 bull run, so I think a dip is the more unlikely scenario.

If BTC does dip then the support should catch it at about $10500 before slingshotting it back up towards $12850 and beyond.

I allocate the following probabilities to future scenarios:

  • BTC rises to $12850 and above directly – 45%
  • BTC dips to $10500 and then rises – 30%
  • BTC continues sideways – 10%
  • Something else – 15%

That’s all for now, let be hit the “Publish” button before everything changes or becomes outdated!

Yours in crypto
Bit Brain

Tweets from https://twitter.com/brain_bit
Charts made by Bit Brain with TradingView

“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:

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Crypto Contest July 8: GXChain

July 8, 2019 Published by

GXChain (Binance: GXSBTC) 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, GXS began a wave one advance on May 30. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 10, and the red wave two (blue sub-waves a-b-c) correction ended on June 27. If this wave count is correct, GXS should be heading next towards the June 10 peak in the red wave three.

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

Funnymentals

GXChain is a fundamental blockchain for the global data economy, designed to build a trusted data internet of value. You can view their intro video below.

(Sources: GXChain and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

ScaredyCatGuide to Bitcoin and Other Cryptocurrency – Part 1 – Bitcoin Introduction

July 8, 2019 Published by

Both understanding and being able to explain bitcoin and the blockchain in a simple clear way is important for its growth

This was my goal when I originally wrote this piece in 2017 and is still my goal now as the world of crypto continues to grow.

This post is the first in a series that will discuss the basics of bitcoin (and other cryptos) so that we can clearly explain it to the average joe who is skeptical of it all.

In this post we will…

  • Learn what bitcoin is and how it came to be

Bitcoin Beginnings

Bitcoin is a new form of currency – a digital currency. It was created in 2009 by a developer(s) Satoshi Nakamato. The goal of this new currency and technology is to decentralize the power of money.

Currently the world’s money is controlled by the central banks of the issuing Country. This became ever present during the financial collapse in 2008. Central banks implemented quantitative easing and created bail outs for the large financial institutions integral to the financial crisis.

The same big banks that we use to hold our money and process our financial transactions. It is this centralized system that bitcoin and more so the blockchain are designed to make obsolete.

Decentralization

Decentralization is done by using a peer-to-peer network. Rather than relying on a central bank, middleman or government, bitcoin is empowered by everyone that makes up the peer-to-peer network.

Each individual that owns or uses bitcoin is part of the network that enables bitcoin to function. There is no central hub or center of control.

The strength and convenience of bitcoin grows as more and more people make use of it. Anyone in the world can send or accept bitcoin payments from others anywhere in the world, nearly instantaneous without paying large transactions fees.

This is what makes it revolutionary. You do not need a middle man to transact with people. Granted, there are exchanges you can buy, sell and hold bitcoin, but they are an optional as opposed to being mandatory.

Free Market at Work

Unlike fiat currency which has its value manipulated by central banks, bitcoin as a currency has its value dictated by the free market principle of supply and demand.

As for the supply side, that amount is limited to 21 million bitcoins. Nobody knows exactly why it’s 21 million, though there are many theories. Once all the coins are mined, that’s it.

The thing it does do is create a finite supply. This means more won’t be printed per se , which we know manipulates value as seen by the practices of banks with fiat currency.

Bitcoin as a Currency

Now that we have discussed the currency aspect of bitcoin and that it can be used to buy and sell things with any other person or business that accepts it we can move to the next step.

In the next post we will discuss the technology behind bitcoin – the blockchain

EOS Price Working Through a Descending Triangle

July 7, 2019 Published by

The price of EOS has been bouncing around near the support level in the mid 5’s of late.   After making a lower higher following it’s latest top in price on June 1st it is important to pay mind to this level.

Resolution is Near

There is a descending triangle in the works as you can see from looking at the chart in this post.

Now let’s be real, you can see we still have some time before price would reach the apex, likely two weeks, assuming price were to continue grinding sideways.

As we know though, anything can happen with price action on cryptos.   At anytime price could fail that 5.60 level and then open up downside risk to 4.60 (the latest bottoms).

If price pushed higher sooner rather than later we want to keep an eye on it breaching the descending trend line.  6.50 and then 7.50 are the upside targets I would keep my eyes on initially.

Conclusion

Regardless of what happens we should always have an idea of the upside and down side targets along with what if any trend a crypto’s price is currently in.   That old saying “knowing is half the battle” really does ring true!

Intermarket Relative Strength Analysis Report For The Week Starting 7/7/19

July 7, 2019 Published by

Instead of looking at financial markets or asset classes on an individual basis, intermarket analysis looks at several strongly correlated markets or asset classes, such as stocks, bonds and commodities. This type of analysis expands on simply looking at each individual market or asset in isolation by also looking at other markets or assets that have a strong relationship to the market or asset being considered.

The US economy is still the largest in the world and the US dollar is still the most powerful currency in the world.  Over half of all foreign currency reserves in the world are in US dollars.  Thus, the asset classes relative strength will be compared to the US Dollar.

Bitcoin

30 Yr Bond

Copper

Euro Dollar

Gold

Oil

Soybeans

S&P 500

Based on the moving averages and the last daily closing price, relative to the moving averages,

the asset classes’ relative strength, relative to the US Dollar are the following:

Two Weeks Ago

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.

Is Bitcoin Finally Ready to Breakout?

July 7, 2019 Published by

As discussed yesterday, Bitcoin continues to consolidate within a tighter range. Volume is dropping. This suggests a larger move in the next 24 hours or less.

Screen Shot 2019-07-07 at 1.06.07 PM.png

In today’s video we’ll discuss where it may go from here, key areas to watch, traps to avoid 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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Cryptocurrency Relative Strength Analysis Report For Week Starting 7/7/19

July 7, 2019 Published by

When you think about Cryptocurrencies, one name immediately comes to mind, Bitcoin.  Since the creation of Bitcoin, there has only ever been one cryptocurrency at the top of the market cap rankings…Bitcoin. 

When the price of Bitcoin rises, generally you can expect altcoin prices to rise with it. Likewise, when the Bitcoin price drops, altcoins also follow. And sometimes when Bitcoin is rising, the altcoins are declining due to cash moving from the altcoins to Bitcoin and vice versa.

Source Image

Bitcoin dominance is used to measure the percentage of the cryptocurrency market that can be attributed to Bitcoin. Thus, it’s very easy to determine the relative strength of Bitcoin at any point. Not the case for the altcoins…until now. I have taken the more popular altcoins and determined their relative strength, relative to Bitcoin using just moving average.

Binance

EOS

Ethereum

Litecoin

Neo

Steem

Tron

Zcash

Based on the moving averages and the last daily closing price, relative to the moving averages,

the altcoins relative strength, relative to Bitcoin are the following:

Two Weeks Ago

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.

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