Cryptocurrency Relative Strength Analysis Report For Week Starting 7/22/19

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:

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.

Be Careful If You Hold Monero On Exchanges

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.

Ripple Trying To Make Money Moves

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

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.

Cryptocurrency Relative Strength Analysis Report For Week Starting 7/7/19

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.

Chainlink And The “Coinbase Effect”

The “Coinbase effect,” where a cryptocurrency’s price surges after its listing is announced on Coinbase, is alive and well for Chainlink. The altcoin highly lauded by speculators surged 117.2 percent three days after its first listing on Coinbase Pro.

The coin saw a 16.3 percent increase 8 hours after its listing on Coinbase Pro, and experienced a 23.5 percent surge 12 hours afterward. Following LINK’s listing on the Coinbase retail platform, the coin surged 34.1 percent; 12 hours following the retail listing it saw a 62.8 percent cumulative jump.

Since the phenomenon was first observed, some sources reported that the Coinbase effect was diminishing. The diminishing impact on price could be attributed to Coinbase’s looser standards for adding digital assets or greater access to reliable exchanges.

Source

ChainLink is a platform which attempts to bridge the gap between smart contracts on the blockchain and real-world applications, which often tend to be off the blockchain. The cryptocurrency uses “oracles”, which find and verify real-world data and bring it on-chain to be integrated into smart contracts.

Regarding the recent surge in price, what I’m personally anticipating is a traders taking profits and price pulling back.  A very nice entry to go long would be below the $2 level which would represent a 61.8% retracement.  However, the ideal level to go long is at the daily demand at $1.14.

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.

Index to Crypto with Bit Brain – Edition 2019/4

 

These Index posts always seem to build up content without me noticing it, I turn around and “BOOM!”, somehow I’m a month behind with them again! Let’s try to rectify that shall we?

As usual, I’ll start with the links to the previous “Index” posts. Bookmarking this post will therefore give you access to all of the very best posts which I have ever written!

Previous Index posts:

Index to Crypto with Bit Brain – Edition 2019/3 is the most recent Index, it was published on 10 May. It contains advice on how formally or informally to style your crypto business, precious metals information, how to buy high priced cryptos and still score, some very serious discussions about Private Blockchains and also about how you think you’re ready for decentralisation – but aren’t. Of course there is a lot more too.

Index to Crypto with Bit Brain – Edition 2019/2 was published in early April. In it you will find some posts about what I have been buying in 2019, the long overdue Part 3 of my “Diversification” series, some alternative exchanges worth looking at (rather important with Binance only semi-usable at the moment), a post about how to keep your crypto life anonymous and several other posts which have already proven to be prophetic.

Index to Crypto with Bit Brain – Edition 2019/1 contains links to some fantastic posts such as the series “No Kevin, Bitcoin will NOT bite the dust” where I debunk an argument against Bitcoin, I showed how I called the end of the bear in January and I revisited the old topic of Bitcoin ETFs. The three part (with an unofficial fourth part) series “Ripple – we need to talk” tells Ripple investors all the information that they really need to know about their pseudo-crypto. You can also find a pretty good article about ICOs and the BitTorrent Token rolled into one – probably a good read for any prospective BTT or ICO investors.

Index to crypto with Bit Brain – Edition VII – 2018 is the annual index which contains links to all of my other indices. In this Index you will also find some of my finest posts of late 2018 such as musings about DEXs, the vital Crypto Laws of Bit Brain – a must for any investor, you’ll see how to keep your crypto correspondence private, there are posts about great crypto projects like CargoX, Binance, THEKEY and UTrust and I talk about the dreaded Capitulation.

 

 

As usual I’m leaving out most of the price related and similar posts, they have little historical value and are not worth indexing; what’s left is the good stuff – and boy have we had some good Bit Brain posts lately!

Index to the latest posts:

Trustworthy Crypto Information Many exchanges lie about their trading volume. Wash trading is rampant. I often see estimates which state that 80-90% of crypto trading is wash trading. CoinGecko is doing something about it with its “Trust Score”. They are my favourite coin tracking site for this and many other reasons. Read this post, or see for yourself at https://www.coingecko.com/en

A Stable of Binance Coins – General musings Binance’s own Stablecoins: What are they? What do they mean for crypto?

The Future of Privacy Coins What do you know about Privacy Coins? What do you know about the FUTURE of Privacy Coins? This is important information for the wise crypto investor…

Crypto East vs West This is why you follow me – this is the kind of holistic, global, crypto, politics, warfare, futurist economic outlook that you simply can’t get anywhere else! This, ladies and gentlemen, is what Bit Brain does best.

Altcoin Buying Masterplan (it’s working…) I don’t tell you the names of coins to buy, I tell you the TYPES of coins to buy. Better than any altcoin investing advice you’ll find elsewhere!

Crypto Top 20 – in one paragraph apiece Just what the heading suggests – Bit Brain’s take on the crypto names you hear the most: The Good, the Bad and the Ripple. (I’m hilarious.)

Lets talk about: Facebook’s “Libra” Bookmark it; you’re going to need to refer back to it! Probably the best perspective of Libra that you’ll ever read.

Precious Metal Run Metals move a lot slower than crypto does. For that reason this TA based post gets a place in the Index. Still very relevant.

NEO news I don’t speak about NEO enough. People are still ignoring what is simply the best crypto out there. I make a very small effort to steer them towards the correct path.

 

 

SERIES

There is normally a series or two in these posts, and this post is no exception. From a writer’s perspective series posts are probably my favourite things to write. The format allows me to expand on more than what regular blog posts do.  I put a bit of extra effort into my series posts, and I’m particularly pleased with the result of my recent efforts. If you read none of my other posts, then read these:

DECENTRALISED VICTORIES:

The decentralised world is having very meaningful victories, not just in crypto, but in the whole mentality of the Western world. There IS hope! We will see great changes within our lifetimes – these posts not only tell you why, they also point out the first major decentralising changes which are already underway.

Decentralised Victories – Part 1: Introduction and the problem of Money

Decentralised Victories – Part 2: The problem of Power

Decentralised Victories – Part 3: Recent Decentralised Victories and Conclusion

THE BITCOIN HALVING EVENT

Halving events are surrounded by speculation and opinions – no facts. Litecoin is demonstrating that at the moment. Bit Brain gives you the facts.

The Bitcoin Halving Event – Part 1 

The Bitcoin Halving Event – Part 2

 

 

That brings the first half of 2019 to a close – all neatly wrapped up in four Index posts. Take a look at some old posts, much of what I write is designed to remain relevant for years, decades even. There are some very good posts tucked away in my various Indices, and I’m not just saying that because I wrote them.

 

Yours in crypto

Bit Brain

“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:





Cryptocurrency Relative Strength Analysis Report For Week Starting 6/30/19

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.

Bitcoin Isn’t For The Faint Of Heart

People who got in Bitcoin for the first time in the last 1-2 due to FOMO got burned again (just like in late 2018) when price collapsed on Weds.  

Bitcoin soared as much as 39% this week to $13,852, the highest since January 2018. But it hit a brick wall around 4:30 p.m. New York time Wednesday, plunging more than $1,800 within about 10 minutes. Moments later, prominent cryptocurrency exchange Coinbase Inc. reported an outage on its consumer site, which was resolved in under an hour. Swings continued Thursday, with the coin anywhere from down 15% to up 4.8%.It was down

NEO news

 
I spend a lot of time saying “buy NEO”, but admittedly, not a lot of time saying why.
I don’t like people to buy something without researching it. Anyone who bothers to research NEO properly will buy it, they’ll sell their own grandmothers for NEO if necessary. Sadly it appears that most folks are too lazy to research NEO (or they REALLY love their grandmothers), they’d rather just follow the regular hype and buy whatever is trending. This is how vapourware like ADA stays in the top ten, or how centralised, over-supplied rubbish like XRP becomes a leading coin. Sheep are

Skip to toolbar