When I look at the daily chart of bitcoin and I see the price action of the past couple months, then I look at the 2017/2018 top and think….”wow, that look’s a bit similar.”
Will Lightning Strike Twice – Probably Not
Here’s the thing. Even though the chart doesn’t look great I also don’t see how we crash the way we did a year and a half ago.
The same ingredients do not exist. The move has not been crazy, the general mom and pop is not talking about bitcoin at your local diner and there isn’t a ICO shit coin craze.
Where can we go though?
We can certainly go down a bit still. If you look at the chart, basically it has made an “h” looking pattern which leads to lower prices many times. That’s just odds though, doesn’t mean it will happen.
A move down to 8,500 and evan 7,500 would still be ok on a technical basis. I wouldn’t consider that bearish as 7500 is a clear bottom when looking at a weekly chart. As long as it tested and rallied off that I’d still be bullish.
Let’s hope we don’t have to even play it out.
On the upside, getting above 9,800 and pushing toward the 11k mark is the bullish price action we need.
I honestly believe it’s anyone’s guess which way the next near-term move is.
I’m keeping some fresh powder available in case we do get an opportunity to buy lower…otherwise hodl’ing my bag.
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
If you found this post informative, please:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
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.
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.
In Elliott Wave terms, Abyss began a wave one advance on May 14. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 9, and the red wave two (blue sub-waves a-b-c) correction ended on July 21. If this wave count is correct, Abyss should be heading next towards the June 9 peak in the red wave three.
A little quieter across the cryptosphere this week. Price action has been mostly compressed with BTC trying and repeatedly failing to hold 10K. Market volume has dropped substantially, so expect big moves on thin trade – a tough spot from which to profitably day trade.
You’ve probably had a better week than Justin Sun. Bearish for Tron? In the short-term – certainly. The Warren lunch, always a vanity project has backfired bringing yet more negative attention to crypto. Having said that, nothing new in such coverage. Putting my seer’s cap on – mainstream coverage of crypto is set to veer positive in coming months as large institutions such as Bakkt rollout out crypto-related financial services.
Picks of the Week
The ‘Off the Chain’ podcast discussing the obvious signs of global market strain is a standout this week. In addition, the Q2 crypto report from Coin Gecko is a treasure trove of market data and analysis.
If you hold EOS or are interested in DPoS systems this is a must-watch as it’s full of interesting insights -for example, 6 exchanges occupy the top 21 BP positions (highly recommended):
The focus is on Forex but the advice is rock-solid and entirely applicable to trading crypto (highly recommended):
A highly original thinker in the crypto space – discussing the roots of the next possible financial crisis and the probable implications for BTC:
Infographic
BTC supply is being increasingly hoarded (after a substantial sell-off in 2018):
I learned a lot this week and hopefully, this recap proves worth the investment of your time. As always, looking forward to your comments and suggestions.
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.
Let the fun begin for those of us in the United States. According to a notice by the Internal Revenue Service (IRS) more than 10,000 people will be receiving letters to educate them on their tax liability on cryptocurrency transactions.
Here is a quote from the notice:
“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
There are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
The letters will begin going out toward the end of August. Let me know in comments if you end up getting one of these letters.
Bitcoin dropped below a major ascending support line earlier today. It’s now sitting on top of known support at $9,400. Is it possible price is painting a larger bullish falling wedge?
In today’s video we’ll discuss where price may be heading next, key areas to watch 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.
Justin Sun, is a tech entrepreneur, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent. Justin is former chief representative of the Greater China area of Ripple and Jack Ma (founder of Alibaba) protégé
Over the course of this week, a lot of news came out in regards to the CEO of TRON, Justin Sun after he cancelled the highly anticipated charity lunch between him and the American investor guru, Warren Buffett. Some of this news is still in rumour form so to speak but it has caused quite a stir amongst enthusiasts.
Earlier in the week, these rumours got so bad and inflated that the price of TRX was affected, and not in a good way.
Reports from Chinese media outlets suggested that Sun was charged by the nation’s authorities on internet safety for his supposed connection to money laundering, illegal fundraising, gambling and even spreading pornography.
And so with this, according to the Twitter user, cnLedger, Sun is banned from leaving the country.
…for the moment, because in only 4 minutes, a very strong sell action pushed BITCOIN from 10200 to 9400 USD…
Remember that the level to observe is 9100 USD which is the lowest point of the ABC correction, if we keep above it is a good signal, if BTC breaks that level, our “house of Cards” will collapse in my opinion.
My concern is founded on the Head and Shoulder pattern that is probably in formation now:
We are “leaves to the wind” for the eyes of some big whales…
Enjoy the trip.
@toofasteddie
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.
In Elliott Wave terms, Clams began a wave one advance in November 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in May this year, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, Clams should be heading next towards the May peak in the red wave three.
