In Elliott Wave terms, Dusk began a wave one advance on July 14. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 17, and the red wave two (blue sub-waves a-b-c) correction ended on July 19. If this wave count is correct, Dusk should be heading next towards the July 17 peak in the red wave three.
Dusk streamlines the issuance of digital securities and automates trading compliance with the world’s first programmable and confidential securities. Crypto Beadles interviewed the co-founder earlier this month.
Past few days saw crypto bounce after the hard sell-off. Ethereum really didn’t bounce as much as BTC and LTC and finds itself at an inflection point.
Resistance Levels and Moving Averages
Looking at the daily chart you can see price rallied and met the 10 period moving average to work off some of the extremely oversold status it was in.
This level also happens to be a prior support, right around 230. As we know once a support level is broken then it tends to act as resistance.
Thus, for price to go higher we need to see a push through this level and above the moving average. Generally this happens when there is a volume buying breakout.
I don’t know if the crypto market has this in the plans after the relief rally.
Bitcoin is looking a bit healthy and as if it could leg up again, while litecoin does have a nice V-bottom pattern going on, but also is just bouncing from the breakdown of a head and shoulders pattern.
It will be interesting to see how those coins play out as well because as we know. If those aren’t pushing higher its’ not likely ETH will either.
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.
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.
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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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.
Please click the link to listen to the 46th 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.
Welcome to Two Minute Crypto. Last week focused on Smart Contracts. This instalment discusses the closely related concept of crypto ‘Oracles’.
The guiding framework of this series is to eliminate the use of jargon and to break down crypto 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.
In ancient Greece, an Oracle was some-one who could read or interpret the future or the will of the gods and provide guidance to navigating whatever lay ahead. In terms of crypto, an Oracle provides a blockchain with information that facilitates a decision within a smart contract. The if A then B structure of a smart contract requires independently verifiable data in order to execute. A blockchain cannot, in itself, access real-world data but only interpret it. An Oracle, therefore, is the source that provides the information required in order for the terms and conditions of the contract to be assessed and carried out.
The blockchain which hosts a smart contract is the record keeper – the Oracle is the supplier of those records. The importance of the reliability of the supplier is obvious. If a smart contract draws information from a biased or compromised source it will nonetheless execute. The data supplied to the contract could be anything from a temperature reading to airline departure times depending on the requirements of the particular contract. The primary challenge with Oracles is the requirement of trust – unlike a blockchain transaction – Oracles supply information which the blockchain itself cannot independently verify – it simply reacts to that data. Simply nominating a centralized authority to interpret the ‘correctness’ of information wouldn’t in itself, address the requirements of verification as that authority could and, in some cases, certainly would alter data to their own benefit.
In truth, managing this relationship between an immutable blockchain, automated smart contracts and external sources of reliable information is still in early development and the key impediment to the general rollout of smart contracts throughout the wider economy.
As it stands, a number of projects, such as Chainlink and Augur are working on creating a decentralized bridge between external suppliers of data and the blockchains into which they feed. When discussing blockchain with a skeptic, it is this area where the tech still needs years of development and where they may have a point.
