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Tag: Cryptocurrencies

The Sunday Crypto Recap – Down the Rabbit Hole 49

October 5, 2019 Published by

A less tumultuous week in crypto. The charts remain firmly bearish but unless you are a day trader that should be of little concern. Significant developments for EOS with the SEC issuing a $24 million dollar fine but seemingly clearing the way for EOS to continue unimpeded development in the US (see below). Bakkt continues to underwhelm with pitiful contract numbers. Libra lost yet more steam (likely shedding Paypal) and once again highlighted the superiority of decentralized blockchains. Global markets look very soft – BTC’s claim to ‘hedge status’ looks set to be tested sooner rather than later.

Picks of the Week

These Twitter threads by Marco Santori and Jake Chervinsky which delve into the recent SEC ruling on EOS are very insightful.

Twitter

Flight of (BTC) fancy?:
https://twitter.com/onemanatatime/status/1039823609366114305

Long/short BTC – who really made better returns?:
https://twitter.com/RichardHeartWin/status/1179210006643777536

Bitcoin Twitter mentions fall to a new low (a problem, an opportunity, or just a change in tagging?):
https://twitter.com/cryptounfolded/status/1180082092417388544

Cryptos ranked by code activity over a 12 month period (note focusing on this metric alone can be misleading):
https://twitter.com/NotBitcoinCEO/status/1177944262916235264

Digesting SEC settlement with EOS (highly recommended):
https://twitter.com/msantoriESQ/status/1178811671621591040

More on SEC settlement with EOS and Sia (highly recommended):
https://twitter.com/jchervinsky/status/1179162527541993472

Time to reward all EOS voters?:
https://twitter.com/ColinTCrypto/status/1177957086707277824

Articles

BTC is unstable – let’s dig-into that assumption (recommended):
https://hackernoon.com/bitcoin-is-the-most-stable-store-of-value-in-history-1bb22cf8e7ca

On trust, BTC, and the way ahead (recommended):
https://medium.com/@ProofOfSteve/the-substantial-minority-cb3aa62011ec

How to achieve consensus – a tale of Ethereum devs:
https://media.consensys.net/how-30-eth-2-0-devs-locked-themselves-in-to-achieve-interoperability-175e4a807d92

Basic overview of some of the pros and con of DEXs:
https://dailyhodl.com/2019/09/28/understanding-the-best-and-worst-features-of-decentralized-exchanges-dex-for-bitcoin-and-crypto-a-comprehensive-guidance/

A developer takes us through their experience of using EOS to code a game (highly recommended):
https://medium.com/@dexaran820/developing-a-eos-smart-contract-game-ded7001f9157

An argument against vote rewards for DPoS (recommended):
https://steemit.com/dpos/@anyx/how-vote-incentivization-degrades-delegated-proof-of-stake

A model of the benefits of rationality (non-crypto specific but certainly of use to an investor/trader):
http://yudkowsky.net/rational/virtues/

Podcast

Exploring whether rate cuts matter for Bitcoin:

https://podcasts.apple.com/au/podcast/two-minute-crypto-btc-price-and-rate-cuts-a-heavenly-match/id1441492450?i=1000451162186

YouTube

Assessing the downside for BTC (good analysis if you ignore the self-congratulatory intro):

Some folks have seen this steep drop as an opportunity:

Colin Talks Crypto – does just that:

Coding tips from an expert:

Infographics

In general, BTC takes longer to reach each new all-time high – we are only 300 days into this cycle:

https://twitter.com/yassineARK/status/1177272201973817344/photo/1

Worth your while to be aware of the (significant) variations in exchange fees:

https://twitter.com/lawmaster/status/1179822103866089475/photo/1

Website / Utility

A simple tool to track current rates of segwit adoption (note recent uptick to over 60%):

https://segwit.space/

As usual another fascinating week in crypto. Until next we meet down the crypto rabbit hole!

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.

Binance Still Making Money Moves, But It’s Not Reflected In The Price

October 5, 2019 Published by

Earlier this year,
Binance, the leading global cryptocurrency exchange and ecosystem, launched
Binance DEX, a decentralized exchange running on the Binance Chain. In just a
few much, Binance DEX has become the world’s largest decentralized
exchange.   CEO Changpeng Zhao aka CZ
said with no central custody of funds, Binance DEX offers far more control over
your own assets.

The launch couldn’t come
any sooner because in May of this year, even the best and largest crypto
exchange in the world got hacked.  
Binance called the attack a “large-scale security breach,” in which
hackers stole 7,000 bitcoin which was about $40 million.

In an effort to boost the
selection of tokens available for trading on Binance DEX, their newest token,
the XRP-BF-2, backed by real XRP tokens was announced.

However, this isn’t about just giving XRP a Binance Chain wrapper. Ultimately, this is a necessary step to supporting XRP-backed pairs on Binance’s decentralized exchange. It’s unclear now which trading pairs will be supported given that the XRP-BF2 token is still in ‘testing.’

Binance has ported other cryptocurrencies to its chain in the past, as well. Most notably, BTCB was recently minted which represents BTC on Binance Chain. Each BTCB is backed by real BTC.

Binance claims that, by porting major cryptocurrencies onto Binance Chain, the ecosystem for its decentralized exchange (DEX) becomes that much larger. This way, you can trade BTC directly on Binance Chain rather than needing to go elsewhere.

Source

Recently the price on Binance breached the weekly demand at $16.50,

and in the process formed weekly supply at $23.00.  Thus, the chart suggest price is headed lower at least to the daily demand at $9.00.

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: Support Becomes Resistance

October 4, 2019 Published by

When bitcoin cracked 9,400 the next support level was around 8,400. Price closed there with a doji type candle (indecision) but failed to put up any fight and continued to fall lower.

Support becomes Resistance

With price getting down to 7700 and bouncing it was smart to keep an eye on 8,400 for the upside. Sure enough price got to that area and struggle and after closing lower yesterday did so again with today’s candle.

Now we wait to see if bitcoin will push lower and test that 7700 area low or if it can make another run at 8,400.

A move lower would be interesting as the 7,600 to 7,500 area is where everyone originally was looking for support on that prior move lower. There are a lot of buy order stacked in there, myself included. If that doesn’t hold than 6k is on the table.

For the upside it is 8,400 and then 9,400. Pretty simple. Let’s wait and see.

MANA technical analysis

October 4, 2019 Published by

MANA seen from the temporality of 1W we can observe as in the previous LL, the price consolidated support to then make a pullback that we are currently seeing through a series of bull candles, sign of a greater bullish movement ahead, the RSI indicator shows us how the strength of the current momentum is increasing after reaching the weekly oversold zone, a strong signal for the bulls, the price has to recover the key support located at 0.00000346 and confirm it as support to continue looking for our first target which is located within the price range of 0.00000400 – 0.00000443, which should have no problem getting there if it maintains the current momentum.

MANA seen from the temporality of 1D we can observe more closely the current movement of candles, we see as before, the price confirmed support through a retest in the horizontal located at 0.00000297, followed by a bullish momentum that through a pair of HL the price is giving a sign of continuing to rise, currently the candle in 1D is finding resistance after making the break of the small upward triangle that I have indicated within the chart above in blue, the price should make a brief retreat to test the key support it needs to recover, and it is very possible that it will fall to the diagonal support indicated by the chart through the dark blue diagonal, if you make this move and find demand in that area, then it is very possible that we will see a next upward momentum towards our first target mentioned above, otherwise, if the price falls below the diagonal support and confirms, we should wait for a major setback to the area of demand located at 0.00000297, which the bulls should defend to prevent the price from falling into the next zone of demand located at 0.00000208.

In conclusion, MANA maintains a series of bull candles within the weekly temporality, which is presented as a strong buy signal, the volume should not take long to arrive, the first step has to be to regain the key support and then confirm a next upward movement towards our first target, if it manages to make that level and take it as support, our second target is located within the price range of 0.00000660 – 0.00000714, I recommend to be very attentive to the action of the price in 1D to avoid invalidations in the movement, wait for confirmation in support to secure long position.

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

CMT technical analysis

October 3, 2019 Published by

CMT seen from the temporality of 1W we can see how the structure of candles has formed a descending wedge where the price has been contracting within the figure through a slow sale as the price has approached the support of the zone of demand located at 0.00000180, the trend count is correct and the current consolidation of small candles with little volume in the support gives us signal of a possible bullish movement that seeks to break the diagonal resistance of the figure, if so, the price should go in search of the supply zone located within the price range of 0.00000519 – 0.00000589, which would be our first profit zone, our second target is located at 0.00000848.

CMT seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the current structure of candles has formed a double floor, reversal signal trend, the price goes in search of the neck line located at 0.00000244, if we don’t get the break yet, the price could go back briefly to form an HL that confirms us that the next movement will make the break of the neck line and then, look for the bullish break of the major figure, within the RSI indicator we can see how the force of the movement is increasing, has managed to break a resistance signaled inside the indicator by a red diagonal.

In conclusion, CMT has reached very low levels of price, the slow sale that has been made within the descending wedge gives us a strong signal of an upcoming trend change, the support where it has consolidated for 4 candles in 1W is a key level of demand, this supported by the lower figure in 1D and the RSI indicator increases the odds of a possible bullish break, we must wait for the price to break and confirm the support of the neck line located at 0.00000244, the diagonal resistance break should be our best long entry position, however, I recommend to be very attentive to the action of the price in 1D to avoid possible invalidations during the movement.

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

Two Minute Crypto – Earn Interest on Your Crypto? – There’s a Catch

October 2, 2019 Published by

Please click the link below to listen to the 56th 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.

https://podcasts.apple.com/au/podcast/two-minute-crypto-earn-interest-on-your-crypto-theres/id1441492450?i=1000451977561

or

https://www.podbean.com/eu/pb-ymfth-c1b410

Transcript

Earn Interest on Your Crypto? – There’s a Catch

Welcome to Two Minute crypto. Today’s episode delves into an on the face of it – appealing opportunity in crypto – interest!

The last eighteen months or so have seen the launch of a wide array of interest-earning products for crypto. Block-Fi, Maker Dai, Crypto.com, and Nexo are currently the market leaders but the space is intensely competitive with many other projects vying for market share. At first largely limited to Bitcoin many platforms now offer interest on Ethereum, Litecoin, XRP, Binance Coin and more. Indeed, not only are more options being added but rates are on the rise with 6% per annum a rough average for BTC. In general, there are no-lockups, further differentiating these products from legacy saving accounts. All sounds great, right?

Not your keys, not your Bitcoin.

I’m sure you’ve read that before – most of you will no doubt be aware that placing your crypto on an exchange opens you up to a loss of funds. However, this counter-party risk is no less applicable to lending platforms. Once you deposit your funds -they are now at risk. From cold storage and long-term control and security to an IOU from a third party for an interest payment. If like me, you view Bitcoin as extremely undervalued in the long-run, you need to ask yourself: Is the reward worth the risk? For myself, the answer is no. Perhaps in time once a project has achieved a certain level of market maturity and an established track record of managing risk and adversity – perhaps then I will consider placing a small portion of my BTC in their hands.

But what of insurance I hear you say? Many of these platforms tout insurance protection to the tune of a $100 million dollars. Surely this is enough? No, it isn’t. First and foremost, the terms and conditions of said insurance will likely defy your full understanding. To what extent you personally will be covered for loss in this, that or the other scenario will require a complex understanding of corporate law. Critically, even if the insurance does cover your loss – how long might you have to wait to recover our funds 6 weeks, 6 months, 6 years? During all that time Bitcoin may accrue value but the policy will likely pay on value at loss. This might amount to pennies on the dollar of future BTC value.

Finally, will the insurance scale to the platform’s growth? Almost certainly no – so what started out as more than adequate coverage may over time fail to match the expansion of the assets stored on the platform. Such under-insurance would effectively reduce your cover to a marketing slogan.

Ultimately, this is an issue of trust. Placing your crypto on an interest-paying platform is an exercise in trust. Counter-party risk is anathema to the sovereignty that BTC offers – think long and hard before you make that trade.

Thanks for listening.

XZC technical analysis

September 30, 2019 Published by

XZC seen from the temporality of 1W we can see how the candle structure has formed a long descending wedge indicated in the chart above by the dark blue diagonals, we see how the price found support in the area of weekly demand located at 0.0004946 where the sail formed a hammer followed by a doji as a reversal signal, the last two sails have responded well to the signal, with the current sail struggling to close above the key level located at 0.0006102 indicated in the graph by the horizontal black color, if the candle manages to close above that level, it is very possible that we have a continuation of the current bullish momentum towards our first target which is the area of supply located at 0.0007786, we could even reach the second target located within the price range of 0.0008526 – 0.0009557, indicated on the chart by a light blue rectangle, if the price fails to close above the resistance of the key level, the odds of a correction move towards the weekly demand zone are very high.

XZC seen from the temporality of 1D we can observe more closely how the price is trying to get the level located at 0.0006102, the bullish candlestick series has held up very well after getting the break of the small pennant marked on the green triangle chart, the RSI indicator shows bullish divergence since the weekly candlestick found support, which supported the current move, However, it is still too early to clearly determine what will be the next price movement, in 1D the price has to close above the horizontal and give us a confirmation test to continue bullish, otherwise, the price could fall in search of the weekly demand zone.

In conclusion, the price at 1W, for now, continues to show us a very favorable price action to continue in search of higher profits, however, we can not be confident, we have to confirm the closing above 0.0006102 and confirmation, the bid zone is also an important level to take into account since the price could find much resistance at that point and go back; therefore, I recommend to follow very closely the price action at 1D and always use stop loss in all our operations to avoid losing capital by invalidations in the movement.

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

Come on Bitcoin Go Down!

September 29, 2019 Published by

I know that title seems a bit backwards, but there are lower price supports I’d love to buy some more at.

Oversold and Overstretched

After the recent dump, which had an intraday low of 7,712 (on coinbase) price has rumbled around the past couple days and is now pushing lower.

Many people are looking for it to hit 7,500 and have buy orders in at that price. It very well could get there today or tomorrow, but if it does then price will be extremely stretched from the 10 period moving average.

If you look at the chart you can see the blue line for the 10 period moving average. See how far price is pulled away from it. The past two day bounce, as modest as it was began to let it catch up but with price moving down today things are getting extremely stretched again.

I would love a quick spike toward 7,500 as buying when things are overstretched is never a bad thing. Doesn’t mean price will bounce but I’d rather buy after intense selling as opposed to buying right before.

The Sunday Crypto Recap -Down the Rabbit Hole 48

September 29, 2019 Published by

Brexit chaos, a US president facing impeachment, a squeeze on repo markets, and a dive in crypto valuations, interesting times indeed! While all this is certainly fascinating – try to keep your eye on the ball. If you’re a trader these are great conditions. If a Bitcoin investor – give it a few quarters before you come to any conclusions.

Picks of the Week

This highly reasoned breakdown of why Hedera Hashgraph’s price isn’t likely to recover anytime soon. Another highlight is this Forbes article on the current state of the US repo market.

Twitter

Factors that help Bitcoin develop:
https://twitter.com/gaborgurbacs/status/1176100207131602944

BTC’s virtuous design cycle:
https://twitter.com/danheld/status/1176844126337286144

How Twitter deals with a crypto price tumble:
https://twitter.com/nlw/status/1176585754560143365

BTC still up around 150% this year…:
https://twitter.com/Aztek_btc/status/1177167611869614080

DAI-collateralized debt contracts and recent ETH volatility (to the downside):
https://twitter.com/aantonop/status/1176654062802132992

An excellent breakdown of why Hedera Hashgraph is tanking and looks set to continue to do so (highly recommended):
https://twitter.com/adanthar/status/1174829386677325824

A proposal to scale BTC on EOS (role of BP’s seems like a logical problem trust-related though):
https://twitter.com/Mikefletcher42/status/1175408875832532993

Articles

A useful roundup of monetary conditions that may be supportive of BTC going forward:
https://www.coindesk.com/what-billions-in-fed-repo-injections-reveal-about-the-promise-of-bitcoin

A brief tour of retailers who currently accept crypto:
https://cointelegraph.com/news/retailers-around-the-world-that-accept-crypto-from-pizza-to-travel

Scatter’s recent survey of EOS users throws up some interesting data:
https://get-scatter.com/blog/data-results-from-an-adhoc-poll-about-keeping-your-tokens-on-exchanges

Because sometimes you’ve just got to know what a block-lattice is:
https://blog.metalpay.com/understanding-block-lattice/

Bit Brain states his (economic) case:
https://trybe.one/in-case-there-was-ever-any-doubt

Unpacking current repo market squeeze and why it matters (highly recommended):
https://www.forbes.com/sites/caitlinlong/2019/09/25/the-real-story-of-the-repo-market-meltdown-and-what-it-means-for-bitcoin/#2772c217caa2

Is Stellar getting a return on investment from its airdrops?:
https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-5d7

A lot of zombie alt projects remain in the market:
https://blog.coincodecap.com/analyzing-cryptocurrencies-github-activity/

Podcast

Bringing BTC to a wider audience (wanders a bit but nonetheless lots to dig-into here):

https://podcasts.apple.com/au/podcast/dan-held-on-bitcoin-ux-for-the-masses/id1317356120?i=1000450477879

YouTube

A balanced take on Bakkt now that it is live in the wild:

The always interesting/compelling Anton Antonopoulos on Banks as tools of surveillance (highly recommended):

A pessimistic assessment of the sustainability of the current financial system:

Time to bone up on Repo Markets – dates to 2009 but the information remains current:

A case study in economic stagnation (of particular note – interest rate policy) Well worth reading the comments for more context such as Japan’s debt being mostly internal and therefore less subject to default:

Infographic

Just for a dash of context – the Forex market comes in at over $6 trillion daily:

https://twitter.com/krugermacro/status/1174246683330265088/photo/2

Website / Utility

Useful website for tracking mining returns on a range of PoW cryptos:

https://www.cryptocompare.com/mining/calculator/ltc?HashingPower=504&HashingUnit=MH%2Fs&PowerConsumption=800&CostPerkWh=0.02&MiningPoolFee=1

While price action this week certainly hasn’t been stellar for crypto investors, the space continues to expand. Try to enjoy the ride, keep your emotions in check, and learn as much as possible along the way.

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.

LAMB technical analysis

September 27, 2019 Published by

LAMB seen from the temporality of 1W we can observe as the price could form a structure of continuation bullish, the best figure represents a descending wedge in which we see as the price has formed minimums each time closer, signal of a close change of tendency, we must be attentive to the support located in the 0.00001111 indicated in the graph by a horizontal green where the price should arrive and find demand that can drive the price up, the current weekly candle is bearish, it is still early to know how it will end at closing, however, the price has not yet touched support, so we should wait for the price to drop a little more.

LAMB seen from the 1D temporality we can observe more closely the current movement of candles within the descending wedge, once reached the support, the price could follow a trajectory as I have drawn in the chart above, our profit target is located within the price range of 0.00002044 – 0.00002134, indicated in the graph by the two horizontal red color, reached that point the price could fall quickly or form an HL above the point EQ and look for the break up, otherwise the price would seek again the support with probabilities of breaking down.

In conclusion, LAMB has had a slow decline in the price within the major figure since mid-July and we are close to a reversal movement, so we should be aware of the reaction of the price in 1D as we approach the support at 0.00001111 to look for the best trading position, the price should not close below the diagonal support of the major figure, if this happens the price should fall much more, but if you get a rebound forming an HL, the chances of reaching our goal will be high, I recommend following the action of the price of this currency very closely and always trade with stop loss, the percentages of loss and gain are high, so the risk is much greater.

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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