After yesterday’s quick $1,200+ rise, bitcoin was met with tough resistance at $10,650. In my prior video I warned of a break down to retest $10,000. As of now, price dropped as low as $10,100 before finding support. It’s currently trading around $10,350.
In today’s video we discuss where price may go from here, the 4 hour Death Cross, traps to avoid and so much more. I also answer 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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Bitcoin bounces $1,200 in an hour as bulls try to rally.
In today’s video we’ll discuss where price may be heading next, key areas to watch, I’ll answer 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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A quick recap: In Part 1 we saw that Trump, while not a typical politician, is nonetheless turning on Bitcoin in order to protect that which he holds most dear: his horde of fiat money-based wealth. We saw that governments around the world have turned to age-old propaganda strategies to grab and hold onto power – the very same strategies developed and used by Joseph Goebbels to bring the Nazis to power in 1930s Germany, and to keep them there once in office.
We saw that Liberty – our very right to make our own choices such as “I want to use Bitcoin instead of USD” – is under threat. Today I want to elaborate a little on that threat and on how propaganda is being used to turn the population against its own liberties.
As with yesterday, I will not just be using my own words today. Once again I will stand on the shoulders of giants and borrow their words in the form of a series of quotes.
You are being lied to. We all are. America is a great example of this, so I will keep this post American in flavour (or should that be “flavor”? ), because the USA is an example which most of us can relate to.
As I have said before, it is disturbing to see that the US is STILL playing the “Russia = Communist = Enemy” card, a good three decades after the fall of the Berlin Wall. The USSR is long gone and Russia has been a democracy for decades; yet the old “Evil Communist Ruskies” narrative – which is ingrained deep into the psyche of the American populus – is still the go-to rhetoric used by politicians over and over again. What did Goebbels teach us in Part 1?
“THE ESSENCE OF PROPAGANDA CONSISTS IN WINNING PEOPLE OVER TO AN IDEA SO SINCERELY, SO VITALLY, THAT IN THE END THEY SUCCUMB TO IT UTTERLY AND CAN NEVER ESCAPE FROM IT.”
“…THE RANK AND FILE ARE USUALLY MUCH MORE PRIMITIVE THAN WE IMAGINE. PROPAGANDA MUST THEREFORE ALWAYS BE ESSENTIALLY SIMPLE AND REPETITIOUS.”
“THIS IS THE SECRET OF PROPAGANDA: THOSE WHO ARE TO BE PERSUADED BY IT SHOULD BE COMPLETELY IMMERSED IN THE IDEAS OF THE PROPAGANDA, WITHOUT EVER NOTICING THAT THEY ARE BEING IMMERSED IN IT.”
“THE ENGLISH FOLLOW THE PRINCIPLE THAT WHEN ONE LIES, IT SHOULD BE A BIG LIE, AND ONE SHOULD STICK TO IT.”
“IF YOU TELL A LIE LONG ENOUGH, IT BECOMES THE TRUTH.”
This is how the people of the USA continue to be led, or “misled”, if you prefer.
Because there will always be those intelligent enough to question the politicians and their mass media (their tool of manipulation), a defence mechanism has to be put in place. You can’t expect the politicians themselves to run around putting out fires, that sounds too much like hard work, and it could be dangerous if they miss a fire and it grows too big.
No, what they have done is to build a self-defence system into their propaganda; a clever system which is a diabolical as it is ingenious.
As much as the modern Politically Correct Liberals hate to hear this, as nations we tend to differ greatly from one another. We have various physical and mental traits which define us and differentiate us from each other. One of the traits which I admire the most in Americans is their patriotism. The average American is a patriot at heart – someone who loves their country and will readily defend it against attack or ridicule. Perversely, it is this good-intentioned patriotism that the government has re-purposed to serve their evil agenda. By portraying their own interests as “patriotic”, the politicians seek to squash any criticism of them as a ruling class. Therefore, anybody who shouts out against the rulers gets shot down by the crowd, because such a person is obviously “unpatriotic” or “anti-American” – the politicians don’t even have to lift a finger.
Of course, nothing could be further from the truth. Those speaking against the ruling class are those who can see through the lies, they are those who seek to make America better and who seek to preserve the liberty of the common man!
For this reason, today I will be focusing on patriotism and what is REALLY means – NOT what the politicians say it means!
Quotes:
That was a slightly lengthy, but necessary introduction. I hope that you are now in the right frame of mind to read these quotes which I have sourced for you. Let’s now take a look at patriotism, liberty, politics and a few related topics, as seen through the eyes of those who are well qualified to speak on these topics:
Let us begin with a stark reminder that we can’t just rest on our laurels and expect freedom to continue as a way of life:
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
~Thomas Jefferson
Jefferson remains my favourite US president of all time: a true visionary and a true patriot.
Many years later, Reagan echoed Jefferson’s words:
Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
~Ronald Reagan
It is clear that if you wish to live free, you must be prepared to continually fight for your freedom, for there will be a continuous stream of tyrants who would like to take it away and enslave you. The next two men quoted knew all too well what I’m talking about:
There is no easy walk to freedom anywhere, and many of us will have to pass through the valley of the shadow of death again and again before we reach the mountaintop of our desires.
~Nelson Mandela
Nobody can give you freedom. Nobody can give you equality or justice or anything. If you’re a man, you take it.
~Malcolm X
Lincoln was another one of the great American Presidents. Like Jefferson (and Bit Brain) he was a visionary who could see the path of the future long before it actually happened:
America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.
~Abraham Lincoln
The government does not seek to protect your liberty through its laws, it seeks to limit and restrain you. Just look at Bitcoin and crypto regulations in the US! Do those regulations really help you as a crypto investor, or do they hinder you? Is your government for you, or against you? Is it infringing on your liberties?
Liberty has never come from Government. Liberty has always come from the subjects of it. The history of liberty is a history of limitations of governmental power, not the increase of it.
~Woodrow Wilson
I speak out against representative democracies all the time, for they are “democracies” only in name. Since the majority of people have no actual say in the running of their countries, most modern democracies have decayed into socialism in democratic clothing. They preach “democracy” yet display socialism. Look at the quote below, then decide which you think America is today: Democratic or Socialist.
Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.
~Alexis de Tocqueville
Once again, Jefferson hits the nail right on the head:
Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add ‘within the limits of the law’ because law is often but the tyrant’s will, and always so when it violates the rights of the individual.
~Thomas Jefferson
CLEARLY something is VERY wrong with our modern “democracies”! For starters: they are no longer democratic!
You have no say in government. They do not listen to you! Voting is a voting designed to placate you through the illusion that you have a say. Try to change a law. Try to ignore a rule. See how much say you really have! Politicians dominate your life and make you live according to their rules! Is that how America was supposed to be?
Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.
~Abraham Lincoln
George Orwell criticised government hypocrisy when he spoke about the same topic in “Animal Farm”. In his book, the pigs (a parody of the ruling class) stated the following:
All animals are equal, but some animals are more equal than others.
~George Orwell
So do I have a point, or am I just some trouble-stirring, anti-American, unpatriotic communist? Let’s look at a few more quotes to find out:
Patriotism is supporting your country all the time, and your government when it deserves it.
~Mark Twain
You’re not supposed to be so blind with patriotism that you can’t face reality. Wrong is wrong, no matter who says it.
~Malcolm X
Patriotism consists not in waving the flag, but in striving that our country shall be righteous as well as strong.
~James Bryce
Guard against the impostures of pretended patriotism.
~George Washington
Who are the real patriots when government is corrupt: those speaking against them, or the brainwashed masses who have good intentions which have been horribly manipulated? He probably didn’t intend to, but modern day politician Joe Biden gave us the answer:
Fighting corruption is not just good governance. It’s self-defense. It’s patriotism.
~Joe Biden
But let’s steer away from modern politicians, they’re all far too much a part of the broken system. Let’s get back to the good old guys and the non-politicians:
I do this real moron thing, and it’s called thinking. And apparently I’m not a very good American because I like to form my own opinions.
~George Carlin
Remember, these are not internet bloggers, these words come from an American President!
Patriotism means to stand by the country. It does not mean to stand by the president or any other public official, save exactly to the degree in which he himself stands by the country. It is patriotic to support him insofar as he efficiently serves the country. It is unpatriotic not to oppose him to the exact extent that by inefficiency or otherwise he fails in his duty to stand by the country. In either event, it is unpatriotic not to tell the truth, whether about the president or anyone else.
~Theodore Roosevelt
Perhaps James Baldwin gave the best description of what patriotism really is:
I love America more than any other country in the world and, exactly for this reason, I insist on the right to criticize her perpetually.
~James Baldwin
… and Arthur Schopenhauer gave the best description of what it is not:
Every miserable fool who has nothing at all of which he can be proud, adopts as a last resource pride in the nation to which he belongs; he is ready and happy to defend all its faults and follies tooth and nail, thus reimbursing himself for his own inferiority.
~Arthur Schopenhauer
Indeed, I think that some of the more famous thinkers of their time misunderstood the issue of patriotism and how politicians manipulate it. They grew so bitter because of this that they sadly turned against patriotism altogether. They thought that the misguided masses were the patriots, missing the truth that the real patriots were not the masses supporting government, but rather the intelligent few opposing it:
You’ll never have a quiet world till you knock the patriotism out of the human race.
~George Bernard Shaw
Patriotism is the last refuge of a scoundrel.
~Samuel Johnson
Patriotism is the virtue of the vicious.
~Oscar Wilde
It’s very sad to see the level of frustration that those men were driven to.
So as not to end of a negative note, let’s look at two more quotes of those who properly understood patriotism:
The greatest patriotism is to tell your country when it is behaving dishonorably, foolishly, viciously.
~Julian Barnes
A patriot must always be ready to defend his country against his government.
~Edward Abbey
Conclusion
I hope that I have sufficiently illustrated the difference between patriotism and “patriotism”. I hope I have shown the difference between being against your government and being against your country. I hope I have shown that to best serve your country, you need to oppose those who seek to oppress you. I hope that I have shown that governments seek to remove your liberties and control you.
It is up to us: (you, me and all the other common folk) to stand up for what is right.Nobody is going to fight this fight for us!Government is Definitely not going to fight For us – they are the main problem!
It would be nice if we had a modern visionary to guide us: somebody who understands Liberty, Patriotism, Politics, Money and even Crypto; luckily for you, you have just such a mentor – you’re reading his blog right now. Mr Mentor tells you this with the utmost certainty: through cryptocurrencies and blockchain technology we can render governments obsolete. We can remove their power and the money supply which enables them. They can’t stop us unless we let them.
The time has come to fight. The time has come to fight for what is right, to fight for our rights!
Through crypto we can let liberty prevail – not governments.
I will be fighting this fight either until we are victorious, or until I draw my final breath. I hope to see you there fighting beside me.
MATIC seen from the temporality of 1D we can see how the price has reached a point ITZ where it has found demand and the current candle is being pushed above the support located at 0.01230, however, I still do not see any technical indicator confirming the movement, nor do we have any reversal pattern here, the candlestick structure is still inside the falling wedge so it could still touch the resistance of the wedge to make us a new LL where it would be a stronger buy signal for the bulls.
MATIC seen from the temporality of 4H we can see more closely the current movement of candles within the descending wedge that we have mentioned in 1D, we see that the current bullish candlestick momentum is finding resistance below the previous HL, this is a signal of continuation of the bearish movement, there usually has to be a succession of three HL structures, if the price starts to fall we should see the price fall towards the area of demand marked on the chart within the blue rectangle located within the price range of 0.00883 – 0.01029 where we would have a trend reversal pattern and a much more contracted price within the figure that would cause a strong bullish break.
In conclusion, the price seems to be forming a continuation of the bearish movement, so I recommend looking for a better entry into the demand zone of the blue rectangle, once we reach that zone the price is more likely to make the bullish break and reach our goal, in the chart I have drawn the possible trajectory that the price should follow in the next candles to reach 0.02756, which is an important level of supply that we must consider.
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.
…because in order to know if the bottom of the correction was IN, we have to see first BITCOIN over-passing clearly the 11000 USD level:
…and to do so, we need VOLUME!!!!
Essentially I would like to see a “balance” in the 24 Hour Volumen between TETHER and BITCOIN:
…as you can see, still there is a difference of almost 3Billion there…
The GOOD NEWS is that ALTCOINS are probably being feed also by TETHER since 87 out of the top 100 coins are in GREEN, by the way, also STEEM which is really a new NEW since we used to be stagnant while BITCOIN rises!
STEEM is 12% up from the Year’s BOTTOM, reached yesterday!
Enjoy and take care!
@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.
Libra is a security, says a former Commodity Futures Trading Commission (CFTC) chairman in prepared remarks to the U.S. House of Representatives.
Gary Gensler, who chaired the CFTC from 2009 to 2014 and previously held leadership roles at the U.S. Treasury Department, says in written testimony that Facebook’s new cryptocurrency project looks like an investment vehicle and that Libra may even resemble some banking structures.
Gensler will testify before the House Financial Services Committee on Wednesday, as part of a panel of expert witnesses on the potential implications of Libra. He will join Public Citizen president Robert Weissman, Columbia University law professor Katharina Pistor and Georgetown University law professor Chris Brummer.
Cubans are quietly exploring cryptocurrency use-cases on the politically isolated island, even watching Facebook’s Libra project with cautious optimism.
Cuban expat Claudia Rodriguez of the Brazilian startup Fusyona, the sole bitcoin exchange proactively serving Cubans, told CoinDesk the exchange has nearly 700 accounts since launching in 2018. She said up to 60 users purchase a total of one or two bitcoins every week.
“For Cuba, that is a lot,” Rodriguez said. “Cuba is probably going to be very interesting for Libra [developers] and I hope there will be some potential there.” In its launch materials for the Libra stablecoin, Facebook has focused heavily on the potential to connect the world’s underbanked with digital financial services.
Facebook’s blockchain lead David Marcus told lawmakers he would be willing to accept 100 percent of his salary in the social media giant’s proposed Libra cryptocurrency.
During a Senate Banking Committee hearing on the controversial project Tuesday, the ranking member of the panel, Sen. Sherrod Brown (D-Ohio), asked Marcus if he trusted Libra enough to put skin in the game this way.
“You really think people should trust you with their hard-earned money, I think it’s delusional,” Brown said, after enumerating Facebook’s history of privacy abuses. He then posed the question: “Will you accept all of your compensation in that new currency?”
The volume of blockchain in healthcare market worldwide is forecast to reach more than $1.7 billion by 2026.
In a press release published on July 16, consulting services to information technologies firm Acumen Research and Consulting (ARC) has projected that the global blockchain in healthcare market on the global scale will reach over $1.7 billion by 2026, with a compound annual growth rate of 48.1%.
Based on geography, America purportedly dominates with the largest share in the global blockchain in healthcare market, wherein the United States is a mature market that hosts the greater adoption of smart technology in manufacturing and healthcare.
Former Republican congressman and presidential candidate Ron Paul says he is in favor of cryptocurrencies and blockchain technology because he likes competing currencies. Ron Paul delivered his remarks in a “Squawk Alley” interview on CNBC on July 15.
According to Paul, cryptocurrencies are a great idea, and governments should only step in to regulate the space to prevent fraud:
“… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated … What I want to do is legalize the freedom of choice, absent blatant fraud.”
“Join us in Cambridge, England, 17 July to design the best trading agent.”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
We are currently consolidating just upper the major resistance line at 0.24$ while the BTC is having a very nice bounce. It is becoming hard for all the altcoins and STEEM is not better than other and is sometimes even worst. What to say, we have to wait for better days, the market doesn’t really care currently for the altcoin market and I really don’t know how many time it will last like that. Courage and perhaps focus on the BTC if you want do short term trades.
Bitcoin has officially created new local lows. We’ve been talking about a $9,400 target for quite some time. Today, price nearly hit that target, dropping as low as $9,420.
Looking at the daily chart, we can see that yesterday price decisively broke (daily open and close) the all important 21 day EMA. For those that watch my videos, you know this was your sell signal. Price has now broken below the 50 MA.
Today’s video was created just as price broke below $10,000. You’ll be able to watch my response as it happened in real time. We’ll also 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.
Workin
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well…. I confess I had a moment of “panic” yessterday when I saw BITCOIN rising up a little but the doubt was obviously temporary because what we see now is a perfect “fit” of BITCOIN and my proposed EW Count.
You can read the calls I did here (3 days ago) , here (4 days ago) and here (almost a week ago)…
The formation is clear, 3-3-5 Flat correction.
There are at least two possibilities:
BTC has touched support already at 9400 USD
BTC will touch support at least at 8800 USD which is the projected target of the HS pattern
One of my buying orders have been filled already at 9400 USD… the second is waiting for a further oversold condition at the RSI indicator.
Just one comment more…I think the correction is done but, as usual, no one can be 100% sure… so, do your own research and proper assessment before taking any decision but… in my opinion we are going UP soon!!!!!
Enjoy!
@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.
This upcoming football season will be the Miami Dolphins’50th season in the National Football League. Last season the Dolphins finish with a winning record for the first time since 2016. Recently, the Miami Dolphins made moves to win off the field as well by teaming up with the Litecoin Foundation, making Litecoin the “Official Cryptocurrency of the Miami Dolphins.”
Launching for the 2019 NFL season, the collaboration with the Miami Dolphins gives Litecoin the ability to tap into one of the NFL’s largest and most passionate fan bases through in-game branding and advertising opportunities at Hard Rock Stadium, as well as inclusion across the team’s various online properties and digital content.
Through the partnership, the Miami Dolphins, Litecoin and Aliant Payments intend to give home game attendees the ability to pay with Litecoin and Bitcoin when purchasing tickets for the team’s 50/50 raffle, where half of the proceeds benefit the Miami Dolphins Foundation and its charitable causes. The 50/50 raffle tickets can be purchased both online and at 14 kiosk and raffle seller locations throughout Hard Rock Stadium.
Keeping up with the Joneses applies in the business world as well. However, in the business world, it’s not about social class, but just remaining competitive. The Dolphins might be the first, but won’t be the last as other teams will copy the business model to give fans and customers what they want to maintain engagement, which in turn will lead to profits.
As price pulls back almost 50%, the chart suggest to go long at Litecoin at the daily demand at $75.
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.
I’ve been away for a few days on an impromptu little vacation, hope you didn’t miss me too much!
I probably chose a good time; markets have been pretty dead, and all people want to seem to talk about is Trump vs BTC. Perhaps I’ll deal with that topic myself (because there are some things which need to be said), but I’ll leave that for another day.
I tried not to check BTC prices while I was away – a task in which I failed miserably. The typical poor reception at our holiday spot was unusually good, so like it or not, I kept an eye on Bitcoin. While away, I noticed a new pattern emerging, which is what this post is about:
First things first: I have re-calibrated my Fib levels to take the latest dip into account. That’s not strictly relevant to this post, but you will see those coloured Fib levels on some of the charts.
Most noticeable on the chart below is the possible converging triangle formed after the latest price dip to $10000. The triangle is neither inherently bullish nor bearish in construction, so that leaves BTC with options of either climbing or dropping in price; we’ll get to that a little later in this post. I say possible triangle because I’m not too sure if this is a triangle or perhaps just a something which will soon become truncated into a pennant.
As seen below, I believe that there is a possibility that this is a bull pennant. If that is the case, then we can expect BTC to either carry on climbing now, or perhaps about two weeks into the future (which is the rough time gap between successive high points in the current pattern. It could even remain trapped within the pennant for multiple additional bounces, in which case it would only break out about a month from now. By that stage the pennant would have become a triangle anyway, and the break would probably be positive due to the continued high volume of the market and the fact that decreasing volatility (as the triangle narrows) would inspire confidence in more timid investors.
On the other hand we could be looking at a downwards break. I’ve seen this pattern before: in mid-2017. During the first few months of the now famous bullish climb to $20000, Bitcoin went through a few of these calm periods where it consolidated and retraced before continuing its climb. We look to be in a similar position to what happened in the circled area below (in June 2017). Back then it was followed by a steep dip and then a rapid recovery and climb.
Zooming out you can see what happened after that. Also take note that even during the worst times of the 2018 bear market capitulation, the start-of-climb prices were never reached. The very bottom of the 2018 bear market stayed above that highest point of the June 2017 consolidation. Potentially this implies that the next major bear market may bottom above the levels we have been seeing lately (about $14000), though we could still have several similar consolidation periods and this particular one may be nothing special.
Whether we are looking at a converging triangle, a bull pennant, or some sort of repetition of the 2017 climb; the future of Bitcoin looks very bright. Fundamentally speaking, while there is a lot of talk about it, it appears that institutional investment hardly features in the cryptocurrency market yet, it still seems to be retail investors driving up the price. That means that Bitcoin has still got virtually unlimited growth capacity for at least next couple of years. I still believe we are only at the start of what should be a record-breaking bull run.
If BTC is to mimic the 2017 dip-and-climb, then it should find support in the $8800 – $7700 region (as indicated below). I’m basing that on the the 2017 event again: it found support at its previous brief consolidation level – which was not as well defined at the $8800 – $7700 consolidation support level that we have this time.
That’s all for now. Keep an eye on that triangle/flag as it narrows: things should get interesting towards the end of the month.
Yours in crypto
Bit Brain
All charts made by Bit Brain using 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”
), because the USA is an example which most of us can relate to.
