Bitcoin has been consolidating around $11,500. It continues to respect the descending resistance line, and overall support around $10,700.
Looking at the 4 hour chart, we can see the 8, 21 and 55 day EMA, as well as the 50 day MA all converging. This suggests a larger move to come, likely in the next few days.
In today’s video we’ll discuss where price is going next, traps to avoid and so much more. I’ll 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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A quick post to end off the week – let’s take a look at what the major Stores of Value are up to.
Gold and Bitcoin are my two favourite Stores of Value. Many people seem to believe that you should hold either one or the other – I believe that diversification is safer and better. It’s always nice to gain value, but a Store of Value should HOLD value as a primary characteristic, and gain value as a secondary one.
I know that property is also seen as a good store of value, but property rights are not universal, in some places property can be a risky investment. Ask Zimbabwean farmers how secure property is as a Store of Value.
Bitcoin
After a quick rise at the end of last month, Bitcoin has spent the week counter-correcting, over-compensating and generally just consolidating. There are evidently many new investors in the market and their weak hands are predictably scared by “sudden” rises. It is amusing to watch how shocked mainstream reporters seem by the “extreme volatility” of Bitcoin – or as more experienced crypto investors would call it: “the norm”.
At around $11400 at the time of writing, I consider Bitcoin to still be suffering the effects of a little FUD after it’s recent rise and subsequent fall. I believe it is trading at a lower price than it should be, and I expect it to recover about $1100 – $1200 over the next few days as it makes its way back to the median mid-term trendline. That trendline runs along the 0.382 diagonal Fib and is indicated by the dashed line on the chart below:
Made by Bit Brain with TradingView
Gold
After an up and down week, Gold looks to be ending on a bit of a low note and may well close below $1400. This is no cause for alarm. Gold has managed to hold the majority of its mid-June gains and is looking rather bullish. Looking at the chart we can see that it appears to be forming a bull flag after its climb. A bull flag is a continuation pattern and indicates that gold is likely to continue its climb. The dashed orange lines are the bull flag and the solid yellow lines are the limits of the converging triangle that Gold has now conclusively broken out from.
Made by Bit Brain with TradingView
The very thin dashed line is an interesting one and something which I only added to my chart yesterday: it’s a line running parallel to Gold’s previous climb. If Gold can once again climb like it did from 2000 to 2013, then that little dashed line is the path that it will follow: standby for possible $2000/oz Gold in November 2021. See the zoomed out chart below:
Made by Bit Brain with TradingView
For those who may be curious: that means $5000/oz Gold in June 2027…
Conclusion
After a week of ups and downs, I’m looking forward to seeing Bitcoin climb again soon. The media is speaking about Bitcoin much more than ever before. The mass media gets almosteverything wrong, but the exposure is still good. For the foreseeable future the altcoins will probably continue to suffer. Eventually the new money will find the likes of Ethereum, Litecoin etc, and then finally trickle down into increasingly smaller projects. For now it’s probably best not to turn your BTC into altcoins (which are NOT as good at storing value!).
Should BTC fail to climb for some reason, then it shouldn’t drop lower than the long-term trendline, now sitting at just over $10000 (which is also a psychological support level). That trendline is depicted by the thin dotted line on the BTC chart.
Ignore the media reports that try to state reasons for the recent increase in the prices of BTC and Gold. Once again, they miss the big picture and focus on stupid short-term issues like the Trade War or Zuckerberg’s pseudo-crypto. The big picture – as you know – is that fiat economies and the politically correct, liberal, yet despotic governments that support them are slowly losing public support as people wise up to their trickery and failures. If there’s one thing I would NOT store value in now then it is fiat based assets!
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”
CME’s bitcoin futures product is continuing to show signs of increased popularity, with June setting a new record for open interest amid a surge of new account sign-ups.
More than 2,960 accounts have traded CME Group’s bitcoin (BTC) futures across all client types and time zones since launch, according to new data from the derivatives marketplace. In 2019 alone, there has been more than 950 new accounts created, marking a 30 percent increase in total client sign-ups, CoinDesk has learned.
In addition, the number of large open interest holders, entities that hold contracts worth at least 25 BTC (worth $280,000 at press time) grew to 49, up from an average of 46 during the last week of June, a new record.
At first glance, Facebook’s Libra cryptocurrency doesn’t make sense.
On its face, it is a non-speculative token which uses enough decentralization to make it difficult if not impossible for Facebook to profit off it as the company does from its social media platform.
But in crypto, there is always an upside to the people who launch a new protocol, in the event the protocol succeeds and even in many cases for simply having started development of the project.
This article deals specifically and exclusively with that upside, admittedly handwaving aside many other potential issues with the protocol, to be addressed elsewhere.
Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, the country’s Finance Ministry tweeted on July 4.
According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.
On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth. José Angel Alvarez, president of the country’s National Cryptocurrency Association, commented to cryptocurrency news outlet CCN:
“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”
The price of the popular dogecoin cryptocurrency is surging after the announcement that it will soon be listed on the Binance exchange.
Binance said in a support notice that trading will open for dogecoin (DOGE) at midday (UTC) Friday.
The exchange will at launch offer trading pairs for DOGE against Binance coin (BNB) and bitcoin (BTC), as well as the stablecoins tether (USDT), Paxos standard (PAX) and USD Coin (USDC).
Users can already deposit DOGE in preparation for trading, the exchange said.
Schiff, who is well known for warning investors not to trust bitcoin as replacement for gold, triggered the goodwill gestures after becoming the topic of a Twitter debate with Morgan Creek Digital co-founder, Anthony Pompliano. Pompliano (also known as Pomp), highlighted the fact that Schiff in fact does own some BTC despite his negative comments.
”This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”
“Join us this Friday afternoon (EST) as special guest Dave Winterstein (co-founder and CEO) takes over the Aion AMA. ”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
The market is again trying to break the support line at 0.34$. As we can see, till now that line is doing well its job but I’m not sure it will stay alive long time if we continue to test it like that hours after hours. However, long tests like that can also show that we are reaching a low and that the market doesn’t want go lower. So everything is not always negative but for sure I would like to see the STEEM going UP and take some distance from that support line.
Just yesterday evening, while resting (and playing @drugwars ) at my hotel room, I was having an exceptional, as usual, Crypto phone chat with my bro @beiker …
We spent more than an hour talking about the life in general but also mainly on crypto and blockchain tecnology… I don’t know how it came but I named DOGECOIN as one of those cryptos that used to have always incomprehensible PUMPS not justified afterwards by any new apparently…
Well, exactly 50 minutes ago, BINANCE announced the LISTING of DOGECOIN in the Exchange:
Suspiciously around 20′ before the TWITTER announcement, we have a LOOOOOONG GREEN candle of 50% higher price…
This long first candle is right now moving all DOGE price at a higher estratospheric level because uninformed people are just buying following the stupid new…
What is going to happen next?
Obviously, the same who put the massive order at the begining of the PUMP will sell taking all the money of enthusiastic people…
I don’t have anything against DOGECOIN, for me it is not a SHITCOIN as others think it is, DOGECOIN shares the 99% of CODE with BITCOIN…
… but it is a pitty that still Centralized Exchanges keep using these kind of tricks to increase massively their benefits in a very shady way…
aaaaah how I would like to see a real DEX massively adopted by Crypto investors…
@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.
For those of you who live in the United States, Happy Independence Day! Since we talked last, bitcoin broken above the $11,500 resistance. This closes the upper CME gap at just above $12,000. Price has since dropped back on top of the $11,500 support where it’s consolidating.
Zooming out on the weekly chart, we can see the bulls have put up quite a fight after the extremely bearish close of last week’s candle.
In today’s video we’ll discuss where price may be heading next, key areas to watch, targets and so much more. I’ll 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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QTUM seen from the temporality of 1D we can observe how the price maintains a movement of (EW), after forming the wave number three, QTUM has entered into accumulation where it has found support within the price range of 4 – 4.1, which is indicated on the graph within a blue rectangle, this structure is forming the wave number four of the current trend, therefore, it is a good time to buy to go for more profits in the fifth wave that I have placed in the price range of 7.6 – 7.9.
QTUM seen from the temporality of 4H we can observe more closely the bullish banderin, a pattern of continuation of the bullish trend, in the graph I have marked the points (ABCDE) that has already formed this setup, currently the candles are consolidating in support forming point E and last of this pattern, we should see the price rise from here to test the resistance of the figure and look for the break up to the rise.
In conclusion, the price is forming a pattern of continuation and the movement has already formed point E, therefore, this is the best time to enter long and take advantage of the next movement of the price, I recommend to be attentive to the movement of the next candles of 4H, the price should not fall beyond 4.8, as this would be causing us an invalidation.
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.
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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Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
Bulls have fought their way back up to test a major resistance at $11,500. This is a critical zone for bitcoin. Not only do we see clear visual resistance, when zooming in on a micro level we can see it’s hitting the golden pocket when pulling the fib from the local swing high to local swing low.
Bitcoin is also sitting right inside the upper CME gap.
In today’s video I discuss where price may go from here, traps to avoid and so much more. I hope you find it helpful. I’ll follow up this video with another one that answers your questions.
Video Analysis:
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
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
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
