In my last update, price was sitting just below the $5,350 resistance. I discussed the possibility of a short squeeze, saying should that happen, $5,800 is the likely target. Today we did see an attempt to liquidate shorts as price pushed above the $5,350 and $5,600 resistance, hitting the $5,800 target almost to the dollar.
Even with a $450 rise, shorts remain stacked and stubborn. This leads me to believe we may test $6,000 (and possibly wick above it) to try and liquidate short positions before seeing a larger correction. Daily volume is approaching $20 billion.
Bitcoin is up more than 6% today and is up over 82% YTD in 2019. It is crossing levels that have not bee seen since the November Puke of last year when bitcoin lost the 6000 level on heavy volume traded. It has taken us more than 5 month to get back to this important level and now we are here with some authority.
Does it get through the first time? Doubtful, but crazier things have happened. I think it is important to know that the last 80+% drawdown puke was just another “bubble” that burst and now we move
That’s no doubt because the Oyster project effectively died when their evil project founder, Bruno Block, turned it into an exit scam by minting literally millions of illegal tokens and then quickly selling them.
For those unfamiliar with Oyster:
Oyster Protocol was a project designed to get rid of adverts on webpages. In recent times we have seen may viruses hijack a little bit of CPU time of visitors to web pages. A visitor to a web page unwittingly becomes a crypto miner by having a small script turn their computer into a mining rig while
No this has nothing to do with conjuring spirits (wouldn’t it be funny if I blogged about this on Medium? ), besides, psychics, mediums etc are a bunch of charlatan frauds who prey on gullibility for profit – much like many scam cryptos out there!
I seldom blog about my favourite crypto, I’m not sure why. Perhaps I subconsciously assume that because I know all about it, so does everyone else. Maybe I should work at actively placing more NEO information into my blog posts, rather than just saying how great it is all the time.
Payments company Square reported its first-quarter earnings today, revealing strong growth in bitcoin sales through its Cash app.
Founded by Twitter co-founder Jack Dorsey, Square reported $65.5 million in bitcoin revenue for the first quarter of 2019. Bitcoin costs, however, are listed at $64.7 million in the unaudited quarterly report, for a bitcoin profit of roughly $832,000.
Those figures top previous all-time highs for Square: The fourth quarter of 2018 saw $52.4 million in bitcoin revenue and $490,000 in profit.
Cryptomarket cap tracker CoinMarketCap (CMC) will remove exchanges from its calculations if they fail to provide mandatory data by June, the firm wrote in its sixth anniversary blog post on May 1.
CoinMarketCap, a major source of data about all traded digital currencies, has made a series of announcements to celebrate its sixth birthday today.
As such, CMC has announced a brand new alliance called the Data Accountability & Transparency Alliance (DATA) in order to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”
The central banks of Canada and Singapore have concluded a trial of cross-border payments using blockchain technology and central bank digital currencies.
The Bank of Canada (BoC) and the Monetary Authority of Singapore (MAS) jointly announced Thursday that the successful trial – the first of its kind between two central banks – showed “great potential to increase efficiencies and reduce risks for cross-border payments.”
The effort saw BoC and MAS linking up their respective blockchain projects, Jasper and Ubin, which are built on two different blockchain networks: R3’s Corda and JPMorgan’s Quorum, respectively. The two networks were connected using a technique called hashed time-locked contracts and allowed direct Payment versus Payment (PvP) settlement without the use of an intermediary.
The United States state of Washington has passed a bill that recognizes and protects the legal status of electronic records pertaining to distributed ledgers like blockchains. The bill, substitute senate bill 5638, was signed into effect by Governor Jay Inslee on April 26.
The original version of the bill had its first reading by the Washington state legislature on January 25, 2019. The bill has now passed with 96–1 and will go into effect in late July.
The new law has a clause which prevents discriminating against electronic records which have in some way been part of a distributed ledger:
“An electronic record may not be denied legal effect, validity, or enforceability solely because it is generated, communicated, received, or stored using distributed ledger technology.”
The Shellbot cryptojackingmalware has gone through an update and come out with some new capabilities, technology news website TechCrunch reported on May 1.
Per the report, these findings come from Boston-basedcybersecurity firm Threat Stack. The company claims that Shellbot, which was first discovered in 2005, has received a major update.
The original Shellbot was capable of brute-forcing the credentials of SSH remote access services on Linux servers protected by weak passwords. The malware then minesprivacy-focused monero (XMR). Threat Stack claims that this new-and-improved version is capable of spreading through an infected network and shutting down other miners running on the same machines.
Vano Narimanidze, Horizen country lead of Georgia will be speaking at the International Festival of Cyber Security in Tbilisi, Georgia.
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
So exactly like the BTC with its resistance line at 5400$, the STEEM has not been able to go touch its resistance line at 0.39$. This is not a good sign because if we don’t do it, we are doing lower highs which mean that the DROP is not yet finished. Let’s see if we will find the volume and the power to go touch that line and even break it or if the sellers are preparing to be back very soon.
It took a minute, but here is the recording from my conversation with veteran trader and TIMM contributor, Rolland Thomas!
In this interview we talk everything from crypto to stocks and how to recognize supply and demand zones in order to follow what the big money players are doing in the market!
Click the play button below to hear it all!
Today the New York DOJ indicted two people on suspicion of ‘shadowbanking’ for crypto companies – most notably Bitfinex/Tether. On investigation it turns out that one of the companies involved in shadowbanking, Crypto Capital, was also tied to QuadrigaCX. Though the Tether FUD is strong these days, for once I am not worried about it. Let me explain.
Allegations
There’s two things we need to seperate here. First there are the allegations of involved parties doing illegal things, like illegally functioning as a money transmitter without a license. Secondly there is the issue and concern that Tether is unbacked 1-to-1
Bitcoin bounced nicely off the $5,000 support and is now testing $5,350 resistance. A decisive break above, turning $5,350 into support, would indicate a likely visit to at least $5,600. Daily volume remains steady above $13 billion.
Price consolidated just above the 21day EMA for 6 days without a decisive break below. This is a sign of strength.
Shorts remain stacked and longs are flat. Should a short squeeze occur, I can see price easily hitting $5,800. That said, the bears seem dug in. Bulls would likely have to push price north of $5,600 to start liquidating shorts.
It’s been many moons since my last “Crypto Snippets” post, in fact my last one was 10 months ago. Looking through that old post, it’s amusing to see that I started it off by complaining that Ethereum had still not switched to PoS. If I had only known…
A “Crypto Snippets” post is a multiple mini-discussion post centred on lots of little topics as opposed to one main one. Here we go:
Tether. Again.
I wrote about Tether last Friday, mentioning the problems with it and BitFinex. Since then I have seen much debate and uncertainty on online forums: people defending Tether and rumours that everything
Having suffered through a crypto-winter before this one, I feel it gives me some perspective. Technical analysis will get you so far, but I’ve learned that the market sentiment is a great indicator as well. From what I can tell the current market sentiment is very much along the lines of the ‘Denial stage’ of the market cycle. Still, with a Tether implosion looming on the horizon it makes one wonder if history really does rhyme..
Market sentiment
Judging when capitulation is over and the Denial/Hope rally starts is one of the hardest things when it comes to investing. By definition the
