I’m trying something new today: a single chart with a single indicator/drawing tool on it. In theory this should give a nice no-clutter perspective of a single even or time period. If is goes well I may consider making more posts like it.
The chart I have chosen is a relatively long-term Bitcoin chart. The tool I have chosen is a Fibonacci Retracement Level overlay. Let us see what we can learn from a single chart and a single drawing tool.
Today’s chart runs from mid-2017 to the end of April 2019. If you follow my TA posts you may know that
EOS has been one of the top 5 strongest (large) cryptocurrencies leading the bull rally off the lows in 2019. Being up big, it was obvious that a pullback and a refresher was going to happen. Now we are meausring and mapping the damage and where we might “stop going down” to continue the positive rally.
EOS has pulled back into the 4.50 range and is holding. If EOS were to hold here and continue rising this would be huge for the chart and price. EOS is now currently trading at 4.90 and rising. A move through 5.00 will set
“History doesn’t repeat itself, but it often rhymes”
This quote is often attributed to Mark Twain. And while Bitfinex doesn’t exactly rhyme with Mt. Gox, there are several parallels in the stories of these two exchanges. People interested in understanding Bitfinex are well-served to understand what happened with Mt. Gox.
Bitfinex and Tether were investigated by the New York York Attorney General (NYAG). Here’s a synopsis for those unfamiliar with the story. Bitfinex is a cryptocurrency exchange, the owners of which also control Tether, issuer of the most popular stablecoin, known as tether or USDT. The NYAG accuses Bitfinex of losing over $800 million. It alleges the exchange tried to recoup those losses by dipping into the cash reserves of tether, the stablecoin its principals also control.
Indeed, those feelings would be quite valid. In the early days of crypto, one of the largest bitcoin exchanges, known as Mt. Gox, also got into significant trouble due primarily to its banking relationships. It got so bad that in February of 2014, Mt. Gox stopped all trading and filed for bankruptcy protection. At the time, it claimed to have lost 624,408 BTC.
Galaxy Digital Holdings, the crypto merchant bank founded by former hedge fund manager Michael Novogratz, lost $97 million in the fourth quarter, according to financials disclosed Monday.
The net loss widened from $76.7 million in the third quarter and from about $100,000 a year earlier, according to the filing with Canadian securities regulators. (Last February, New York-based Galaxy bought a Canadian publicly traded company in a reverse takeover.)
For all of 2018, its first full year of operation, the company lost $272.7 million.
A new proposal by Vitalik Buterin, the creator of ethereum, suggests he is considering increasing rewards for validators who would secure the operation of the next version of the world’s second-largest blockchain.
Ethereum 2.0 is by far the biggest upgrade on the horizon for the ethereum blockchain, today valued at $17.5 billion. Its broader goal is to erase ongoing bottlenecks to transaction throughput and significantly decrease costs on the network.
Rather than relying on a proof-of-work consensus protocol whereby miners compete to bundle together blocks of transactions and add them to the ever-growing chain, ethereum 2.0 will rely on a proof-of-stake consensus protocol whereby validators stake their own funds and attest to blocks and transactions being created on the network.
Fundstrat Global Advisors founder Tom Lee has predicted that cryptocurrency prices will hit new historic highs by 2020. Lee delivered his comments during an interview with CNBC on April 28.
In the interview, Lee forecasted that bitcoin (BTC) has not completed its upward movement and will likely reach new all-time highs around 2020 based on “11 signs that historically only take place in a bull market.” Lee thusly reiterated his previous prognosis made earlier this month, when he said that “a bull market is likely starting.”
Lee explained that three out of those 11 signs — blockchain, technical indicators and trading volumes — indicate that the crypto winter has seen its end. In January, Lee’s team observed that trading volumes on the blockchain turned positive at an annual rate, while the second sign popped up in April, when BTC closed above its 200-day moving average.
Intercontinental Exchange (ICE)-lead institutional cryptocurrency trading platform Bakkt has аcquired a crypto custodian service, the firm announced on April 29.
In a blog post, Bakkt announced a number of new measures in its apparent effort to stimulate regulatory feedback, including the acquisition of Digital Asset Custody Company (DACC).
While DACC’s native support of 13 blockchains and 100+ assets is designed to “serve as an important accelerator,” the entire DACC team will also be joining Bakkt, as former Coinbase exec and new Bakkt COO Adam White wrote in the blog post on Monday.
The public testnet introduces a broader access test-network complete with improved Open Economic Framework.
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
As suggested in my previous publication, my scenario was a test of the resistance line at 0.39$ and this has been done today but unfortunatly, we didn’t break that line and so we are dropping again. Howerver, the drop till now is not so powerfull so it let us a luck to be able to try to break again the resistance line. Let’s see what will happen in the coming hours.
Ripple is having a torrid time lately with FUD clearly affecting price. But is it just FUD, or is there more to it?
By now you know I’m no fan of Ripple. I’ve openly spoken about it and against it on multiple occasions, most notably in my series: “Ripple: we need to talk” (Part 1, Part 2 and Part 3).
I have warned, over and over again, that Ripple is centralised, closely aligned with crypto’s arch-nemesis (banks) and is unsustainable. I’ve stated that it can’t be defined as a real cryptocurrency. In my eyes it is much the same as JP Morgan’s own coin offering.
Without so much time for writing today, so, short post here.
Symmetrical triangle formation on BINANCE, 4 hours chart:
Volume keeps being constant awhile Stochastic RSI on the daily chart indicates a good moment for buyers.
Every time Stochastic touches the lower limit there is a good jump upwards:
Price action is coming to BINANCE again and if we consider the historical data we have from the last three months the direction of the price movement must be upwards.
Target 28 USDT.
Stop Loss placed at 21.2 USDT.
Enjoy!
@toofasteddie
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this
This is the chart I am following as a Main plan on BITCOIN:
I am always using Elliot Waves theory and other market tools in order to trace my trading plans but, of course, before you complain about it, this is only a theory among others and so it cannot be used as we use the Newton’s Law.
Elliot waves tries to forecast the future by analyzing the psychology of the market, how the emotions affects the trading behavior in a more or less steady state situation regarding events. But those events not always are predictable and there is always a big
It is now becoming clear more than ever, crypto dealings need some good regulations, the type that takes into consideration all parties involved.
Why am I calling out for this? Because there is a need to curb activities like wash trading, cartels, and pump and dump trading schemes.
The impact a balanced regulated framework can have may be an immediate game changer.
Although, the effect may progress steadily and slowly but should be a good solution in the long run.
Taking pumps and dumps as a good example. There was a noticeable reduction in the number of groups that continually engage in the scheme when the SEC put up the “whistleblowing” activity during the early period of 2018.
A good experiment to show there is a need for regulation, a fair one to be precise.
Many sorts of unscrupulous behaviors happen because the lust for quick riches and greed is a great enemy or disadvantage to the decentralized moves we all call for.
Yes, we shouldn’t be taken as slaves by big authorities. No giant cooperation should be able to use our personal prints and data as they see fit. But if we have something to learn from the past few years; it is that total decentralization should not be encouraged because of its disastrous effect.
In theory, total decentralization sounds really good, who could reject the notion of freedom? But practical examples have shown us the bad side of it as various kind of players are called to the party and for sure not all individual have a good motive.
Taking the DPoS consensus for example. In theory, the consensus looks really ideal, like I mean the perfect algorithm for the socially inclined community of people as each representative or block producer is continually voted in by the participants of the network and can be ranked or voted out if the community decide the BP contribution isn’t ethical or benefiting anymore. What a perfect way to actualize a democratic governing body.
However, it has also shown us how bad it to established an autonomous framework without some strict penalty guideline to punish offenders.
Decentralization, as postulated by the majority, means anyone should be able to do as they see fit. To some extent, this is very true, but by our nature and rational intelligence, there is a marked difference between good and bad morals and their effects on our lives and society.
The factual part of it is that both states of morals are easily expressed through us.
Strict policing, rules and laws had been the greatest solution to hibernate the show of bad behaviors. Even the Supreme being conformed to it by the laws stated in the Bible.
In that respect, crypto dealings shouldn’t be an exception if we truly want to achieve a genuine and fair decentralized system.
My reasons for writing out this opinion is connected to why the price of BTC took a sudden slump despite the buying interest and sentiments.
One report stated it was caused by the influx of the newly printed Tether tokens by Bitfinex. So far Bitfinex denied such activity, leaving the truth of the matter in an unconfirmed state.
Alright! Let look into some latest catch-up and updates in the media and forums.
Reddit
Pixabay Image
Bitcoin price during the early days of Silk Road. What it was traded for would blow your mind.
In doubt whether cryptocurrency will fail? Don’t be surprised the Internet got more douted during its early days.
It was reported some few days ago that a hacker found a way to guess dozens of Ethereum private keys, stealing over 45,000 Ether along the way.
In a new report, research shows, many hundreds of Keys are weakly generated and are susceptible to theft.
The news stated that “the probability of a chance to hack 256-bit encryption adopted by most blockchains would take years”, but after some thorough testing and analysis, over 700 Ethereum Keys was reported to be at risks of being hacked.
Industry leaders deliberate on how to realize the mission of cryptocurrency.
Bitcoin was created with the sole aim of replacing the traditional fiat currency.
This mission was clearly stated in the Genesis block of its blockchain – revealing the corrupt and unreliable ways of the old system and the need to replace it.
Over the years, the currency had struggled to convince this mission could be realized base on many factors some of which include the slow confirmation time and excessive power usage for its production, so much that the digital currency is now considered a store of value.
However, its supporters and movers aren’t giving up easily.
In the news – it was reported that Top Traders and company representatives including Binance and Coinbase held a talk in Singapore to include cryptocurrency in the global financial framework and bring about more use cases to it.
Remember to visit my blog tomorrow for another interesting digest.
Cheers 🙂
Disclaimer
The contents of this post are intended for information purpose only and should never be taken as an investment or trading advice. All information contained herein is linked to their respective sources without being taking word for word except in quotes and references.
Well it looks like Tether has once again tried and failed to make an attempt on our lives.
With a consolidation period drawing to a close, BTC looked ready to attempt another breakthrough of the light resistance at $5600, and possibly to make its first assault on major resistance at around $6200.
Sadly Tether pulled another one of its old tricks and temporarily ruined the faith in the market.
There are many indications of new money being in the crypto market. (Sadly) we once again see rather immature market behaviour and overreaction to crypto market events. We have very strong volume now, more
The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall.
According to a press release issued Thursday, NYAG Letitia James announced that she had obtained a court order against iFinex Inc., which operates both Bitfinex and Tether, ordering them to cease violating New York law and defrauding New York residents.
James said that an investigation by her department determined that iFinex “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds,” adding:
“New York state has led the way in requiring virtual currency businesses to operate according to the law. And we will continue to stand-up for investors and seek justice on their behalf when misled or cheated by any of these companies.”
As Dream dies and Wall Street exits, a string of new darknet markets (DNMs) has emerged to take their crown. The majority of these have only been operational for a matter of weeks, and have launched at a time when trust in DNMs is running low. The success or failure of these marketplaces will be pivotal in shaping the darknet’s crypto-powered economy in the months to come.
New Heads on the Darknet Hydra As the legend goes, for every head the hydra loses, two new ones take its place, and so it seems to be on the darknet. The loss of Dream and Wall Street has spurred four new DNMs, bringing the total of recently launched markets to six. The first of these, Cryptonia, promises two-of-three bitcoin multisig, a wallet-less escrow system, two-factor authentication, strong anti-phishing measures based on public key cryptography, and EXIF metadata stripper for images.
A new proposal by Vitalik Buterin, the creator of ethereum, suggests he is considering increasing rewards for validators who would secure the operation of the next version of the world’s second-largest blockchain.
Ethereum 2.0 is by far the biggest upgrade on the horizon for the ethereum blockchain, today valued at $17.5 billion. Its broader goal is to erase ongoing bottlenecks to transaction throughput and significantly decrease costs on the network.
Rather than relying on a proof-of-work consensus protocol whereby miners compete to bundle together blocks of transactions and add them to the ever-growing chain, ethereum 2.0 will rely on a proof-of-stake consensus protocol whereby validators stake their own funds and attest to blocks and transactions being created on the network.
Malta’s financial regulator has issued a note to the public regarding the risks of crypto assets and the possibility for scams, news outlet Times of Malta reported on April 25.
The Malta Financial Services Authority’s (MFSA) new guidance note intends to warn the public about cryptocurrency investments and related risks, and educate people on how to identify and avoid scams and fraudulent schemes.
The guidance reportedly outlines the most common types of digital currency-associated scams, which include fake iInitial coin offerings (ICOs), crowdfunding ventures promising higher gains which are availed of once the coin becomes active, and fake exchange platforms and fake e-wallet apps.
John McAfee, the eccentric antivirus pioneer known for his brushes with the law, said he has spoken with Bitcoin creator Satoshi Nakamoto and plans to reveal the person’s identity.
But the timing of the announcement is up in the air. After previously telling Bloomberg he would expose Nakamoto “within a week,” he backed off the plan. McAfee said Tuesday on Twitter the controversy could hurt his efforts to fight an extradition to the U.S. “People forget that I am a technologist,” he said. “I am one of the best.” In delaying the revelation, McAfee posted a letter from Mario Gray, his extradition lawyer, saying that exposing Nakamoto could make him the target of lawsuits — forcing him to defend himself “on many fronts.”
“Releasing the identity of Satoshi at this time could influence the trial and risk my extradition,” he said in a tweet. “I cannot risk that. I’ll wait
All exchanges, mining pools, node operators, and full node wallet users must upgrade to ZEN 2.0.17 prior to block #505212, April 26.
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
Yesterday we were testing the support line at 0.39 and I was saying you that I was hoping it won’t break. It has been broken and as annonced, it created an acceleration in the drop. We are now stabilizing because we have a little bounce on the BTC from its support line but for sure STEEM did again a very bad drop yesterday… I will give you the next support in my next article.
