Since volume keeps on diminishing and trading activity slows down due to narrowing prices I am trying to get the most positive scenario thus I am considering the possibility of being in a “Falling Wedge” Pattern:
The falling wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making. (Source)
If this pattern is triggered, the most likely result would be the continuation of the trend previous to the pattern, so UPTREND…towards 14000 USD.
But then, you have another pattern in formation, this time is the other face of the coin…
Yep, a very bearish pattern here, pointing towards 4800 USD.
In my opinion, nowadays we have a 50/50 chances on one of the both options so, very difficult to take a decision now… we have to wait for one of the two get triggered and follow the trend.
What about you?
Let’s see what is the opinion of the audience here.
I am curious to read what is your opinion about which of the two proposals are more likely to happen next. I will upvote all the comments on that regards.
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.
As Bitcoin dropped an additional 8% on Saturday, naysayers claim the rally to a new all-time high is over. So what is it that’s keeping market analysts bullish in the face of a 33 percent correction?
Bitcoin price bears draw a line at $10,000
Bitcoin’s most recent price action has been less than satisfactory, unless you’re a bear. To date, the top digital asset is down 32% from it’s 2019 high of $13,739 and short term price action remains overwhelmingly bearish.
Over the past two weeks Bitcoin formed an M-top at $13,739 and $13,177 before dropping to the neckline around $9,600. Most traders expect that Bitcoin will retrace to the 61.8% and 50% Fibonacci Retracement level which is also near the CME futures gap. It’s possible that the group think surrounding the CME gap is causing it to function as a magnet, drawing BTC price nearer to the $8,500 – $7,500 range.
Dormant Bitcoin wallet address hit new all-time high
Earlier this week Coin Metrics released a report showing Bitcoin’s untouched supply reaching a new all-time high of 21%.
Not everyone supports this conclusion, however. Adamant Capital founding partner Tuur Demeester countered saying that: “I’m not so sure […] 5 years without updating your cold storage method is a long time in Bitcoin. Imo most of these coins are likely lost.”
Start of new bull markets coincides with miner capitulation, data shows
On Saturday expert crypto-analyst PlanB tweeted a rather intriguing chart that he and ParabolicTrav worked on.
According to the analysts, after a BTC/USD rally reaches its peak, a massive amount of Bitcoin is available at lower prices. The start of new Bitcoin bull markets have coincided with miner capitulation and Bitcoin price tends to rise from these bottoms to grow 100 times.
According to PlanB:
“We saw difficulty bottoms (miner capitulation) in Dec 2011 ($4.6), May 2015 ($230) and Dec 2018 ($3,896). Price continues to rise from these bottoms until ATH around 100x […] Implying a continuing uptrend until $370,000 ATH.”
In last week’s column — my third on Libra — I referred to a core dilemma confronting the cryptocurrency project’s financial inclusion goals: the impossibility of being both pro-privacy and pro-KYC.
I promise a break this week from Libra and its controversial founder, Facebook. But I want to dive deeper into that dilemma because the problem is hardly unique to that project. As “know-your-customer” rules have steadily encroached into their world, all cryptocurrency startups trying to expand financial access for the poor are hamstrung by requirements to identify and track the people they seek to serve.
This contradiction stems from tough policies contained under Anti-Money Laundering and Combating the Financing of Terrorism rules (AML-CFT), which were tightened worldwide after the September 11 attacks in 2001 and then again after the financial crisis. Since virtually every bank needs access to dollars, KYC rules everywhere tend to follow models laid down in the U.S. Bank Secrecy Act and in guidelines of the U.S. Financial Crimes Enforcement Network, or FinCEN.
Further internationalizing pressure comes from the inter-governmental Financial Action Task Force, or FATF, which sets the regulatory standards by which countries pressure each other to comply.
“It’s not a surprise to me that inevitably corporations are going after creating their own tokens but for Facebook to be one of the first big ones is is pretty much a surprise,” said Lukka CEO Jake Benson told us when news of Libra began to spread. The world shared his surprise when Facebook unveiled its wild cryptocurrency dreams last month. But that surprise quickly turned into concern and condemnation as politicians started thinking about what it meant for a company to run its own mint.
Facebook’s reaction to the hearings was also surprising. The usually-reticent social media giant sent their best fighter – Libra co-creator David Marcus – into the ring to defend the currency and the battle raged for two days as the U.S. Congress and Senate took turns bringing up their concerns.
The result? A stalemate… for now. token transactions.
Initial coin offering (ICO) consultant CoinLaunch has agreed to pay $50,000 to the Ontario Securities Commission (OSC), according to documents published on the regulator’s website dated July 24.
According to commercial litigator and former programmer Evan Thomas, CoinLaunch was consulted on two ICOs, BCZERO (raising funds for a Czech off-road truck racing team) and ECOREAL (raising funds for a Portuguese resort), both of which were found to be securities. CoinLaunch reportedly created the tokens, white papers and websites, advised on the sale structure and made introductions, including to crypto exchanges for listings.
According to Thomas, the OSC found that the service was an act in furtherance of the trade of the security tokens since it was instrumental to the solicitation of investors. The consultant agreed to pay a $50,000 fine under a settlement.
The hedge fund of famous investor Bill Miller saw 46% growth in the first half of 2019, reportedly in some part from investing in Bitcoin (BTC).
Citing an investor document, Bloomberg reports on July 26 that Miller achieved such outstanding results by investing in Bitcoin among other high-performing stocks. Alongside Bitcoin, other investments in the Miller’s fund reportedly include Amazon, security system firm ADT, as well as Avon Products.
The 69 year-old investor reportedly found success by following a similar investment strategy as he used during his three-decade run at Legg Mason, which envisions investing in securities that trade at a large discount to their intrinsic value.
“Cast your vote at 0x.org/vote to add support for ERC-1155 and the StaticCallAssetProxy!”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yersterday :
Here is the current chart :
The STEEM is still sitting on the support line at 0.24$, waiting for the next move from the BTC. I’m really afraid that the BTC will continue it’s correction so yeah, I’m little bit pessimist about that support line at 0.24$. However, I really wish that I’m wrong and that this support line will keep us upper but be very carefull in the coming hours.
In Elliott Wave terms, BWX began a wave one advance on July 22. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 23, and the red wave two (blue sub-waves a-b-c) correction ended on July 27. If this wave count is correct, BWX should be heading next towards the July 23 peak in the red wave three.
When I look at the daily chart of bitcoin and I see the price action of the past couple months, then I look at the 2017/2018 top and think….”wow, that look’s a bit similar.”
Will Lightning Strike Twice – Probably Not
Here’s the thing. Even though the chart doesn’t look great I also don’t see how we crash the way we did a year and a half ago.
The same ingredients do not exist. The move has not been crazy, the general mom and pop is not talking about bitcoin at your local diner and there isn’t a ICO shit coin craze.
Where can we go though?
We can certainly go down a bit still. If you look at the chart, basically it has made an “h” looking pattern which leads to lower prices many times. That’s just odds though, doesn’t mean it will happen.
A move down to 8,500 and evan 7,500 would still be ok on a technical basis. I wouldn’t consider that bearish as 7500 is a clear bottom when looking at a weekly chart. As long as it tested and rallied off that I’d still be bullish.
Let’s hope we don’t have to even play it out.
On the upside, getting above 9,800 and pushing toward the 11k mark is the bullish price action we need.
I honestly believe it’s anyone’s guess which way the next near-term move is.
I’m keeping some fresh powder available in case we do get an opportunity to buy lower…otherwise hodl’ing my bag.
As the oil major BPis expanding its footprint in EV charging, the company has stated it is focusing on reducing charging times, “…to have a battery in a car by 2021 that can be charged completely in five minutes – for a lot more than 100 kilometers”.
After its acquisition of BP Chargemaster for US$170m, BP is now in the process of installingultra-fast EV chargers at service station in China, Germany, and the UK.
BP is also investing in biofuel development, as it considers the technology to be “the best way of decarbonizing long-distance jet transport”.
Analysis and Comments
This level of super fast charging is the holy grail of EVs. As cost comes down, and as the charging network grows, the last big barrier to overcome is the inconvenience of the time it takes to charge.
This shift, if achieved, could open up the EV market to those city dwellers who don’t have off street parking (so no easy home charging option).
To be clear, the BP target is just that; a target. The article claims, that the technology from a BP investment in an Israeli company called StoreDotalready allows ultra high speed charging of mobile phones but the EV version seems to be work in progress.
The technology (FlashBatteries) seems to be a combination of the use of organic compounds in the cathode (plus Silicon?) and some form of capacitor technology (those of you with good memories will recall that Tesla recently purchased Maxwell Technologies – a global leader in ultra and super capacitors).
Normally, I would be sceptical about such claims – the “we have found a way of producing super batteries” story appears on a regular basis in the tradepress. But with BP money behind them, perhaps this approach has a future.
In Elliott Wave terms, Abyss began a wave one advance on May 14. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 9, and the red wave two (blue sub-waves a-b-c) correction ended on July 21. If this wave count is correct, Abyss should be heading next towards the June 9 peak in the red wave three.
Let the fun begin for those of us in the United States. According to a notice by the Internal Revenue Service (IRS) more than 10,000 people will be receiving letters to educate them on their tax liability on cryptocurrency transactions.
Here is a quote from the notice:
“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
There are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
The letters will begin going out toward the end of August. Let me know in comments if you end up getting one of these letters.
Valve’s ‘The International 2019’ (TI19 – the world championship for its game Dota 2) has officially raised the largest single-event prize pool in esports history.
Currently, the total prize pool amounts to $30.4m, thereby surpassing the previously highest single-event prize pool of $30m (provided by Epic Games for its Fortnite Word Cup).
The tournament will be held in China for the first time in 2019, hosted by the Mercedes-Benz Arena in Shanghai from August 15th-25th.
Analysis and Comments
This is a significant development for a number of reasons:
Dota’s ‘The International’ prize pool is almost entirely crowdfunded via an in-game sale of a so-called ‘Battle Pass’,
only 25% of the in-game sales actually go towards the prize pool,
there are still more than 30 days left before cowdfunding stops, and
since the inception of crowdfunding the TI prize pool, the event has consistently broken its own record every year.
In summary, this is an all-time high in prize pool money for any esports event, showcasing both strong and growing support from the gaming community as well as from developers themselves: Last year, Epic Games announced it would support its Fortnite esports scene by providing a total of $100m for the 2018-2019 season, with the game’s World Cup featuring a $30m prize pool. This is the most any publisher has ever committed.
Esports serve a number of purposes, the main being extending the lifeof a game by encouraging and supporting an active gaming community. This is more important now than ever, as developers/publishers are moving away from the one-time up-front payment model towards in-game monetisation via downloadable content (DLCs) over the life of the game.
…for the moment, because in only 4 minutes, a very strong sell action pushed BITCOIN from 10200 to 9400 USD…
Remember that the level to observe is 9100 USD which is the lowest point of the ABC correction, if we keep above it is a good signal, if BTC breaks that level, our “house of Cards” will collapse in my opinion.
My concern is founded on the Head and Shoulder pattern that is probably in formation now:
We are “leaves to the wind” for the eyes of some big whales…
Enjoy the trip.
@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.
In Elliott Wave terms, Clams began a wave one advance in November 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in May this year, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, Clams should be heading next towards the May peak in the red wave three.
