Past few days saw crypto bounce after the hard sell-off. Ethereum really didn’t bounce as much as BTC and LTC and finds itself at an inflection point.
Resistance Levels and Moving Averages
Looking at the daily chart you can see price rallied and met the 10 period moving average to work off some of the extremely oversold status it was in.
This level also happens to be a prior support, right around 230. As we know once a support level is broken then it tends to act as resistance.
Thus, for price to go higher we need to see a push through this level and above the moving average. Generally this happens when there is a volume buying breakout.
I don’t know if the crypto market has this in the plans after the relief rally.
Bitcoin is looking a bit healthy and as if it could leg up again, while litecoin does have a nice V-bottom pattern going on, but also is just bouncing from the breakdown of a head and shoulders pattern.
It will be interesting to see how those coins play out as well because as we know. If those aren’t pushing higher its’ not likely ETH will either.
Another stagnant-price week = Another Good Chance for building your account on the Steem blockchain = More chances to reinforce your Engagement
I don’t expect a brilliant recovery of the STEEM price in the coming short term future, however we cannot deny that this price level is perfect for reinforcing your SP. I don’t think we will see STEEM prices lower than the bottom reached lately unless BITCOIN and the whole market collapse again, of course…
STEEM price has crashed dramatically during the past weeks and months due mainly in my opinion to the permanent selling pressure of our friends of STEEMIT INC, however it is possible that STEEM has found a solid place around the 80th position out of the top 100 altcoins at the cryptomarket.
The chart below shows the weekly amount of Steem withdrawn to the exchanges (data extracted from @penguinpablo ‘s weekly report), as you can see, this week more than 1.8 Million Steem has been sent to the exchanges, 300,000 Steem more than the previous week:
But the position of STEEM at the Total Market Cap during the past 2 weeks have not changed so much despite we have lost capitalisation:
This is because even if the amount of the Liquid steem increases continuously, there are other altcoins that are suffering a selling pressure higher than STEEM even if they don’t have such increase of tokens coming to the market every week.
So I think this is very positive for STEEM.
Sellers prefer to sell other altcoins than Steem because there is a REAL VALUE in this crypto, better than any other useless altcoin. And you know why?
We have USE CASE
We have the best Community
We have the best developers
We have the best DApps out there
As I said, there will not be better time to build your SP than nowadays.
SBI Sponsoring
My SBI shares for this week are going to @kokoliso and @serlanvet . I am very happy for having met them here despite both are at Steem since quite some time already. Lately I have interaacted with them a lot and I think we have engaged very well, remember that “engagement” is one of the three magic words fro anyone to success at this blockchain, the other two are INVESTING and COMPOUNDING.
@kokoliso is an excellent photographer and traveller. Lately he has shared his experiences at Australia but now he is back at home (guess is San SEbastian in the Basque Country)
@serlanvet is a guy from north of Aragon, an historical region in the north of Spain. He is also an excellent photographer and naturalist who shares original pics and nice bucolic scenarios from the countryside near him.
Both of them get 2 shares of the @steembasicincome initiative, hope it will help them to reach minnowhood soon , despite I know it is not so much but helps at least…
All in all, they represent really good candidates for the #tenKminnows@steevc initiative,
In Elliott Wave terms, Aeon began a wave one advance on May 15. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on May 28, and the red wave two (blue sub-waves a-b-c) correction ended on July 13. If this wave count is correct, Aeon should be heading next towards the May 28 peak in the red wave three.
And here we are again trying to define the market destiny!
Bulls seems to gain terrain in front of the Bears but we can not say who will win until we see what happens in front of the 11000 USD resistance level.
I personally expect for a sudden acceleration of the price upwards as soon as BTC breaks that level. If so, I am pretty sure we can bet for another higher high of BITCOIN and thus for the whole Crypto Market…
By the way, the “balance” between TETHER and BITCOIN is not met so, ALTCOINS are also getting feed here in a strongly manner:
In particular, have a look to BCH , ADA, TRON, EOS and BITCOIN SV, all of them rising higher than 10% while BITCOIN 4%…
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.
After a nasty drop that took price through the 108 support litecoin found support and has rallied hard from $77.
Big V or Little V?
Looking at the daily chart you can see price has already begun a V bottom and came right to the last little consolidation point during the sell off right around 105.
Intraday price has seen a little fight at that price so the question is will price stall here and just give us a little V bottom recovery or are we set to see a push all the way back into the 120’s.
That would be a full V bottom recovery and is very plausible. I do like that after price rallied hard we got a little sideways consolidation for a day and a half before this current candle pushed higher again.
Upside/Downside
On the upside…breaching 105 to broach the old 108 level is a start. After that I think there is a possible clear run to 120.
As for the downside, well really price needs to hold 95 in order for the price action to remain bullish in regard to this move.
I did add some long at 99 last night with a stop loss just below 95. If price struggles to pass 108 in the coming days I’ll consider taking profits otherwise I want to see 120 for a full V bottom recovery.
In Elliott Wave terms, UIP began a wave one advance in November 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in April this year, and the red wave two (blue sub-waves a-b-c) correction ended in June. If this wave count is correct, UIP should be heading next towards the April peak in the red wave three.
UnlimitedIP is a recreational copyright intelligent trading platform created by Link Entertainments Technology based on EOS. You can watch their intro video below.
More than 3 Years from this post. No more posts since then…
625 Votes received, 0 votes done…
VOTING POWER
429 $ per 1 upvote…
Around 4000$ a day at 100% VP…
What a waste of resources…
I can think of a few ideas that @steemit could do with that Voting Power, such as rewarding the best promoter of steem outside the blockchain for instance… I think more than one professional would come delighted and work on a good marketing plan … while you dedicate yourselves to continue selling your stake.
I wanted to talk a bit about my currently most disliked cryptocurrency.
>Trx.
I have talked a bunch about various shitcoins like BSV lead by a crook and liar. Ethereum Classic that has nothing to justify its price, having little to no dapp use along with the double spend fiasco they suffered. LISK has a similar problem as well with almost nothing of consequence built on it. Most of these cryptocurrencies have nothing to offer in terms of mass adoption and yet they are highly rated in the crypto space.
But this is about Tron. In my mind they have surpassed Dogecoin as the king of shitcoins.
Its important to state all these cryptocurrencies have some intrinsic value simply due to blockchain technology but at this point in time with major tech development happening, “just being a crypto” does not cut it.
The biggest problem tron is facing is the utterly terrible quality of transactions happening on that chain that open the question of
>”who is it that uses Trx and for what purpose?”
I looked at the dapps listed on State of the dapps for Tron and i found a very interesting thing. 70 of the top 100 dapps listed at the time i looked were either high risk games or simple gambling. This is where the vast majority (id go even as far to say “almost all”) of use of the Tron blockchain comes from. Bot scripts programmed to run bets ad nauseum. Basically transaction spam.
The problem with gambling dapps in this case is that i dont think a single one of these dapps has any kind of licence to conduct gambling and the people behind them are generally completely anonymous.
This opens users to all kinds of problems. Customer abuse. Susceptibility to exit scams and schemes.
And in the case of the business models of gambling dapps, users are essentially partaking in a:
PYRAMID SCHEME.
Most of you are familiar with the exit scam done by @magic-dice and how they essentially robbed users that thought it was a solid idea to treat gambling as a solid investment strategy, due to the promised dividend payouts from Magic Dice. @themarkymark, one of the bigger investors in Magic Dice talked about the exit scam they pulled a few months ago. His post really shows how you can easily find yourself in a vulnerable position and can be left with very little, or none at all, ability to react.
Magic Dice didnt come up with that business model. It copied it from many Tron and EOS gambling dapps.
How it works is pretty simple. A gambling dapp launches its own token. Gamblers spend money and get the gambling dapp token in return. Holding that gambling token gets you a part of the earnings that the dapp earns.
Pretty straight forward. But…. What people tend to forget is that
>The player base is always the loser.
People will play a few games and quit unless they are addicts ofc and since the player base coming from crypto communities is small, making gambling seem like an investment further incentivizes gambling. If you did the math on the token emission of Magic Dice tokens, the time to break even when taking into account reduced emmision over time (which can discourage late comers), the house edge, the time to break even for anyone not coming in early was extremely long.
At one point the big “investors” must have realized that they were playing against themselves. The spending by smaller accounts was insignificant compared to their own and they were continuously losing.
The only way for their investment to be profitable is if more suckers after them thought that they would become rich by “investing”, because some other sucker after them would think gambling is a good investment and so on… All that while the emission was being reduced and their stake slowly but surely diluted if they didnt keep playing, with no sink to speak off coming.
> A pyramid scheme is a way of making money that cannot continue very long. It involves promising people payment, services or ideals, primarily for enrolling other people into the scheme or training them to take part. It does not supply any real investment or sale of products or services to the public. .
Steem has for most part gotten rid of Gambling. There are still a few dapps out there like @epicdice which i sincerely hope users will avoid and research thoroughly. You will not only lose due to the house edge, you are open to losing much much more if you start looking at gambling as an investment.
That brings me back to Tron. When your blockchain is completely dominated by such business models and activities, when most of the transactions come from what is essentially a criminal activity what other description can you give to TRON?
If a house where people gather to smoke crack you call a “Crack house” despite some people also eating and sleeping there then why would it be wrong to call Tron a “massive Pyramid scheme” where most of the transactions come from unregulated gambling where the gambling dapps adopted a pyramid scheme business model?
More than three years have passed already since that one investor called Ned Scott and the BitShares creator Dan Larimer, founded the Steemit platform, built on top of the Steem blockchain.
Since then, we have seeing the deployment of many HardForks developed by the Steemit team and supported by our witnesses, some of the HF were really necessary but some others just put us on the place we are now at the market in my opinion.
Also, for me it is clear that the permanent “drainage” of the “Ninjamined” Steem which is being transfer to the exchanges with the same frequency, is clearly “ballasting” our blockchain to the most unsuspected depths of the market in terms of price and capitalisation.
From being a total needed company in order to sustain the Steem blockchain and its development, Steemit INC has become a problem for us in order to recover from a very painful a long bear market and this situation does not look to get better in the mid-term since there is no plan, according to my knowledge, that would indicate a “release” of the selling pressure by the @steemit side.
Even if they have recognised lately that they have cut their infrastructure cost with MIRA and other technical improvements, and also they implement another source of incomes by the use of advertisements on site, they are not really planning to stop or at least “smooth” a little this constant drainage.
In my opinion, this behavior is also affecting the number of DApps being built on top of the Steem Blockchain…I remember 2 years ago when the trend page was full of new ideas and projects proposed from developers… how may we have now?
I think the best development lately has been the STEEM-ENGINE and TRIBES Token+Interface placed by @aggroed and other excellent, not only developers but also investors here. I really appreciate them.
In the meantime, STEEMIT has become the BIG SELLER of the blockchain and not the entity that everyone would expect in order to further develop and improve the project.
What is clear is that, under the point of view of the regular steemian, Steemit INC seems to provide more problems than solutions…
I know, yeah, more than two years being an active member of this blockchain has taught me that STEEM IS NOT STEEM…so, don’t tell me this anymore or… I will downvote you (LOL), of course I’m joking…
but, wait… Do you think we are still dependent on these people?
I mean, is there not enough good developers in the community? (ie. @holger80 , @yabapmatt @aggroed , @netuoso etc… )
Could these good developers take care of the Steem Blockchain Code or are we “hooked” forever by the STEEMIT INC team?
These are questions for you, my prefered witnesses:
In Elliott Wave terms, GNX began a wave one advance on July 4. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 6, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, GNX should be heading next towards the July 6 peak in the red wave three.
The Genaro Network is a smart data ecosystem with a Dual-Strata architecture, integrating a public blockchain with decentralized storage. You can watch their intro video below.
