In Elliott Wave terms, Ren began a wave one advance on May 13. The red wave one finished on June 10, and the red wave two correction ended on June 16. The red wave three advance finished on July 2, and the red wave four correction ended on July 9. If this wave count is correct, Ren should be heading next towards the July 2 peak in the red wave five.
Ren is an open protocol that enables the permissionless and private transfer of value between any blockchain. You can read the most recent interview with Ren co-founder Loong Wang here.
We get so caught up in the day to day that sometimes I like to zoom out and look at a monthly price chart of a crypto to see what my broad guess would be for future price.
Boy I Wish I Wouldn’t Have Looked
This monthly chart of steem seen in the post. Well, it definitely doesn’t give you the warm and fuzzies about future price action.
25 cents is a key area on the daily chart and price just bounced off it today. It is important to hold that level because otherwise we are likely going to see 20 cents which is the most recent bottom on the monthly chart.
However, for tried and true support from the past though, we are looking at 10 cents steem. TEN CENTS! I really don’t want to experience that again. I was here for it the first time and boy is that ride depressing.
Here’s hoping we see an uptick in alts, steem included.
The Sell Programs Need to End Already
I can say this, until these sell programs from some whales (not to be named) end it will be unlikely we see good price appreciation. So many good things going on in the steem community and on the blockchain, but damn if that selling pressure just won’t let up!
Steem price action is horrendous to look at. Alts go up, Steem stays in place. Alts go down, Steem goes down like the worst of them.
So i thought… Whats really the point of moving my STEEM and trading it for something else when its not really worth it. Its completely and utterly undervalued and i have no idea what token out there comes close to how undervalued STEEM is. What am i going to trade it for?
Bitcoin? Ethereum? EOS? ETC, LISK or VERGE (haha i just peed a little)
Hell no! I might as well send it to @null. Buying anything else with Steem right now feels like a complete waste…
When i powered down a few k Steem weeks ago it was due to the hardfork which i disagree with but the more that i look at the situation right now it seems that it doesnt matter if its a hardfork, softfork, spoon or a spork.
So ill just press the button.
What was that one song…. I got it……Celebrate good times, come on!!!!
Its a dolphin party up in here! Everyones invited.
PS: There will be a separate area for bot owners behind the outhouse.
Coinbase is exploring plans to set up its own “captive” insurance company, industry sources said.
At the start of this year, insurance broker Aon began establishing captive companies in the Cayman Islands, working with a handful of cryptocurrency firms.
Aon says a captive structure can help firms get access to additional coverage at more reasonable prices.
Insurance for crypto remains scarce, and major exchanges Kraken and Huobi say they simply self-insure by setting aside coins to cover losses from thefts or hacks.
Top crypto exchangeBinance has launched its margin trading platform, an official blog post published today, July 11, reveals.
Binance’s move to expand trading possibilities to meet the full scope of institutional and retail traders’ needs had already been indicated by exchange CEO Changpeng Zhao this May — the same month the exchange had suffered a major hack incurring $41 million in losses.
In today’s announcement, Binance notes that margin trading — which allows exchange account holders to use their existing balances as collateral to open both long and short positions on crypto assets — can significantly amplify profit potential as compared with regular trading.
The United States Securities and Exchange Commission (SEC) has given blockchain-based startup Blockstack the go-ahead to run a $28 million public token offering under Regulation A+, according to a report by The Wall Street Journal (WSJ) on July 10.
Blockstack will reportedly launch its token offering online tomorrow, July 11. While other firms have previously taken advantage of Regulation A+ funding, this marks the first time that investors will receive a token, rather than shares in the company.
Regulation A+ is an initial public offering (IPO) alternative geared towards startups in need of early funding. Regulation A+ funding was introduced in 2012 via the “Jumpstart Our Business Startups Act.” As the report says, any member of the public can partake in a Regulation A+ funding round.
Anchorage, a company providing crypto custody services for institutional investors, has just raised $40 million in a Series B funding round.
In an announcement Wednesday, the firm said the round was led by Blockchain Capital, with Visa Inc. and existing investors such as Andreessen Horowitz also participating. Anchorage has now raised $57 million in total funding since 2017.
Diogo Monica, Anchorage co-founder and president, said:
“Our mission at Anchorage is to advance institutional participation in the digital asset class, and this funding will improve our ability to do precisely that. To have the support of pioneering organizations like Visa and Blockchain Capital is a validation of Anchorage’s vision for the emerging economy of digital assets.”
Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency.
“We’re definitely looking at it in earnest and we’re excited about the project,” Cameron told CoinDesk Tuesday.
Tyler added that in their view, Libra is a harbinger of cryptos to come:
“Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project.”
“6 Days to go till RIDE opens up new features for the #Waves ecosystem’s users!”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
I was saying you since days that the market was trying to break the support line at 0.34$, it is now done and as expected, we are droping heavly… That line became a major support line over the weeks and the break of it is again a very negative signal for the value of the STEEM… Lot of altcoins are using the excuse of a small correction on the BTC to have important drop but as always for correction, STEEM is again one of the best.
In Elliott Wave terms, Ankr began a wave one advance on May 17. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 11, and the red wave two (blue sub-waves a-b-c) correction ended on June 27. If this wave count is correct, Ankr should be heading next towards the June 11 peak in the red wave three.
Roughly 24 hours ago I did an analysis on litecoin discusses the upside and downside scenarios out there. Price had been consolidating for a while and a move was bound to happen in the near future – it didn’t take long!
Battle at Support
I mentioned in the downside 108 was a key level (give or tack a point) as it is evident when looking at both the weekly and the daily chart. Much history at this level of reversals both up and down.
We saw the level come into play earlier today after price puked to 102. Here is a chart of the hourly price action from the afternoon. When it finally bounced look where it struggled and then ran out of gas.
Yep right around 108! Price ended pushing back up against the level and the daily candle closed right up in the mix of it so really the answer of weather support was broken or not is debatable.
However, looking at the weekly chart, where this price support is vital shows that price is already pushing lower again…..
What is crazy is that when you look at weekly candles your “intra-week” highs and lows give you quite the spread. You can see that 102 and even 98 are intra-week lows that if held is fine if we end the week above 108. Atleast that is my opinion for LTC to remain bullish.
I’d rather buy 102 and 98 if I get the chance, knowing my downside exit is near, which is why the coin I got at 110 from an open order I forgot I had (doh!) I quickly closed out at 107 for a tiny loss as I want that capital available for purchases at the lower price points if they become available.
Either way, it will be interesting to see how LTC reacts in regard to BTC, which sparked the market sell-off and on the weekly chart has me skeptical about going higher before pulling back a bit more over the next week or so.
Recognizing that my previous count, bullish, has been recently invalidated…
Does not look to be an alternative bullish count right now, the correction is not finished and what I see fro the moment is a possible 3-3-5 FLAT Correction.
Hope I am wrong, but if not, 9400 USD should be the stronger support…
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.
It is clear that 13000 USD is a very strong resistance level. BITCOIN is now correcting after touching that value in the past few hours.
However, I am still confident of considering 14500 USD as a realistic target as planned 6 days ago in this post .
Also because I think this correction is forming the 4th wave of the Violet 5-waves count, so, still a 5th is missing.
This correction may “enrolled” further buyers who felt that they were late a few hours ago and I believe it should push again the price upwards…If so, a new Year’s High will come and the current resistance at 13000 USD will become our newer support.
The only thing I hope is that the new wave up will come mainly from “Fresh” FIAT and not mainly from the altcoins which are really being devastated by the Crypto King, including STEEM of course.
@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, Fantom began a wave one advance on June 26. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 3, and the red wave two (blue sub-waves a-b-c) correction ended on July 8. If this wave count is correct, Fantom should be heading next towards the July 3 peak in the red wave three.
The United States’ Internal Revenue Service (IRS) is allegedly considering requiring tech giants to report on crypto activity by users, according to a presentation reportedly from an IRS presentation and provided by a Twitter user on July 9.
According to the documents shared, the IRS hopes to use Grand Jury subpoenas on firms such as Apple, Google and Microsoft to check taxpayers’ download history for crypto-related applications.
Known as Crypto Tax Girl,Laura Walter, certified public accountant and crypto tax specialist, tweeted the presentation, which was allegedly for agents in the IRS’s Criminal Investigation division.
Facebook blockchain lead David Marcus told U.S. lawmakers that the social media giant plagued by privacy scandals won’t have access to personal financial information with its new cryptocurrency.
In a letter dated Monday to the Senate Banking Committee responding to pointed questions the lawmakers sent in May, Marcus took a diplomatic tone, acknowledging the panel’s concerns about data privacy and telling them:
“I want to give you my personal assurance that we are committed to taking the time to do this right.”
A similar letter was sent to the House Financial Services Committee, the Hill reported earlier Tuesday.
Bitcoin mining difficulty – a measure of how hard it is to compete for mining rewards on the world’s first blockchain network – has posted its largest two-week increase in 12 months.
According to BTC.com data, mining difficulty reached 9.06 trillion (T) at block height 584,640 around 9:17 UTC on July 9, surpassing the previous record of 7.93 T by 14.23 percent. This was the strongest growth in any two-week period since August 2018 – a sign that competition among miners is not only intensifying but doing so at an accelerated rate.
The bitcoin network is designed to adjust its mining difficulty every 2,016 blocks (roughly 14 days) based on the participating mining power in each cycle, in order to ensure the block-producing time at the next period stays at about every 10 minutes.
Facebook Inc has no plans to offer its Calibra digital wallet services in its largest market, India, the social giant said, just as a top government official expressed skepticism about its newly-announced cryptocurrency Libra.
“There are no plans to offer Calibra in India,” a Facebook spokesman said in an email, effectively ruling out the rollout of its Libra cryptocurrency in the country. “As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
India’s central bank, the Reserve Bank of India, has banned banks from dealing in cryptocurrencies but informal networks abound. In an effort to curb them, the government is proposing a law with stringent penalties, including prison sentences of up to 10 years. Subhash Garg, the country’s economic affairs secretary, said in an interview to Bloomberg that India would not be comfortable with a private cryptocurrency.
“Interested in building on #EOSIO? Join us on July 10th from 8-10am (HKT) for a walkthrough of all you need to know about getting started.”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
So most of the altcoins are still in depression mode and for sure it is also the case on the STEEM. Since yesterday, we are trying to break the support around 0.34$ but till now, we are lucky and that line is holding us. For how many times, I really don’t know but let’s at least enjoy that little positive news.
