After yesterday’s quick $1,200+ rise, bitcoin was met with tough resistance at $10,650. In my prior video I warned of a break down to retest $10,000. As of now, price dropped as low as $10,100 before finding support. It’s currently trading around $10,350.
In today’s video we discuss where price may go from here, the 4 hour Death Cross, traps to avoid and so much more. I also answer your questions. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
If you found this post informative, please:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
When you look around the world in the financial markets what do you see? What I see is the punch bowl is almost empty, party goers are demanding more punch and the party promoters have no choice, but to oblige because they have been drinking the punch too.
The Federal Reserve and other leading central banks are declaring the peak in global interest rates has been reached and are readying to start the march down.
As the world economy weakens amid the U.S.-China trade war and inflation continues to undershoot the target of most policymakers, Fed Chairman Jerome Powell is set to oversee the first cut to the U.S. benchmark in a decade.
European Central Bank President Mario Draghi has also flagged action, though he may wait until September, and even Bank of Japan Governor Haruhiko Kuroda may come under pressure to join in. The People’s Bank of China has eased lending conditions but so far held fire on rates, but Australia, India, New Zealand and Russia are among those to have already injected fresh stimulus into their economies.
This is a big deal. Because I trade currencies, I’m seeing this all around the world…the big central banks of the world are cutting rates. Now is the time to put on position type trades…trades that last months/years. What comes to mind is buying cryptocurrencies, gold and bonds. I will repeat, now is the time to buy cryptocurrencies, gold and bonds. However, please don’ take my word for it…a picture is worth a 1000 words.
NOTE: the charts I’m about to show you are relative to the US Dollar.
Bitcoin
Gold
Bonds
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
As an exciting week draws to a close, let’s take a look at some of the important happenings of this week:
Bitcoin
At the start of the week I wrote about BTC and what it may do next. At the time, I wrote that we were either looking at the formation of a bull pennant, or were gearing up for a breakdown followed by a price surge, something like this one of 2017:
The latter scenario looks to be the correct one, with BTC dipping, followed by the predicted rapid price recovery. I misjudged the depth of the dip though, I based my support level on the wrong data, with the result that I was off by $300. In retrospect I’m kicking myself, because I spotted the real support level during my initial analysis, but ignored it as I thought it was too small to act as effective support. The chart 2017 chart above is taken from my last BTC post. Looking at it, you can see the little zig-zag of support which formed in May at about $1800, that support level later became the bottom of the dip.
Looking at the 2019 chart below, one can clearly see where I made my mistake:
For me this is a lesson learnt: Don’t ignore the small support/resistance levels during weak market movements. I’ll remember that in future, hopefully that lesson can help you too.
Precious metals
Precious metals have had a whale of a time this week. Gold broke out of its 5-year-old converging triangle a month ago, signalling that greater moves were on the cards. This week we saw some of those moves. Yesterday Gold pushed up to new 2019 highs. In fact, Gold is now trading at prices last seen in May of 2013. That’s exciting for Gold investors and could mean the return of logarithmic growth for Gold. This has been a long time coming: we all knew that Gold price suppression couldn’t last forever. We all knew that clever money would eventually start seeping out of the fiat market and looking for stores of value prior to the next fiat crash (whenever that may finally come). From this point onward, I believe it will be very difficult to stop the rise of Gold and its metallic siblings. The same reasoning applies to Bitcoin.
But the real winner of the metals this week must be Silver. It opened the week at a price of $15.19 and at the time of writing is now trading at $16.35. With a rise of 7.6% for the week, Silver is looking almost as good as crypto!
One of the main reasons that investors remain so eager on Silver right now, is that the Gold/Silver ratio is still heavily tilted towards Gold – far more than what it should be based on the fundamentals of the two metals. Savvy investors have been steadily building up their Silver holdings in anticipation of a long-overdue correction. This week the Gold/Silver ratio dropped from 93:1 to 88:1, despite the rising price of Gold. The highest Gold/Silver ratio ever reached was a brief spike to 100:1 in 1991, after which it dropped steadily down to 40:1 over the following seven years. A “normal” Gold/Silver ratio is about 50:1. With the ratio still having a long way to fall to reach normal levels, Silver continues to look extraordinarily bullish.
Not to be left behind, Platinum also enjoyed sizeable gains over the course of the week. It is on the verge of confirming its breakout from its own converging triangle. Like Silver, the Gold/Platinum ratio is also weighted far too heavily in favour of Gold at the moment. Platinum is usually a little more expensive than Gold, but at the moment Gold is trading at almost 1.7x the price of Platinum! For Platinum to reach “normal” levels again, this means that it would have to roughly double in price. Factor in the fact that Gold is rising in price now, and Platinum becomes another extraordinarily good investment!
Libra
I’m so sick of hearing about Zuck’s fake crypto – sooo sick of it. In THIS POST I already showed you why all the Libra hype is just that: hype – and nothing more. BUT, I’m glad that I’m hearing about it so much. I’m glad for the following reason:
Had Facebook been ready to launch Libra after their big announcement, then it would have been a different story. Even though it’s a stablecoin, I have no doubt that people would have flocked to Libra if it had been launched around the time that its whitepaper was published. People are very greedy creatures; when they hear big money names like “Facebook” in the same sentence as “currency”, then they race to grab whatever they can – like disgusting vultures flocking to a carcass. Only now there is nothing for them to flock to…
In the meantime, Facebook/Libra is getting its name dragged through the mud as regulators go after it from all angles. As I have said on many occasions: Private Blockchains are doomed to fail as cryptocurrencies – centralised blockchains go against all the principles that Satoshi built into blockchains by design – THEY CAN NOT WORK!
As things look bleaker and bleaker for Libra, the less informed public is starting to realise the faults of centralised crypto – and better still – they are realising the benefits of decentralised crypto. Every time the word “Libra” is spoken, it’s in an increasingly negative context. We may even get to the point that it becomes impossible for Zuck to launch his mega-shitcoin at all.
So let people keep speaking about Libra, let them get tired of hearing about it. The novelty value has already worn off, and I think that the more we hear about it now, the less of a big deal it will be if it ever does manage to launch.
NEO
and Ontology
Meanwhile in China: NEO and Ontology are cooperating with one another at a whole new level. Yesterday they announced their intention to jointly “build an open cross-chain platform and establish the foundation for next-gen Internet.” The focus seems to be in integration and on cross-chain interoperability. While the two chains were already closely linked, I believe that this will make them even stronger, a case of “the whole being greater then the sum of its parts”.
While we’re talking about China – I almost forgot: it seems that president Xi Jinping is slowly letting cryptocurrency legitimacy creep into his country, just as I have said he would in many of my posts. Xi is progressive and seeks to build his massive nation, something he probably knows he can’t do without embracing crypto technology. He’s taking small steps so as not to annoy the old guard, but the important thing is that he IS taking them!
This article “China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor” describes how the Hangzhou Internet Court declared Bitcoin to be “virtual property” yesterday. This is now the second such ruling in China – a move which I think will remove a lot of fear from the minds of potential Chinese Bitcoin investors. If the courts are willing to protect their Bitcoin as “property”, then they need not fear losing it.
I keep telling you: once the Chinese market really opens its wallets to crypto, it will be like nothing you’ve ever seen before.
I strongly suggest that you get your good Chinese altcoins at cheap prices while you still can! Coins like VeChain, Waltonchain, THEKEY and of course NEO (and ONT) can be had for next to nothing! Most of us missed the chance to buy $0.10 Microsoft, Google or Apple shares – well here are their modern day equivalents! Have you learnt your lesson yet?
Conclusion
All the main topics in this post today are things that I’ve invested in (except for Libra of course!) The purpose is not to get you to buy what I have and inflate the prices (I WISH I could control the prices of Gold or Bitcoin!), it’s to show you why I invest like I do, and to help you not to miss the opportunities that I think are potentially very rewarding. As always – DYOR – but that includes listening carefully to what Bit Brain has to say.
Have a great weekend everybody!
Yours in crypto (and other things) Bit Brain
All charts made by Bit Brain with TradingView
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
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.
Prior to earnings, the market makers were pricing in a $25 move in either direction. Two levels the chart suggested to pay attention to was the daily supply at $402 and the daily demand at $313.
After earnings, the stock price crated to the downside more than $35 or 10%. The reason price fell that much was because total streaming paid net additions came in at 2.7 million, below expectations of 5.06 million analysts expected. Netflix also lost 126,000 domestic paid subscribers versus an expected gain of 309,000.
The CEO, Reed Hastings attempted to calm investors down call saying the quarter was just a hiccup due to anticipated strong demand for a host of new original content. If you believe in Netflix and what Reed had to say, the price of Netflix is selling at a discount now as the chart suggests to buy at or near the daily demand at $313.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
One doesn’t have to be British to know the drama that’s been going on in England the last two years due to Brexit.
Even Richard Branson got into the mix stating that if England leaves the EU it would devastate his company and the British Pound. Richard believes if England leaves the EU, the British Pound is going to parity against the US dollar.
Let me throw a curve ball at you, what if the US and China never reach a trade deal? On Wednesday China urged the Trump administration to “make up its mind” about reaching a trade deal with Beijing and warning that additional tariffs could send negotiations further off track.
Not only will that hurt the British Pound, but the entire EU. Because the Japanese Yen is considered a safe haven currency, in times of geopolitical or financial turmoil, the Japanese Yen tends to gain against its peers.
The chart suggests to continue to short GBP/JPY at the daily supply at 135.75.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Bitcoin bounces $1,200 in an hour as bulls try to rally.
In today’s video we’ll discuss where price may be heading next, key areas to watch, I’ll answer your questions and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
If you found this post informative, please:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
United Rentals, Inc., through its subsidiaries, operates as an equipment rental company that services construction and industrial companies, by renting out backhoes, forklifts, earthmoving equipment, and material handling equipment, scissor lifts, crossing plates, line testing equipment for underground work, electrical distribution equipment, etc.
where I talked about, like Caterpillar, United Rentals is a great barometer of the economy. United Rentals their earnings report, United Rentals said they were still on target with the 2019 targets, however, the charts suggested to short the stock at the daily supply at $140.
Price did fall from the zone, but never hit the suggested target price. Yesterday, United Rentals announced their second quarter earnings reported profits above Wall Street expectations, but cut the top of their guidance range for the year. Because the supply level hasn’t been breached, the chart suggested to short price again, with a confirmation below the $128 level which served as support/resistance.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
A quick recap: In Part 1 we saw that Trump, while not a typical politician, is nonetheless turning on Bitcoin in order to protect that which he holds most dear: his horde of fiat money-based wealth. We saw that governments around the world have turned to age-old propaganda strategies to grab and hold onto power – the very same strategies developed and used by Joseph Goebbels to bring the Nazis to power in 1930s Germany, and to keep them there once in office.
We saw that Liberty – our very right to make our own choices such as “I want to use Bitcoin instead of USD” – is under threat. Today I want to elaborate a little on that threat and on how propaganda is being used to turn the population against its own liberties.
As with yesterday, I will not just be using my own words today. Once again I will stand on the shoulders of giants and borrow their words in the form of a series of quotes.
You are being lied to. We all are. America is a great example of this, so I will keep this post American in flavour (or should that be “flavor”? ), because the USA is an example which most of us can relate to.
As I have said before, it is disturbing to see that the US is STILL playing the “Russia = Communist = Enemy” card, a good three decades after the fall of the Berlin Wall. The USSR is long gone and Russia has been a democracy for decades; yet the old “Evil Communist Ruskies” narrative – which is ingrained deep into the psyche of the American populus – is still the go-to rhetoric used by politicians over and over again. What did Goebbels teach us in Part 1?
“THE ESSENCE OF PROPAGANDA CONSISTS IN WINNING PEOPLE OVER TO AN IDEA SO SINCERELY, SO VITALLY, THAT IN THE END THEY SUCCUMB TO IT UTTERLY AND CAN NEVER ESCAPE FROM IT.”
“…THE RANK AND FILE ARE USUALLY MUCH MORE PRIMITIVE THAN WE IMAGINE. PROPAGANDA MUST THEREFORE ALWAYS BE ESSENTIALLY SIMPLE AND REPETITIOUS.”
“THIS IS THE SECRET OF PROPAGANDA: THOSE WHO ARE TO BE PERSUADED BY IT SHOULD BE COMPLETELY IMMERSED IN THE IDEAS OF THE PROPAGANDA, WITHOUT EVER NOTICING THAT THEY ARE BEING IMMERSED IN IT.”
“THE ENGLISH FOLLOW THE PRINCIPLE THAT WHEN ONE LIES, IT SHOULD BE A BIG LIE, AND ONE SHOULD STICK TO IT.”
“IF YOU TELL A LIE LONG ENOUGH, IT BECOMES THE TRUTH.”
This is how the people of the USA continue to be led, or “misled”, if you prefer.
Because there will always be those intelligent enough to question the politicians and their mass media (their tool of manipulation), a defence mechanism has to be put in place. You can’t expect the politicians themselves to run around putting out fires, that sounds too much like hard work, and it could be dangerous if they miss a fire and it grows too big.
No, what they have done is to build a self-defence system into their propaganda; a clever system which is a diabolical as it is ingenious.
As much as the modern Politically Correct Liberals hate to hear this, as nations we tend to differ greatly from one another. We have various physical and mental traits which define us and differentiate us from each other. One of the traits which I admire the most in Americans is their patriotism. The average American is a patriot at heart – someone who loves their country and will readily defend it against attack or ridicule. Perversely, it is this good-intentioned patriotism that the government has re-purposed to serve their evil agenda. By portraying their own interests as “patriotic”, the politicians seek to squash any criticism of them as a ruling class. Therefore, anybody who shouts out against the rulers gets shot down by the crowd, because such a person is obviously “unpatriotic” or “anti-American” – the politicians don’t even have to lift a finger.
Of course, nothing could be further from the truth. Those speaking against the ruling class are those who can see through the lies, they are those who seek to make America better and who seek to preserve the liberty of the common man!
For this reason, today I will be focusing on patriotism and what is REALLY means – NOT what the politicians say it means!
Quotes:
That was a slightly lengthy, but necessary introduction. I hope that you are now in the right frame of mind to read these quotes which I have sourced for you. Let’s now take a look at patriotism, liberty, politics and a few related topics, as seen through the eyes of those who are well qualified to speak on these topics:
Let us begin with a stark reminder that we can’t just rest on our laurels and expect freedom to continue as a way of life:
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
~Thomas Jefferson
Jefferson remains my favourite US president of all time: a true visionary and a true patriot.
Many years later, Reagan echoed Jefferson’s words:
Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
~Ronald Reagan
It is clear that if you wish to live free, you must be prepared to continually fight for your freedom, for there will be a continuous stream of tyrants who would like to take it away and enslave you. The next two men quoted knew all too well what I’m talking about:
There is no easy walk to freedom anywhere, and many of us will have to pass through the valley of the shadow of death again and again before we reach the mountaintop of our desires.
~Nelson Mandela
Nobody can give you freedom. Nobody can give you equality or justice or anything. If you’re a man, you take it.
~Malcolm X
Lincoln was another one of the great American Presidents. Like Jefferson (and Bit Brain) he was a visionary who could see the path of the future long before it actually happened:
America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.
~Abraham Lincoln
The government does not seek to protect your liberty through its laws, it seeks to limit and restrain you. Just look at Bitcoin and crypto regulations in the US! Do those regulations really help you as a crypto investor, or do they hinder you? Is your government for you, or against you? Is it infringing on your liberties?
Liberty has never come from Government. Liberty has always come from the subjects of it. The history of liberty is a history of limitations of governmental power, not the increase of it.
~Woodrow Wilson
I speak out against representative democracies all the time, for they are “democracies” only in name. Since the majority of people have no actual say in the running of their countries, most modern democracies have decayed into socialism in democratic clothing. They preach “democracy” yet display socialism. Look at the quote below, then decide which you think America is today: Democratic or Socialist.
Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.
~Alexis de Tocqueville
Once again, Jefferson hits the nail right on the head:
Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add ‘within the limits of the law’ because law is often but the tyrant’s will, and always so when it violates the rights of the individual.
~Thomas Jefferson
CLEARLY something is VERY wrong with our modern “democracies”! For starters: they are no longer democratic!
You have no say in government. They do not listen to you! Voting is a voting designed to placate you through the illusion that you have a say. Try to change a law. Try to ignore a rule. See how much say you really have! Politicians dominate your life and make you live according to their rules! Is that how America was supposed to be?
Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.
~Abraham Lincoln
George Orwell criticised government hypocrisy when he spoke about the same topic in “Animal Farm”. In his book, the pigs (a parody of the ruling class) stated the following:
All animals are equal, but some animals are more equal than others.
~George Orwell
So do I have a point, or am I just some trouble-stirring, anti-American, unpatriotic communist? Let’s look at a few more quotes to find out:
Patriotism is supporting your country all the time, and your government when it deserves it.
~Mark Twain
You’re not supposed to be so blind with patriotism that you can’t face reality. Wrong is wrong, no matter who says it.
~Malcolm X
Patriotism consists not in waving the flag, but in striving that our country shall be righteous as well as strong.
~James Bryce
Guard against the impostures of pretended patriotism.
~George Washington
Who are the real patriots when government is corrupt: those speaking against them, or the brainwashed masses who have good intentions which have been horribly manipulated? He probably didn’t intend to, but modern day politician Joe Biden gave us the answer:
Fighting corruption is not just good governance. It’s self-defense. It’s patriotism.
~Joe Biden
But let’s steer away from modern politicians, they’re all far too much a part of the broken system. Let’s get back to the good old guys and the non-politicians:
I do this real moron thing, and it’s called thinking. And apparently I’m not a very good American because I like to form my own opinions.
~George Carlin
Remember, these are not internet bloggers, these words come from an American President!
Patriotism means to stand by the country. It does not mean to stand by the president or any other public official, save exactly to the degree in which he himself stands by the country. It is patriotic to support him insofar as he efficiently serves the country. It is unpatriotic not to oppose him to the exact extent that by inefficiency or otherwise he fails in his duty to stand by the country. In either event, it is unpatriotic not to tell the truth, whether about the president or anyone else.
~Theodore Roosevelt
Perhaps James Baldwin gave the best description of what patriotism really is:
I love America more than any other country in the world and, exactly for this reason, I insist on the right to criticize her perpetually.
~James Baldwin
… and Arthur Schopenhauer gave the best description of what it is not:
Every miserable fool who has nothing at all of which he can be proud, adopts as a last resource pride in the nation to which he belongs; he is ready and happy to defend all its faults and follies tooth and nail, thus reimbursing himself for his own inferiority.
~Arthur Schopenhauer
Indeed, I think that some of the more famous thinkers of their time misunderstood the issue of patriotism and how politicians manipulate it. They grew so bitter because of this that they sadly turned against patriotism altogether. They thought that the misguided masses were the patriots, missing the truth that the real patriots were not the masses supporting government, but rather the intelligent few opposing it:
You’ll never have a quiet world till you knock the patriotism out of the human race.
~George Bernard Shaw
Patriotism is the last refuge of a scoundrel.
~Samuel Johnson
Patriotism is the virtue of the vicious.
~Oscar Wilde
It’s very sad to see the level of frustration that those men were driven to.
So as not to end of a negative note, let’s look at two more quotes of those who properly understood patriotism:
The greatest patriotism is to tell your country when it is behaving dishonorably, foolishly, viciously.
~Julian Barnes
A patriot must always be ready to defend his country against his government.
~Edward Abbey
Conclusion
I hope that I have sufficiently illustrated the difference between patriotism and “patriotism”. I hope I have shown the difference between being against your government and being against your country. I hope I have shown that to best serve your country, you need to oppose those who seek to oppress you. I hope that I have shown that governments seek to remove your liberties and control you.
It is up to us: (you, me and all the other common folk) to stand up for what is right.Nobody is going to fight this fight for us!Government is Definitely not going to fight For us – they are the main problem!
It would be nice if we had a modern visionary to guide us: somebody who understands Liberty, Patriotism, Politics, Money and even Crypto; luckily for you, you have just such a mentor – you’re reading his blog right now. Mr Mentor tells you this with the utmost certainty: through cryptocurrencies and blockchain technology we can render governments obsolete. We can remove their power and the money supply which enables them. They can’t stop us unless we let them.
The time has come to fight. The time has come to fight for what is right, to fight for our rights!
Through crypto we can let liberty prevail – not governments.
I will be fighting this fight either until we are victorious, or until I draw my final breath. I hope to see you there fighting beside me.
In Elliott Wave terms, OGO began a wave one advance on July 4. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 8, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, OGO should be heading next towards the July 8 peak in the red wave three.
), because the USA is an example which most of us can relate to.
