As I wrote before, everything seems to indicate a 3-3-5 Flat Correction and I don’t like the “shape” of this chart at all… even more when I see a very ugly H&S pattern in formation right now…
Volume keeps falling and the 11300 USD resistance is acting strongly as so, there is a lot of selling pressure at that level.
I am keeping the 9400 USD support as a good one historically but the H&S pattern is pointing 8800 USD as a target if BITCOIN falls below 11000 USD right now…both levels should be good enough for BITCOIN to rebound and reach new highs.
Regarding the expected “altcoin Season”
The total 24-hours trading Volume is currently at 60 Billion, 20 Billion ascribed to Tether and 20 Billions to Bitcoin, the rest is divided among the others top 100 altcoins….
This proportion of 33% for Tether and 33% to Bitcoin is almost constant…what means is that there is no altcoin season for the moment but only BITCOIN and USDT accumulation.
The future scenario of the whole market is now on play.
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, Elrond began a wave one advance on July 4. The red wave one finished on July 4, and the red wave two correction ended on July 11. If this wave count is correct, Elrond should be heading next towards the July 4 peak in the red wave three.
ZEC seen from the temporality of 1D we can see how the price maintains an uptrend, the structure is forming a diagonal leading, one of my favorite setup bullish, the price in its retreat is managing to stay above the second minimum of this formation, I have drawn a blue diagonal as confirmation, if the price manages to close above the key support located in the 90.86 and stay above the diagonal, the odds of a next bullish move are very high, if all goes well, in the chart above I have pointed out our target within a blue rectangle located in the price range of 176.68 – 182.62.
ZEC seen from the temporality of 4H we can observe more closely the current movement, we see how the price is recovering after the strong backward movement that had not only ZEC if not all the alts market in general, the price in 4H shows oversold and begins to show bullish divergence, the formation is of an inverted SHS, the most bullish setup, I have traced in the image above the possible trajectory that should follow the price after closing above the key support, we should see a bullish movement that reaches the level of important offer located in the 105.93, after this movement the price should form a higher minimum to have confirmation of a much larger bullish movement, as suggested by the trajectory I have drawn in the chart.
In conclusion, ZEC maintains a high value bullish setup, the price has managed to find demand close to an important level, to get the daily candle close above 90.86, the upside probabilities will be very high, a retracement below 75 would invalidate the pattern, currently the price is at 91 but with good momentum that could be enough to claim support and continue to rise, however, the whole zone between the price range of 90 – 75 is in demand and is valid to maintain a bullish setup, I therefore recommend to be very attentive to the closing of the daily candle and wait for confirmation, fortunately, the BTC remains above 11141 and I see it with many possibilities to continue to rise in both 1D and H4, even so do not neglect your operations.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
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
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I am keeping observing and following up this chart.
3 lines confining the move right now and I do not find a probable bull pattern but a Flat correction if the volume does not help us.
At the 4-hour chart the most realistic count in my opinion claims for 5 waves down towards 9400 USD support.
(C) must be lower than (A) and this last touched the 9700 USD so I think 9400 may be a good ground to rebound on.
In order to keep a Bullish continuation, BITCOIN should move from that level upper than the higher high of the year, almost around 14000 USD…
Will see what happens in the coming days, if we keep ranging, falling further or finally ending the correction…
The future scenario of the whole market is now on play.
@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.
I put WD-40 up there almost with water and air, meaning it’s something we take for granted, but can’t live without it. It has infinite uses, from cleaning cleaning tiles, to softening leather, to free struck legos, to getting rid of rust, is the real utility knife. Just look at the more than 2000 uses of WD-40.
WD-40’s stock had its best day in more than six years Wednesday after it said customers stockpiled the product ahead of a price increase.
The chemical manufacturer reported third quarter-earnings late Tuesday that beat expectations. Sales rose 7% to $114 million for the quarter, which the company said was bolstered by especially strong North American sales as customers stocked up on their grease and cleaning products. The company’s shares were up 8.6% Wednesday.
WD-40 (WDFC) CEO Garry Ridge said in a release that its North American customers were “buying high volumes of product in advance of our planned price increases in the region.” WD-40 announced it was hiking prices a year ago. It hiked prices predominantly because of rising commodity prices, although steel and aluminum tariffs had raised its canning costs somewhat as well.
Ridge said on a call with analysts that the company doesn’t expect any additional price increases this year. He said that it has felt “some residual impact of tariffs,” but the price increase for its can are “somewhat coincident with the timing of tariffs.”
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.
Brexit is an abbreviation for “British exit,” referring to the U.K.’s decision in a June 23, 2016 referendum to leave the European Union (EU). The process of Britain staying or not staying in the EU has been entertaining to say the least. Former Prime Minister David Cameron, who campaigned for Britain to remain in the EU, announced his resignation the following day. Then Theresa May, who replaced Cameron, stepped down in June after facing severe pressure to resign.
It’s been pretty quiet since June, maybe because the new Brexit deadline is late October 31, 2019. However, Richard Branson, the billionaire had something to say about Brexit today.
Branson told the BBC that a hard Brexit would be “devastating” for Virgin and would lead the group to invest outside the U.K. Virgin Atlantic would lose $125 million (£100 million) of air freight contracts from Europe, after having already seen its costs rise by $125 million (£100 million) after the pound slumped in value following the 2016 referendum.
“The pound was at $1.53 when the referendum took place. The pound today it is at $1.22, $1.23, and the pound will collapse to parity with the dollar if there is a hard Brexit,” said Branson.
Branson’s comments came as the British currency plunged to a two-year low of $1.24 against the dollar earlier this week. The pound has fallen in recent months over concerns about the health of the U.K. economy and the prospect that Boris Johnson, who has argued for no-deal Brexit, will become the U.K.’s next prime minister.
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!
Please click the link below to listen to the 45th episode of my weekly crypto podcast ‘Two Minute Crypto.’ These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Consider dropping a like and or a review on iTunes or Podbean if you enjoy the podcast. Comments and critiques welcome.
Two Minute Crypto – Key Concepts 6 – Smart Contracts
Welcome to Two Minute Crypto -today examines another key concept in crypto – Smart Contracts. As usual, an attempt is made to eliminate the use of jargon and to break down concepts into the simplest possible terms. These explanations are intended to form the basis of a sound introduction into the world of blockchain and cryptocurrency. Shades of gray and differences of degree (for example slightly varying implementations of smart contracts across different crypto projects) are put to one side in the interests of clarity.
What is a Smart Contract?
A smart contract is really as it seems – it is a digital version of a binding agreement between two or more parties that carries itself out or executes automatically based on real-world information it receives. It is a contract as code – the parties involved first draw up the terms of their agreement usually for the purpose of doing business and these terms are coded into the contract.
Once written into the agreement the conditions of the contract become automated. The agreement in its digital form does not require the supervision of the parties it covers. In very simple terms the digital agreement works in an A-B manner – If A then action B. It can be as simple as one action performed once such as a payment on delivery of an agreed-upon sum or as complex as many thousands of intertwined actions through time.
Once drafted and agreed upon the digital contract cannot be altered by any outside party. Any attempt to edit the agreement would involve all the parties who originally created the agreement and it could not simply be changed by one side. As the contract is decentralized or distributed it is, therefore, free from centralized control – it cannot be hidden or removed from public view – it is on a blockchain and can be inspected by anyone. The digital agreement will remain in place until the terms that govern it are fulfilled.
To give a practical example -two companies wish to do business. They do not need to trust each other. They simply draft a smart contract, agree the terms and conditions, place the necessary funds in the contract and from that point conduct their transaction.
If the agreement is for the delivery of a product in a certain quantity and quality by a certain date – the funds for that product will not be released until the 3 criteria of the agreement have been met – quantity/quality and delivery. However, if these criteria are met – the producer is guaranteed to be paid. The other party cannot renege on the agreement as the funds are locked up in the contract.
A smart contract requires an interface with the outside world in order to gather the data to allow it to confirm or deny the information it requires in order to execute. The next instalment of the Key Concepts series will focus on these sources of information or Oracles as they are known.
The key benefits of smart contracts are the ability to conduct some form of transaction without the requirement of trust between the people involved and the automation of that process.
Smart contracts just like paper versions need to be carefully checked or audited as bugs or coding errors can result in a loss of access to funds or expose the contract to being hacked.
Thanks for listening.
Resources
What Are Smart Contracts? [Ultimate Beginner’s Guide to Smart …
