The Shorts still around historic high. We continue to emphasize that this is weird with the prices at the low. It’s hard to accurately interpret this.
The ratio of Longs to Shorts is at an all time low, which means Shorts are overleveraged. But they are overleveraged at a point when the price of BTC is prime for a big drop. We are dealing with uncharted territory.
📌 The last two times we has such a Longs/Shorts ratio, Bitcoin doubled in price. But this time the situation is different, because we are in a bear market.
Stay cautious.
The ratio of Longs to Shorts is at an all time low, which means Shorts are overleveraged. But they are overleveraged at a point when the price of BTC is prime for a big drop. We are dealing with uncharted territory.
📌 The last two times we has such a Longs/Shorts ratio, Bitcoin doubled in price. But this time the situation is different, because we are in a bear market.
Stay cautious.
#BTC
Look at this giant triangle. Every time when we get to the bottom of the triangle, it gets completely defended, but sooner or later 6k zone will not hold the price.
SEC postponed ETF, short term became bullish. As we wrote on 14 Sep, there is possibility of going to 7k.
📌 In order to turn bullish mid term, we need weekly closing above previous swing high of 7450.
Look at this giant triangle. Every time when we get to the bottom of the triangle, it gets completely defended, but sooner or later 6k zone will not hold the price.
SEC postponed ETF, short term became bullish. As we wrote on 14 Sep, there is possibility of going to 7k.
📌 In order to turn bullish mid term, we need weekly closing above previous swing high of 7450.
CryptoBullet
$XRPUSD New Long Entry Start buying at 0.44 Add more #Ripple on dips: 0.4230 0.3600 0.2800 Mid Term Target: 0.5812 0.6799 For Long Term Targets check earlier chart
Guys, check up our XRP trading recommendation given on 11 July.
All buy targets triggered
Today XRP hit $0.8
Mid Term targets achieved ✅
All buy targets triggered
Today XRP hit $0.8
Mid Term targets achieved ✅
CryptoBullet
The Shorts still around historic high. We continue to emphasize that this is weird with the prices at the low. It’s hard to accurately interpret this. The ratio of Longs to Shorts is at an all time low, which means Shorts are overleveraged. But they are…
BTC Longs / Shorts ratio bottomed out and now nearing 1. Shorts have decreased significantly, so therefore it starting to favor lower prices. 7k is still maximum upside target if it even gets there.
Another stable coin.
Circle / Poloniex launched USDC, which is compliant with the ERC-20 standard.
What is important, USDC is Goldman Sachs backed stablecoin. So holding USDC may be safer then tether (on relative terms), because Goldman is an entity with multi billion balance sheet while Tether is a Black Swan event waiting to happen to this market anytime.
📌 The only reason to make a stable coin is to profit from managing the stable coin. Circle is charging 0.1% to redeem USDC token for dollars.
The more, the better. Less reliance on Tether makes us less vulnerable to its implosion.
Circle / Poloniex launched USDC, which is compliant with the ERC-20 standard.
What is important, USDC is Goldman Sachs backed stablecoin. So holding USDC may be safer then tether (on relative terms), because Goldman is an entity with multi billion balance sheet while Tether is a Black Swan event waiting to happen to this market anytime.
📌 The only reason to make a stable coin is to profit from managing the stable coin. Circle is charging 0.1% to redeem USDC token for dollars.
The more, the better. Less reliance on Tether makes us less vulnerable to its implosion.
CryptoBullet
Updated ratings of blockchain projects by Chinese government. EOS was ranked as the top blockchain network once again. Ethereum was given the second slot. Bitcoin climbed from 16th to 10th place.
Updated ratings of blockchain projects by Chinese government.
EOS stays at the top of the list, followed by Ethereum, and then Bitshares. BTC was downgraded from the 10th place to the 16th place.
EOS stays at the top of the list, followed by Ethereum, and then Bitshares. BTC was downgraded from the 10th place to the 16th place.
#BTC: things are getting really exciting
The Bollinger Bands are starting to contract. Also notice how on this entire bear run we got rejected by the middle of the Bollinger Bands several times and now we might be rejecting without even making it into the moving average.
On the weekly timeframe we still have a descending triangle. Such ones usually get broken to the downside (70% probability) rather than to the upside. The outcome of the triangle is very nasty. You can see the targets on the chart in case of breakdown.
❗️Bouncing off the 6k for so many times is not bullish. People get comfortable with the 6500 price of Bitcoin and eventually they just sell because they start to get nervous that it’s creeping lower & lower.
Can we go up? Everything can happen but statistically speaking this is going to break down. We can go up as high as 7k and even a bit higher, but the outlook is still bearish.
📌 In order to turn bullish mid term, we need weekly closing above previous swing high of 7450.
Notice how the volatility has slowed down. A big move is very likely near.
📌 What’s interesting, huge amounts of Tether are transferred to Bitfinex. Someone wants either to pump BTC with it or to buy the future panic sell.
BTC doesn't have long to choose it's path. Stay cautious, guys, especially this week.
The Bollinger Bands are starting to contract. Also notice how on this entire bear run we got rejected by the middle of the Bollinger Bands several times and now we might be rejecting without even making it into the moving average.
On the weekly timeframe we still have a descending triangle. Such ones usually get broken to the downside (70% probability) rather than to the upside. The outcome of the triangle is very nasty. You can see the targets on the chart in case of breakdown.
❗️Bouncing off the 6k for so many times is not bullish. People get comfortable with the 6500 price of Bitcoin and eventually they just sell because they start to get nervous that it’s creeping lower & lower.
Can we go up? Everything can happen but statistically speaking this is going to break down. We can go up as high as 7k and even a bit higher, but the outlook is still bearish.
📌 In order to turn bullish mid term, we need weekly closing above previous swing high of 7450.
Notice how the volatility has slowed down. A big move is very likely near.
📌 What’s interesting, huge amounts of Tether are transferred to Bitfinex. Someone wants either to pump BTC with it or to buy the future panic sell.
BTC doesn't have long to choose it's path. Stay cautious, guys, especially this week.
Interesting results from the Fundstrat survey on the current state of Crypto.
Survey Says: Institutions are bullish and that likely Bitcoin bottom is in. Remarkably that Institutions are more bullish than the crowd.
Here are some important facts:
Fact 1: Smart Money doesn't share honest opinions or strategy when it comes to the market.
Fact 2: The majority is always wrong.
Actually the poll results say that Bitcoin falls in a recession & that BTCUSD will not bottom soon.
📌Don't allow this survey to cloud your judgment.
Survey Says: Institutions are bullish and that likely Bitcoin bottom is in. Remarkably that Institutions are more bullish than the crowd.
Here are some important facts:
Fact 1: Smart Money doesn't share honest opinions or strategy when it comes to the market.
Fact 2: The majority is always wrong.
Actually the poll results say that Bitcoin falls in a recession & that BTCUSD will not bottom soon.
📌Don't allow this survey to cloud your judgment.
The bitcoin price finally moved, but pay attention to the Stock Market crash that could not help but affect crypto market.
📌The Federal Reserve is undergoing a major change, and the market is having a fit.
[ The Fed has raised interest rates three times this year and is largely expected to hike once more in December. ]
Fears about rapidly rising rates helped cause the Dow Jones Industrial Average, S&P 500 to drop by more than 3%. NASDAQ decreased by more than 6%.
📌The Federal Reserve is undergoing a major change, and the market is having a fit.
[ The Fed has raised interest rates three times this year and is largely expected to hike once more in December. ]
Fears about rapidly rising rates helped cause the Dow Jones Industrial Average, S&P 500 to drop by more than 3%. NASDAQ decreased by more than 6%.
CryptoBullet
Another stable coin. Circle / Poloniex launched USDC, which is compliant with the ERC-20 standard. What is important, USDC is Goldman Sachs backed stablecoin. So holding USDC may be safer then tether (on relative terms), because Goldman is an entity with…
❗️Guys, seems like Tether collapse is underway. May be it’s overdone but it’s better to be safe than sorry.
📌Recently Binance started offering PAXUSDT Pair, Poloniex offers USDC + Circle stable coin. A bunch of stable coins were offered and that is not for nothing.
Please, read the referred post, we wrote that Tether is a Black Swan Event waiting to implode. Hope you stayed cautious with Tether and diversified.
📌Recently Binance started offering PAXUSDT Pair, Poloniex offers USDC + Circle stable coin. A bunch of stable coins were offered and that is not for nothing.
Please, read the referred post, we wrote that Tether is a Black Swan Event waiting to implode. Hope you stayed cautious with Tether and diversified.
#BTC
📌From a technical perspective nothing has really changed on fiat US dollar exchanges. We are still within the triangle, we did not even hit the 30-week MA. Got rejected by the top of the triangle & middle of Bollinger Bands. There always was a probability of going to the top of the triangle (~7k). The bearish picture is not invalidated.
✔️Notice how Bollinger Bands continue to tighten. Volume is declining which is not a bullish sign.
📌From a fundamental perspective the implosion of Tether alters the future of Bitcoin. News events like this maybe short term positive for Bitcoin.
There are a lot of people with a lot of money to gain from tether destabilization.
❗️Don‘t let rumors & market manipulation confuse you and make you panic. The worst thing you can do as a trader is to make a rush decision.
📍 BTC Important Dates:
17 Oct: CBOE XBT Expiration Date
26 Oct: CME Oct Last Trade
📌From a technical perspective nothing has really changed on fiat US dollar exchanges. We are still within the triangle, we did not even hit the 30-week MA. Got rejected by the top of the triangle & middle of Bollinger Bands. There always was a probability of going to the top of the triangle (~7k). The bearish picture is not invalidated.
✔️Notice how Bollinger Bands continue to tighten. Volume is declining which is not a bullish sign.
📌From a fundamental perspective the implosion of Tether alters the future of Bitcoin. News events like this maybe short term positive for Bitcoin.
There are a lot of people with a lot of money to gain from tether destabilization.
❗️Don‘t let rumors & market manipulation confuse you and make you panic. The worst thing you can do as a trader is to make a rush decision.
📍 BTC Important Dates:
17 Oct: CBOE XBT Expiration Date
26 Oct: CME Oct Last Trade
Seems like the panic in Tether is coming to an end.
[ On the chart: Bitfinex btcusd / Bitstamp btcusd ]
📌The last couple of times the price on Bitfinex spiked so high above Bitstamp, it corrected in the opposite direction.
But nevertheless, it is definitely a risk, why use USDT when you can trade pairs with USD. The only non risk stable money is fiat.
[ On the chart: Bitfinex btcusd / Bitstamp btcusd ]
📌The last couple of times the price on Bitfinex spiked so high above Bitstamp, it corrected in the opposite direction.
But nevertheless, it is definitely a risk, why use USDT when you can trade pairs with USD. The only non risk stable money is fiat.
💭 Some analysts see the beginning of a new bull run in launching Bakkt and Fidelity’s new crypto platform for institutional investors.
Challenge your thinking: "Bakkt & Fidelity's platform will get institutional investors to buy"
This thought assumes that institutions are going to buy the bags of retail investors.
Fundamentally, this is not how it works. Smart Money accumulates bottom & sells to retail investors on the way up.
🔴 If these events were gonna turn the bear market into a bull market, they would have done it by now.
These are potentially good in the long term, they are very good from the regulatory perspective & make BTC more credible, which will help to bring a new wave of capital into crypto. They are good fundamental factors for sure, but it may take more than some good news to reverse the market.
📌 Bear markets happen because the last buyer has bought & Bull markets happen because the last seller has sold.
We don't see the last seller selling yet.
Challenge your thinking: "Bakkt & Fidelity's platform will get institutional investors to buy"
This thought assumes that institutions are going to buy the bags of retail investors.
Fundamentally, this is not how it works. Smart Money accumulates bottom & sells to retail investors on the way up.
🔴 If these events were gonna turn the bear market into a bull market, they would have done it by now.
These are potentially good in the long term, they are very good from the regulatory perspective & make BTC more credible, which will help to bring a new wave of capital into crypto. They are good fundamental factors for sure, but it may take more than some good news to reverse the market.
📌 Bear markets happen because the last buyer has bought & Bull markets happen because the last seller has sold.
We don't see the last seller selling yet.
Eventually some news concerning Tether: 500m USDT to be destroyed.
What does it mean? The difference in price between USDT exchanges (Bitfinex, Binance, Bittrex..) and fiat US dollar exchanges (for instance Bitstamp) will be reduced.
https://tether.to/upcoming-usdt-redemption-october-24th-2018/
What does it mean? The difference in price between USDT exchanges (Bitfinex, Binance, Bittrex..) and fiat US dollar exchanges (for instance Bitstamp) will be reduced.
https://tether.to/upcoming-usdt-redemption-october-24th-2018/
Some news from China 🇨🇳: Local merchants are Legally Allowed to Accept Bitcoin and Crypto
https://www.newsbtc.com/2018/10/26/china-hasnt-banned-bitcoin-shenzhen-court-permits-crypto-transactions/
📌This move isn’t likely to jumpstart China’s second drive for widespread cryptocurrency adoption, this unexpected ruling from Shenzhen’s International Arbitration Court indicates that hope isn’t lost for local Bitcoin fanatics.
https://www.newsbtc.com/2018/10/26/china-hasnt-banned-bitcoin-shenzhen-court-permits-crypto-transactions/
📌This move isn’t likely to jumpstart China’s second drive for widespread cryptocurrency adoption, this unexpected ruling from Shenzhen’s International Arbitration Court indicates that hope isn’t lost for local Bitcoin fanatics.
NewsBTC
China Hasn’t Banned Bitcoin: Shenzhen Court Permits Crypto Transactions
A Shenzhen-based court in one of China's SEZs has just ruled that transacting and holding Bitcoin isn't illegal, adding that BTC produces "economic value."
🎉Happy 10th Birthday Bitcoin. Can’t wait to see what the next 10 years brings.
We believe next ten years of Bitcoin will bring more awareness and usage to #Bitcoin, #Cryptocurrency and #Blockchain and mass adoption of #Blockchain in almost all spheres of life.
From the Bitcoin White Paper: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”
📌 To note:
Bitcoin: a digital currency with limited and known supply, no borders, and no central group controlling it.
US Dollar: a digital currency with unlimited and unknown supply, border restrictions, and controlled by a banking cabal.
What's in your wallet?
We believe next ten years of Bitcoin will bring more awareness and usage to #Bitcoin, #Cryptocurrency and #Blockchain and mass adoption of #Blockchain in almost all spheres of life.
From the Bitcoin White Paper: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”
📌 To note:
Bitcoin: a digital currency with limited and known supply, no borders, and no central group controlling it.
US Dollar: a digital currency with unlimited and unknown supply, border restrictions, and controlled by a banking cabal.
What's in your wallet?
BTC: Big Picture
The monthly chart is really important since moment of truth approaching.
[ The Trend Lines 1, 2 and 3 are the trend lines that supported the market ]
💡Look how we broke exponential off the Trend Line every time, went back to it and broke down. The prior two times we could not get above the Trend Line and we certainly broke below the line that kicked off the bull market. So, this time around it may not be different.
📌 If this month we fall below 6k, we are supposed to bounce off the important zone, where we have the combination of 0.764 Fib, 30 Month MA & Trend Line 3.
The monthly chart is really important since moment of truth approaching.
[ The Trend Lines 1, 2 and 3 are the trend lines that supported the market ]
💡Look how we broke exponential off the Trend Line every time, went back to it and broke down. The prior two times we could not get above the Trend Line and we certainly broke below the line that kicked off the bull market. So, this time around it may not be different.
📌 If this month we fall below 6k, we are supposed to bounce off the important zone, where we have the combination of 0.764 Fib, 30 Month MA & Trend Line 3.
