DEMON DROP: Bitcoin Rides 4-Hour Candle To Weekly Lows; ‘Caution’ Is The Word Of The Day

Bitcoin overnight (US CST) trading broke down with high velocity, as a downside break finally occurred. 

Downside protection kicked in to stop at a recommended 6520, saving even more losses from the carnage to those who follow Rogue Analysis.

Price action held the long-term bearish upper trend line well, with a hard bounce using it as support yesterday, however, failed to do so in the overnight session. 

BTC downside broke this trend line in only one 4-hour candle and closed almost 300 points down. This downdraft included two key items, one of which is still active. 

The next support level down at 6400 was broken before BTC made it’s way to 6250, a major pivotal area that has held the higher low for BTC in the longer term picture.

Now testing that same area, 6250 is the key level to watch. So far, BTC has maintained it well with a zero break (measured by candle open/close*). Additionally, a break of this level will likely follow with BTC seeking out the 5200 level which coincides with the bearish trend bottom side.

Stochastic mid-term now seeks the oversold region with added volatility while the daily scale is absolutely negative. MACD momentum remains negative and gives sell signals across the board.

BTC is currently a Sell/No Play (6520 was last stop point).

Futures Traders – trade the trend. The short-term trend is currently Short.

Tron ‘Secret Announcement’ Wasn’t A Disappointment, It Was A Road Map To A Decentralized/Tokenized World

The collective groan of Tron fans seemed to drown out satisfied observers of the ‘secret announcement’ late last night from Justin Sun and the Tron team. Observers were expecting the ‘secret’ portion of the announcement to pack a bit more punch than it did and found themselves discouraged and took to social media to either console themselves or complain about what they didn’t hear.

But there was a significant amount of ‘protein’ to the announcement that didn’t need to rise to the level of it being ‘secret’ in any way – and that may have been missed by the masses. Take a quick look at some highlights from the feed itself:

  1. TRON Virtual Machine (TVM): TVM is a lightweight, Turing complete virtual machine devised for the development of TRON’s ecosystem. TVM aims at providing millions of global developers with a custom-built system for blockchain that is efficient, developer-friendly, stable, secure and easy to optimize.
  2. TRON mainnet has been running smoothly. As of 10:00 on July 30th, 2018, SGT, the block height reached 1,005,756, the peak number of single day transaction marked 49,518, global nodes reached 362 and the total number of account address was 74,112.
  3. More than 40 mainstream exchanges including Binance, Bittrex, Bitfinex, Upbit, Huobi and OKEx have completed the token migration from ERC20 token to TRON’s mainnet TRX without any financial loss of the user.
  4. There are a total of 92,424,664,154.355837 ERC20 Tokens burnt, accounting for 92.42% of the total issued. Before the migration is completed, the remaining ERC20 tokens will remain valid for exchange at Binance and Gate.io.
  5. The TRON network will serve as the underlying protocol of Project Atlas. Hundreds of millions of BT users across the globe will become part of the TRON ecosystem. BT will be the largest application on the TRON network, which will allow TRON to surpass Ethereum on daily transactions and become the most influential public blockchain in the world.
  6. Lucien, CTO or Tron, stated: the launch of TVM is a historic moment for TRON, a new chapter of TRON’s DApp ecosystem. TVM is compatible with EVM, and allows DApp developers on EVM to migrate to TVM, almost for free.

So, in spite of crypto twitter’s dissatisfaction with the ‘secret’ announcement, it seems that there is an incredible amount of ‘next-gen’ value in the announcement itself and work being done by Tron. While the TVM (Tron Virtual Machine) was previously known, the scope and scale of its use and capabilities were not. That alone is of incredible importance.

Mainnet, exchanges, ERC20 burns, lack of disruption to $TRX, Project Atlas, BitTorrent integration, the Tron Dapp system and its compatibility with other networks. All of which tells a larger story that Justin Sun isn’t lacking in ideas, execution, and a vision for what ‘Internet 3.0’ could and should be.

If that doesn’t fire you up, then maybe wait until the next announcement. ;)