Bitcoin Holds Support At 6,000, But Technicals Look And Feel Sluggish

Bitcoin has continued to trend down with the slowdown of the fallout apparent in the last twenty-four hours or so. As BTC broke bounds by snapping the 6400 support area, it also managed to maintain the longer-term major support area at 6k flat. This was also shown yesterday on the same daily scale as there was previously a pivot at around 6300. However, this hasn’t quite been the case on the daily close* level. The previous candle close on this scale was 6249, a mere 51 points away from the 6300 level. As close as this was, this shows a sign of BTC attempting to hold that pivot zone and thus far it maintains a close distance with current price trading at about 6259 – matched with ultra-low volatility for the day.

Rogue* Wave Analysis shows that the continuation of the downtrend is still in effect on the daily scale, however, the mid-scale 4-hour chart shows an attempt at this time for BTC to retrace at least some of the losses. This indicates an attempt to hold the major 6k support level as well. This is also coupled with the fact that price is set to meet the MA(moving average) line on the mid-scale. With the trend still down, there needs to be a high followed by a higher low* in order to bring down risk and factor in a possible entry.
Stochastic levels daily show a bottoming attempt as oversold(<20) levels are sought out. Matched with a 6k support hold, this would optimally be a solid daily pivot level.
MACD momentum is still negative with a cross in sight and brings continued awareness that BTC still seeks additional lows. Look for a pivot with the higher low to confirm any entrance to the market.
BTC is currently a No Play.
Futures Traders- trade the trend. The short-term trend is currently short with low volatility. Use the 5-15 minute candle scales to base decisions.

Verge Rumors Swirl Regarding Timing Of XVG Debit Cards And New Partners

After Litecoin and TokenPay made their announcements earlier the Verge community began to speculate about the timing of their own debit card initiative. The Verge team even passively made mention of the incoming payment platform and seemed to bless its imminence.

 

The Verge team has never, ever been shy about potential partnerships. (**wink, wink**) So this particular post makes it clear that an announcement of an announcement could be in the offing. In fact, one could call the above tweet a pre-announcement of an announcement of sorts.

We did a little bit of digging with a couple of Verge sources and this much we can tell you. We don’t have a date, we don’t have confirmation of specific partners (other than the obvious TokenPay tie-in), and we don’t have secondary confirmation of the info that we did get from those sources.

But this is what we got: both sources believe that the Verge debit card will be rolled out before the end of September. That could mean tomorrow, late August, or all the way up to the last day in September. But both were adamant that by the end of September there would be a branded Verge debit card available to the masses and $XVG bag holders.

Both sources also classified the tweet today as a “strategic and cryptic tease for what is to come”, and know who approved the messaging within it.

As far as new partnership announcements to coincide with the debit card launch – we got silence in return. Take that however you want…either they don’t want to tell us, or nothing is planned.

TokenPay, as a Verge partner, will play a central role with any debit card product and handle all of the transaction volumes as well. They are a trusted vendor (the only?) in this space and continue to rack up partnerships of their own. The Verge team trusts them implicitly.

Bottom line – the Verge tweet is simply a harbinger of what insiders speculate is a September announcement of their own debit card; which will function much like the Litecoin product.

Ethereum Remains A Technical Mystery; ‘Chop’ Makes For Difficult Setup

Ethereum experienced a lot of chop these past two days in trading and our call yesterday to short the bounce has not yielded the desired results/targets. We are still very much in chop territory so entering into any position before a break of upside or downside can be seen as extremely risky. The question now is was that all downside ETH had to give.

Before we dive into the H1 chart I want to make note of the H4 STOCH pivoting right in the center of the graph which could spell trouble for both sides if on the wrong side. So now lets dive into the H1 chart and make note of certain things. First thing I see is we have lost a crucial support but we still hold the swing low.
H1 STOCH is bottomed out but we know that does not mean much as we can run sideways for some time. In order to ensure the bear case, we must let STOCH ride up but let price stay below STOP. If we get that I am one to say we need one more push down to break this low and find better support at 420. So with this set up we will look to SHORT the bounce (risky because it will be within the chop) and look to close at around 420.
The bullish case is that we may have formed a sort of a double bottom bull divergence if you will accept that as a double bottom. I am one to say it is not but it is something to be extremely aware of if going short. If it does turn out to be a BULL div then look for a 3 wave pattern into the opposite direction and look to short near the top.

STOPPED OUT! Bitcoin Bounces Below 6,400 Resistance Level, Seeks Fresh Lows

Bitcoin struggles once again as the fallout continues with today’s trading stopping out many. With BTC now trading at about 6185, there is no denying that the 6400 mark is not going to hold as support any time soon. The struggle of BTC to maintain that levels came and went, and now BTC’s primary objective is to hold 6k flat as support. This will also be quite difficult as BTC’s downward projected path has been laid out by Rogue* Calculation not only for weeks now but months ago. The 5800 target level was solidified as a long-term trend target. The long-term bottom trend line additionally stands at about 5500 is price continues beyond the 5800 mark.

Realistically, there is also the possibility (as shown in the daily chart) that BTC could maintain price for a pivot. This would mean BTC holding 6300, which is the price point the last major pivot occurred within the oval trend. This would create an inverse head-and-shoulders pattern of sorts. However, the possibility of this rests on today’s close being above this level. This brings the probability to low levels. What is next for BTC is far more important in terms of support.
Support and Resistance Levels stand at 6k/5600/5200/4800. This is why yesterday’s analysis spoke about the long-term possibility of 4750, a shy away from 4800. This calculation would also see the long-term trend continuing in a quick fashion.
Stochastic readings continue to falter as they seek oversold(<20) levels daily.
MACD shows negative momentum with a cross at bay.
BTC is currently a No Play – Needs support to slow sell-off.
Futures Traders-trade the trend. The short-term trend is short.

ROBINHOOD: “We’ve added Litecoin and Bitcoin Cash to our crypto trading platform…”

Robinhood keeps expanding at a pace that even its biggest fans haven’t predicted. Not only has its valuation continued to skyrocket (currently stands at $5.6B), but their ‘cost free’ crypto trading platform is bringing in millions of new users, even as the bear market in cryptos rages.

And now this – Robinhood has announced even more crypto brands have been added for crypto enthusiasts to trade.

The company said in an announcement on Thursday that Litecoin and Bitcoin Cash have been added for Robinhood Crypto users following strong demand from customers for crypto assets beyond the current options of bitcoin and ethereum.

As part of the announcement, Robinhood also claimed it now has over 5 million users on the platform following the expansion of its crypto trading service to 17 U.S. states.

The company’s co-founder and co-CEO Baiju Bhatt previously said he expects Robinhood Crypto to be able to cover the entire U.S. by the end of 2018 as part of a plan to become one of the largest cryptocurrency platforms.

It all adds up to one of the biggest retail threats to Coinbase as the dominant crypto brand in the United States. Coinbase’s issues with customer complaints have been well documented here, and Robinhood continues to push into the space and steal market share.

We’ve heard rumors that Coinbase is pushing into the institutional space (GDAX/Coinbase Pro) because they are getting their teeth kicked in on the retail side of their business. In other words, Robinhood is crushing them and their margins.

Expect that to continue and for Robinhood to keep pressing the envelope in this space. We also expect them to further develop their lending platform and margin business. Frankly, the crypto space is tailormade for those two business lines.

Oh, and it doesn’t hurt that Robinhood is currently a media darling. While Coinbase manufactures public relations hits, Robinhood’s organic coverage is lapped up by the financial media. Will be very interesting to see where these two firms stand a year from now.

Ethereum Technical Weakness Continues; Short Trade Seems To Be The Only Play

Ethereum has been trending down in the last 24 hours and I called for a short set up near 450 but as we can see, we still have not met that. I assumed we would touch our zone before H1 BULL DIV formed but looks like BULLS needed extra help. The wave 5 target was also not met as we did not reach 414 but all is well if you sat on your hands and did not enter.

 

Now we must find out what does ETH want to tell us today.

 

Diving into the H1 charts we notice some things have given a clearer picture and overall very good set up if my TA is correct. We have finished a 5 wave move own as we had confirmation of trend reversal given H1 BULL that formed overnight.
Now we are looking for a 3 wave move into the opposite direction that will then be accompanied by another 5 or 3 wave move down. So for this set up, I want to go short near the .5 retrace of the previous downward move. In order for our entries to be met ETH must sustain H1 support while letting H1 STOCH pivot.
I have specific targets shown for points where I think we can make an immediate turn, you can see a ladder tech used in the red zone. Targets are also staying the same for the SHORT term. A stop is the same as I think a close of that zone will trigger some people to flip positions.
Remember to always practice good risk management and not every trade is the trade.

Bitcoin Technicals Desperately Search For Support, Next Level Down Could Touch 6,000

Bitcoin has made no progress in its path to seek out 6400 resistance once again to create support. As BTC currently trades in the mid 6300 range, there has been virtually no change with extremely low volatility in the last day. This is highly unusual once again after such a big drop, and as the hourly chart seems to show, there is an attempt to now retrace some of the losses. The focus, however, should be shifted a bit to the longer-term as we are now able to see some crucial points in price action.

Looking at the daily chart(shown), BTC is clear in its overall path and downtrend continuation at the moment. This exact chart was presented over two months ago as BTC retraced to the upside over the long term. Now looking at the same chart with no alterations, it can be seen that BTC maintains exact momentum as it now struggles to break the 6800 line on that longer-term scale.
After BTC challenged this area twice as support with the last time in early April, the downside break of the 6800 line led to it being used as hard resistance. The last time BTC challenged it as resistance was mid-June, then just a few days ago. Both instances showed a hard bounce, and it seems that BTC is now struggling to maintain the 6400 area. This makes things all the more interesting, as 6k has been the total downside target for months now as shown, and if a break occurs below that 6k area, the second target below at 4750 could occur. Additionally, looking at the pattern, the 6800 challenge here recently would likely be seen as a minor double-top hitting resistance.
Stochastic readings daily are also taking a dive to seek lower levels in the oversold region(<20) once again.
MACD shows a slowing in positive momentum, so watch carefully.
BTC needs support desperately, next level down at 6k flat.
BTC is currently a no play.
Futures Traders- Trade the Trend. The short-term trend is down, however price action has been sideways with low volatility for over 24 hours. No trade – until trend continuation or reversal short-term is confirmed(breakout) to lower risk.

BUSTED! Ian Balina Was Never Hacked; Receives Tokens In Ether Wallet He Claims Was Compromised

Sometimes, in crypto twitter, you shake your head and proclaim “you couldn’t make this shit up”. That is exactly the kind of story this is. You couldn’t make this stuff up. Just because of its sheer stupidity.

Ian Balina received Quarkchain and Mainframe tokens into the same ether wallet that he claimed got hacked and then transferred those tokens to his Binance account.

https://etherscan.io/address/0x9f3d63c00830741cb73fab5319cd2b1b8a025457#tokentxns

Like we said, you can’t make this stuff up.

One of crypto twitters well known ‘sharp eyes’ caught it and put out a tweet late last night calling him out. Here is that tweet:

So let’s get something out of the way here – anyone who is serious about crypto knows that Balina is a clown show. But the jury was out on whether or not he was a fraud and scam artist. This stunt proves that without a doubt.

Whatever his reason for executing a scam/hack – be it avoiding taxes, dumping on his followers, or just begging for more attention – he’s proven himself to not only be a clown show but a first-rate fraudster as well. And we haven’t even touched the quick and dirty deposits into his Binance account shortly after these tokens were deposited to the allegedly hacked ether wallet. Shame.

He’s also proven himself to be enormously ‘unintelligent’ when it comes to this particular scam and the hack he alleged. To keep the same ether wallet in circulation is famously stupid. So stupid that it falls under the “you can’t make this stuff up” category.

If you hadn’t already figured it out, Balina’s opinion and ‘expertise’ should be removed from your crypto feed as quickly as possible. Dude has been proven to be a certifiable fraud.

Ethereum Breaks Down; Technicals Trending Even Lower!

Ethereum has broken down like we assumed would happen but what has changed is the overall bullish set up for the month. In order to sustain our bullish call for the month, we NEEDED to sustain the important swing low of 454-460 but we fell out and down with decent volume which leads me to believe we have more downside coming if things don’t change rapidly. Our short targets were hit and surpassed as my target was swing low.

Diving into the H1 chart we notice we don’t see any signs of a reversal from RSI or STOCH. We will get some relief soon but I expect it to be sold off as support is now resistance. Usually, when we see an extension of the first move being 1.6 or greater we can expect another leg down to follow up. These factors all lead me to believe we will be trending lower after some consolidation.
I will look to add to my short position at the bounce and I’ll look to close all at the touch of swing low. Other targets are listed just in case we don’t make it down that far. Remember to always practice good risk management and remember not every trade is the trade.

Bitcoin Trend Sliding Negative Again, Drop Below 6,400 Support Should Give You Pause

Bitcoin has continued to follow the path laid out by retracing beyond the point projected, but this giveback has been due. The question is where will price stop? To get an accurate gauge of a continuance in the uptrend, BTC price movement must show proper pivot in conjunction with support and/or resistance. Looking at the price now, BTC is showing an attempt to hold resistance as support at 6400 once again. This is a major support level and should be watched carefully as the failure to hold this zone as support will lead to BTC seeking the next major support at 6k.

Rogue* Waves now show that the downdraft has taken back almost 1/2 of the previous leg up if looked at on a longer scale. However, keep in mind that the short scale pattern that has been trending up has been broken in being able to day trade BTC or its respective Altcoins that track together as the short-scale pattern has broken down to give way to a mid-long term retracement. BTC is now trading in the upper 6300’s, which is attempting to hold 6400 once again as support. Failure to do so is in the cards as of writing as MACD momentum is still negative with the histogram giving continuous ticks negatively.
What will BTC seek next? If proper support can be made for a pivot as shown, BTC will once again test 6800 and 7200 major resistance beyond that. Stochastic levels show a bottoming attempt but keep in mind that mid-term retracements as shown to bring more volatility in the extreme “danger zones” of stochastic levels, e.g. less than 20. Watch the histogram on MACD for momentum to slow down.
Note: Previous entry and exit strategy thus far have proved to be the optimal trades on BTC while maintaining lower risk. Considering the trend is confirmed down short-term with a lower low, a support pivot is needed before entering the market. The case for higher volatility to the upside allows for a pre-set entry point at 6550 once again, confirming a continuation in the uptrend for a short gain at the least if BTC is to seek 6800 resistance again.
BTC is currently a watch.
Futures Traders- trade the trend. The short-term trend is short, however, watch for potential pivot confirmation.