Bitcoin Price Action As Tight As It Has Ever Been; Carefully Play Technicals With Strategic Stop Loss Protection

Bitcoin has now begun to retrace as the Rogue* Wave track laid out continues to perform as expected. Overnight (US CST) trading held BTC to a tight range – less than 100 points to be precise while looking at the mid-scale chart. The sell signal given at 6800 resistance was the end target for BTC before attempting to retrace, and so far price has done exactly so. Now trading at about 6685, BTC is only just over 100 points down from the selling point, a sign that it is attempting to hold higher price levels near resistance while still a far cry from 6400 major support. This, however, is not a signal to re-enter quite yet. There are still a couple of factors to consider.

A breakthrough 6800 to hold this area as support would be optimal, but considering there is a retracement occurring, the major item at hand is BTC’s ability to hold support at 6400 and better yet 6450 considering this was the last pivot area for 6550 entry on the previous entry. Best case scenario for BTC would be to hold 6650, which is roughly 1/2 retracement of the previous leg up. This would best be matched with a drop in stochastic levels, but the likelihood of breaking below would be higher in this case as stochastic bottoming would entail a proper longer-term retracement.
Stochastic levels are trading in the 60’s zone and currently aim to go down further. The point to look out for is where price holds short and long-term support. Wait for the drop and cross in stochastic to confirm with support how exactly price will hold. This will be an important tool to watch when the hourly and 4-hour candle during the cross forms. The next level up for BTC to seek is 7200 (beyond 6800)
MACD continues to show downward momentum but also shows a slow down hourly. This is more of an exit tool, therefore it should be used by looking for a cross or some positive ticks.
BTC is currently a no play. Watch for support and pivot confirmation. The downside break of support will continue a no play situation.
Futures Traders – trade the trend. The short-term trend is currently short.

CRYPTIC: Tron Sources Giddy, Yet Careful About Upcoming Partnership Announcement

The conversations we’ve had with two Tron sources about the announcement coming on July 30th have been interesting, hyperbolic, and confusing all at the same time.

The conversations started yesterday evening and spilled over into today regarding the upcoming announcement slated for July 30th. You may remember that Justin Sun has pegged that particular date as an important moment with respect to Tron’s post – Mainnet momentum as a household name in crypto and as a useable ecosystem.

A few quotes with two sources who spoke to us on the condition of anonymity and on background yesterday and today:

“We’ve seen the backlash associated with adding too many adjectives to a partnership or announcement and we want to avoid that here…but this is going to be something that opens a few eyes and may bring some skeptics onto the Tron bandwagon. The announcement itself isn’t just a dog and pony show with one vendor popping out of a cake at the end of it; but rather a combination of sorts that should make clear how quickly things are coalescing around here. I know you’ve asked several times for names but we just can’t give that out right now. If I disclosed a name or names, it would be pretty easy to track back to me, so I just can’t do it. Sorry to be cryptic (laughter), but the conglomerate of what will be announced in three weeks is going to have an impact. That is all I can say.”

A second source took a little bit different angle:

“This isn’t just another partnership announcement of where $TRX is accepted as currency, although that is sure to come up, but rather a larger initiative that could bring several forces and projects together like the finishing of a puzzle. We’ve been somewhat sworn to secrecy so I cannot add too much more, but we expect the July 30 discussion to be ‘bullish’ for $TRX. All you really have to do is look at the last six months of activity and announcements and do a little math as to where this could go. Again, the packaging will be something that gets talked about as impressive. One thing I would mention here, this is not an Alibaba announcement, as has been speculated. At least not from a pure play payment standpoint. Although it could be, emphasis on ‘could be’ here, part of an overall package that is laid out. And that is the gist of what could be part of July 30th. A 360-degree proclamation that announces several items, all set to work together and bring more partners to the table. The final word from me is this – just don’t miss it. It is going to be something.”

We have yet to decode the different messages being sent here. There are huge corporations in China and Asia that could be part of this narrative and potential Tron partners. Are those part of the discussion July 30th? We don’t think that it is just another partnership like that. It feels somewhat bigger than that.

One important element that we do believe will be featured is the purchase of BitTorrent and how it could launch into partnerships based on the scale of it platform. Use cases connected to payments and Mainnet functionality. The upside being potentially endless. We are certain that something along those lines will be discussed on the 30th.

Where it goes from there seems to have Tron insiders tongue tied. They know, they just don’t want to give away the surprise!

Trading Crypto: **Sunday PM: We Told You To Hold For A Move Higher, Did You Listen? (what’s next is inside)

Bitcoin has finally broken out of the trading channel. Still holding with no downside protection hit (stop). Good news for holders this AM as BTC trades at resistance near 6800. Hourly shows clear indication of the uptrend still being intact, as well as the mid-term scale (4-hour).


Taking into account that the previous leg up consolidated into a flag-like pattern, the fact that yesterday’s trading held downside to specifically less than 1/2 of the previous leg down, BTC Rogue* Wave Analysis showed the upside break at 6615 – which occurred in a timely manner as well. This leg up, however, is overextended, and as the mid-term chart shows, there is a flat line at current price showing hard resistance at the 6800 mark.

With the overall downtrend still intact long-term, 6800 must act as support once again to seek out higher levels and bring more of a comfort level for long trades as well as lowering risk. There is also that the daily chart shows two important items.
First, this leg up needs to register a higher high by candle close*. This is the previous level that BTC pivoted around June 20th and continued the downtrend for a lower low.
Secondly, this leg up is still slightly less than 1/2 of the previous leg down, which indicates the long-term trend still being down. This can be challenged by the close above 6800 to hold as new support. There will be retracement along the way, but BTC needs only one higher low overall after that support hold to consider changing the overall trend long-term.
Stochastic levels are now in the upper region once again without seeking out oversold levels, which is a sign for proper risk management as those lower levels will be sought out soon.
MACD momentum is positive, yes. However, it is only slightly remaining so.
BTC is currently a Sell to take profit at 6800(or close) with a Net Profit of 250 points or roughly 3.7%

VITALIK: “Exchanges charging outrageous listing fees can burn in hell…”

Vitalik Buterin, co-founder of Ethereum and its extraordinary blockchain, has carved out the kind of voice within crypto that everyone listens to today. When he speaks on any particular issue it is universally taken as crypto gospel.

That is why his pointed criticism of ‘centralized exchanges’ are important. He slammed the exchanges for their price gouging tactics and isn’t letting up.

Sparked primarily because of the practice of charging outrageous amounts of money ($10 to $15 million) in listing fees so that users can trade their tokens on these exchanges; he also noted that their main purpose was to bridge the fiat world and cryptocurrencies, where the former only has “centralized gateways”.

The co-founder of Ethereum also mentioned that crypto-to-crypto exchanges present clear advantages, especially from the point of view of the user. He says that the exchange acts as an input and output tunnel, virtually transferring tokens from one address to another but in two different currencies.

Despite bashing on centralized cryptocurrencies, Buterin was also fairly objective, noting that decentralized solutions also face serious challenging. One of the biggest issues that have to be considered is user authentication.

For instance, what will happen if a user loses his private key? In a decentralized environment, there is no central authority which would be able to reset the key or to allow the user to recover his password. Hence, the funds stored at one’s wallet might get irrecoverably lost.

Another issue that challenges structures of this kind are simple disagreements between communities. The lack of a central authority makes it harder to ‘move forward’ when there are multiple groups of people, each believing that their way is the ‘right’ way, who dig in their heels and refuse to budge on a certain topic. This is also what leads to the so-called hard forks when the main network is split.

Buterin also went on to explain the importance of formulating the right communities as well as the critical role that early members play: “Growth of the communities definitely depends on what the earliest members believe. I think it is something where we do make a deliberate effort to basically promote the right values and attract the right people both in an inclusive sense and in an exclusive sense.”

Rather than the entire interview (TechCrunch Sessions: Blockchain) turning into a bash fest directed at exchanges, Vitalik took the time to point out possible solutions and positives connected to crypto exchanges across the world. His objective, while at conferences that he believes in, seems to be to spread a message of expansion and inclusion within crypto as core principles.

Rather than keeping crypto exclusive and ‘clique-y’ mass adoption should be the objective. That message is one that Vitalik believes is woven into the serious issues at exchanges as they charge unsustainable fees to list tokens.

FEEL THE BURN! Tron Burns 49 Million TRX ERC20 Tokens

Feel the burn! Justin flew to close to the sun! And other lame memes connected to Tron’s planned ERC20 tokens burn following their Mainnet launch.

TRON mainnet was officially launched by Tron Independence Group [TIG] based on community consensus at 10:00 on June 25th [Singapore time]. TIG was entrusted with the 33,251,807,424 TRX [original amount is 34,251,807,524 TRX] held by TRON foundation, considering the safety of digital assets.

The TIG’s responsibility is to store them in a distributed manner so that the risk of the asset is significantly reduced. The 342 million TRX will be stored in 1000 different addresses in order to minimize the risk.

In a recent blog post, Tron Foundation also announced that they burnt the first batch of TRX ERC20 tokens to the tune of 49 million.

“Currently, TRON mainnet runs smoothly, there are 493 nodes around the world, block height: 157011(As of 20:46, June 30, UTC+8), token migration is still in process, meanwhile TRON will keep Tronics informed.”

As more cryptocurrency exchanges close the token swap and move their trader’s coins over to the new Tron blockchain, an accumulating number of ERC20 coins will no longer be required.

The recent platforms to resume trading for TRX after the migration process was completed were BitForex, Cobo wallet, and CoinFalcon.

Embrace the burn!! Of course, the hope here is that these token burns will somehow move the price of $TRX significantly north of where it is today. As of yet, both the announcement and the actual burn isn’t enough to have the desired effect.

But just give it a minute $TRX hodlers, another Justin Sun announcement is probably moments away!

Trading Crypto: **Saturday AM: Bitcoin Could Break Either Way At This Point, Act Accordingly

Bitcoin overnight (US CST) has traded at a level-off point as it has struggled to break through the 6600 mark, which has revealed itself as a price point that has acted somewhat as a support/resistance area. However, actual support and resistance currently stand at 6400 and 6800. There has been a range of about 250 points, from 6450 to 6700 that BTC has traded within over the past week or so, and this has shown the consistent tests of support as brief touches of the 6400 mark and a solid pullback showing an effective Rogue* Wave pattern were completed. Notice the 5-wave form of BTC as well, as the price has also struggled to break higher. This technically should be continued with the retracement (if the trend continues up) and should re-test support once again.



The current long pattern throughout the week with higher highs and higher lows has also been solid – that is until today. Rogue* Wave calculation along with the tech specs show that today will bring a lower low to finally give a break out of tight trading range. This will come at the break of 6550.
One thing to notice going into weekend trading is that there is the chance of a mid-term bullish pennant being played out from the last weeks trading. The upside break to this pattern stands at 6660, and therefore entries and stops can be placed accordingly.
As stochastic hourly seeks lower levels at the moment, the possibilities are open for either break.
MACD momentum is slightly negative but gives no clear indication as it may turn neutral easily at this point and should more so be used for an exit strategy instead.
BTC is currently a hold with downside protection still under support.

Gemini And The Winklevoss Twins Add NYSE Executive To The Fold; Robert Cornish Named CTO

Cameron and Tyler Winklevoss continue to build something rare and special in the cryptocurrency space: credibility and street cred in tandem. The twins continue to blaze a trail that is light years ahead of their exchange competitors that it is fascinating to watch.

Rather than building an exchange for the purposes of routing trades and taking a ‘rake’ on those trades, the twins are building a crypto brand akin to a cross between the NYSE and Goldman Sachs. The largest brands on Wall Street trust these guys.

Several top Wall Street executives have left traditional finance for the volatile world of cryptocurrencies, and it seems like that trend is going to continue. The latest to do so is Former NYSE Chief Information Officer Robert Cornish, who has been picked to be Gemini’s first Chief Technology Officer, leading the company’s tech initiatives.

During his time at the New York Stock Exchange, Cornish led the NYSE technology team and oversaw the overhaul of the Big Board’s outdated electronic trading platform. He was also named in Institutional Investor‘s “Trading Technology Top 40” in 2016. Cornish is expected to begin his role at Gemini later this month.

Tyler Winklevoss said in the statement: “Rob is globally recognized for his abilities in leading high-performing engineering teams, his expertise in exchange and matching-engine architecture, and running high-throughput platforms that are both secure and resilient.”

Cornish joins others such as former Goldman Sachs employees Richard Kim and Michael Bucella in leaving Wall Street to join cryptocurrency focused start-ups. Former Goldman Sachs Vice President Matt Goetz has even started his own digital asset investment firm called BlockTower Capital.

Gemini has consistently taken steps to ensure they are compliant with state and federal legislation, touting it as a main feature of the platform. They are also one of the few exchanges that have been given New York State’s BitLicense, allowing residents of New York to use the exchange.

Earlier this year, Gemini received NY State approval to trade Bitcoin Cash, Litecoin, and Zcash. Gemini has already released Zcash trading on their platform, offering ZEC/BTC, ZEC/ETH, and ZEC/USD pairs. The Winklevoss twins have announced their intent to add BCH and LTC to the exchange in the coming months.

We’ve called Cameron and Tyler the ‘smartest guys in crypto’ before and we think it is worth reiterating here. They are waaaaay ahead of the curve and have lapped their competitors. What they choose to do with that advantage is worth watching.

Trading Crypto: **Friday Afternoon: Sideways Trend Presents ‘Scalping’ Opportunity

Bitcoin overnight (US CST) managed to re-test the 6400 support level once again – a sign that the struggle to go up inside of this short-term uptrend has presented itself. This is the second major test of this support level. Now as price trends sideways, BTC has begun to build something of a “sideways” trend channel. There are two things to keep in mind at this point. First, the Rogue* Wave target at 6800 has also been tested once already. Secondly, looking at the hourly scale(shown), BTC still trends up – even if slightly – with higher highs and higher lows technically. Neither a major support nor a price low or pivot from the privies legs in recent price action has yet to be broken. However, downside protection should still be placed underneath support.

The current Mid Risk BTC entry area has been at 6550 with a downside stop at 6350 considering a 6400 support break would be a new pivotal price break as well. Overnight trading also clearly gives a picture that this level held well so far, giving the channel an almost flat bottom which will likely seek resistance to test once again. Additionally, price is to meet the MA(moving average) line soon at about 6568 as of writing.
Let’s take a look at the tech specs.
Stochastic levels are somewhat sideways in the upper regions, and pivots on the hourly scale just show that there is standing buying power.
MACD is the real indicator of the day. With hourly, 4 – hour mid-scale and daily all showing positive momentum, the only indication of sell, in this case, would be the break of support and likely price point of 6350.
BTC is currently a hold.
Futures Traders – trade the trend. The short-term trend is sideways – use 15-minute charts to catch long calls if BTC looks to hold current levels.

Binance Adds DENT Coin; DENT Market Cap More Than Doubles

Binance announced the listing of DENT coin. DENT coin is one of the lesser-known coins of the crypto-world. Irrespective of it being less popular the coin hiked post its listing on Binance.

Binance on their official website said: “Binance will open trading for DENT/BTC and DENT/ETH trading pairs at 2018/07/06 7:00 AM (UTC). You can start depositing DENT now.”

Binance allows its users to trade DENT in two trading pairs of DENT/BTC and DENT/ETH.

DENT started the day with muted price action – but the announcement changed all of that. The coin maintained a straight line in its charts with minor fluctuations until the announcement. After the announcement, the coin slowly started proceeding towards the hike. Under 9 hours after the announcement, the coin shows a pump of 148% in the 24 hours chart while the hourly cap runs green with a 35% hike.

On July 5th, the market cap of DENT was $37,663,900 which has increased to $86,123,075 as of this AM. This portrays an increment of $48,459,175, having doubled under 12 hours.

DENT coin is an initiative by DENT Wireless Limited. The coin was created with an idea of repurposing data, and the way it is stored, paid and sold. DENT is aimed to be the world’s first mobile data cryptocurrency as the DENT developers hope to transfer coin operations to a new platform of mobile usage. This would be a disruptor in the global telecommunications industry since its goal is to bring in a revolution to the methods of exchanging data.

At the time of writing, DENT has a market cap of $84 million, which is equivalent to the value of 12,899 Bitcoin [BTC]. The coin has a trading price of $0.007984, which has increased from $0.003004 in 24 hours. DENT has jumped over 30 ranks, currently making its position to #103.

”In the current bear market, tight stops and unusual volatility (or lack thereof) are the name of the game…”

Bitcoin has been moving sideways and refuses to test any support/resistance levels in the last couple of days, since the last test of support at 6400. The previous Rogue Wave pivot did attain the 6800 mark, and gave a hard bounce as soon as it was achieved. Now looking at a slow sort of retrace, BTC currently trades at 6585 as it drops slightly below the MA(moving average) line. The previous day or so price range has been about 150 points, and there has been much indecision as shown by multiple doji’s or candles within said range.

The daily chart does continue to grow and MACD shown momentum continuously upward, however the struggle at 6800 has yet to be re-visited which should be the final test for the uptrend to continue. Keep in mind that the longer-term uptrend must break 8k(currently) to have standing as a long-term trend reversal. The overall trend is still down, and in the current bear market, tight stops and unusual volatility at odd times are the name of the game. This is why you must be aware of support and resistance levels constantly during this period.
Support and Resistance currently stands firm at 6k/6400/6800/7200.
The tech specs also show some struggle and indecision as stochastic on the 4 hour scale shown is moving sideways, and as the “5-wave” form is almost clear cut, expect support to once again be tested.
MACD is negative(barely) but mostly flat at the moment, which should not be used as a gauge for the market in indecisive times.
With little movement and likelihood of support re-test, BTC is currently a No Play.
Upside breakout buys should be placed at no less than 6660.
Futures Traders – trade the trend. The short-term trend is sideways. No trade. Confirm the trend first, and until then practice capital conservation.