Apologies to all for the late publication. As always, our Flipboard magazine is constantly updated. Anyway, here are the crypto stories you may have missed over the past two weeks.
Bitcoin ETFs are a Terrible Idea: Andreas Antonopoulos
The War Between Centralized And Decentralized Crypto Exchanges Rages On
Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims
Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto
What is the Bitcoin Dominance Index and Why Does It Matter?
The World is Experiencing a New Wave of Cryptocurrencies
Are Low Network Usage Levels Responsible for Fragile Cryptocurrency Markets?
Goldman Sachs Could Have a Crypto Custody Service in the Works
Netherlands Central Bank: We Don’t Consider Cryptocurrency To Be Money
Handshake Revealed: VCs Back Plan to Give Away $100 Million in Crypto
Cryptocurrency is just one of seven types of cryptoassets you should know
The best place to read these stories and more is to head off to our Flipboard magazine (online):
The Blockchain Is The Future (Click Read Magazine to start Reading)
A much better option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchain Is The Future". This magazine is curated by Olusegun Oyekanmi
Before continuing, I just want to state that what you are about to read is what I wrote on Saturday. The only thing I have changed is the diagram, which captures the price of Bitcoin a few minutes ago. I see no reason to change my view.
Investors and traders have not seen a time more confusing and volatile than in the last two weeks. I have often joked that all it takes to move cryptocurrencies is for Vitalik Buterin to say he has changed his coffee brand and prices will fall. We all know that the ETF rejection has caused the latest price movements. Having said that, where is the Bitcoin price going? In my blog piece, “Bitcoin – Bearish Sentiment, Bullish Feelings”, I said we need to watch the clouds to see, which direction the price of Bitcoin takes; it has finally taken a trend direction – a bearish one.
There are two key variables to saying this. First, the candles have come out of the cloud at the bottom. This means that the trend is in a downward direction. Second, the tenkan-sen (the blue line) has crossed the kijun-sen (black line) in the downward direction. A third point can be made by looking at the cloud itself. Notice that the red line also called Senkou span B is above the green line – Senkou span A – then the trend is bearish. Ichimoku purists may insist that both the kijun and tenkan-sen must also be under the cloud to confirm the bearish trend. Nevertheless, the more aggressive traders may believe it is worth taking the risk despite not all variables aligning.
We must also remember that this is the weekend and as such many institutions as well as individuals are bound to use trading bots. Just as I concluded in another of my previous blogs, a combination of trading bots and animal spirits bring about the level of uncertainty and volatility we are witnessing. Expert or not, we do not really what the bitcoin price will do any minute now. But just in case you are wondering, your guess is as good as mine.
The recent financial crisis is another example in a long line of financial crises spanning many decades. A common theme in all these crises has been the same mistakes time and time again. Mistakes have come about through a variety of issues such as market manipulation, government decisions, and yes, good old-fashioned fear and greed. Financial loses abound, money was created but not destroyed; it merely got transferred. Most never see the crisis coming but the signs are always in the “tea leaves”. In other words, there are always variables indicating the coming crisis. Wouldn’t you just love to recognize those signs? Isn’t this something everyone should aim for?
It is time for just that to happen with a book that all can understand and follow: “The Age of Anomaly: Spotting Financial Storms in a Sea of Uncertainty” by Andrei Polgar. Do not expect this book to tell you when the next financial crisis will be. No one knows when! What this book will give you is a lesson in financial history. From the Tulip Mania that drove the Dutch crazy to the 2007 – 2008 financial crisis. This book will also explain to you how to spot coming financial storms. I would love to elaborate but I better not, you must read for yourself. The author is also aware of the stresses of a lack of financial muscle. He discusses how to be resilient in such crisis. Are you still interested? If so purchase the book.
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Over the last 3 days or so, we have witnessed a volatile Bitcoin price, which seems even more confusing. The price has ranged between $7300 to $8300. This has also added to the confusion as to whether we are in a bull or bear market. Pundits, as you can expect, are already discussing this even though many have no convincing story.
The charts, on the other hand, paint a different story. By now you all know I love the Ichimoku Cloud for my analysis (you’ve heard it adnauseum, apologies to all). Looking at the graph below shows that the price candles are solidly within the cloud. When price candles are within the cloud, traders neither buy nor sell. It is considered better to wait for the candles to come out of the cloud before buying or selling. Of course, as a trader, you will consider other factors such as if the asset is overbought or oversold. In addition, the Kijun sen is telling us not to trade by flattening out as can be seen on the graph.
Some pundits are saying that as long as the price of Bitcoin remains above $6000, we are still in a bull market. I have long stopped arguing and stuck to the charts. Bearish sentiment is all around us even the altcoins have taken massive drops, Nano, Waves, and Neo come to mind. Eventually, the candles will come out of the cloud in a certain direction, which will confirm the market sentiment. So, in which direction do you think sentiment will head, your guess is as good as mine.
Ahoy everyone. Yes, it is another Flipboard magazine name change. I found out that about 5 curators all picked the title "The Blockchain is the Future" for their magazines yours truly included. I decided to change it to "Blockchainology". The magazine is updated daily, hence, it remains fresh all the time. Be sure to check out our magazine regularly. We highly recommend you install the Flipboard app on to your iPad or tablet. Once that's done, search for Blockchainology and enjoy our magazine. Enough said.
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