Cryptocurrency

[VirtualMonkey]

Bittrex is opening USD markets

"Congratulations! Your personal account qualifies for access to Bittrex’s US Dollar markets."

I got that email a while ago...assumed it was spam tbh and ignored it

[Hobosapien]

McDonald's launches their MacCoin on Thursday, to celebrate 50 years of the Big Mac.

https://www.today.com/food/mcdonald-...urgers-t134691

This universal "food currency" is being launched to honor the Big Mac's 50th birthday and can be used in 50 different countries to score a free Big Mac.

Side effect is it allows you to spend the coin in any participating country, giving a real world currency tied to the Big Mac Index. Probably more stable than FIAT.

Some 'news' sources reported it as being a crytocurrency, which it isn't. That'll come later.

[VirtualMonkey]

In order to see if my TA is actually any good (NLUK) let's keep this going.
My targets for the next wave up have been slightly lowered (by a few $) to take into account the slightly lower low but the boxes are left at the same technical points I mentioned before.
I've left on the previous important blue boxes because they're still in play and I have marked the most likely point for the current retracement to end...this is the lowest green box...note how it's right in the previous important levels.
So far this minor correction measures very well with the A wave (lowercase blue) being a leading diagonal and the b wave giving an effective minor double top mid correction. In the C wave of the correction (the last wave in a single correction sequence) we seem to be part way through the 3 wave, which looks like it may be extending but it's a bit early to tell.
Let's see what happens:


If we breach the lower green box then the previous low blue box is, once again, the target as it's previous support across a huge time frame.In terms of market geometry, I would normally expect the low to come near the median line but we've already hit that and given where we potentially are in the sequence I would expect to bounce somewhere near the lower parallel and then bounce again near the median line before pushing higher. Lots of ifs and buts at the moment though and this is technically a 'no trade zone' in my opinion.

Wish I could get to tradingview on my client laptop...some interesting price developments last night which would be nice to post (given my TA above)

[scooterscot]

Question:
Bitcoin crypto market share settled at 47.5% at 8:00 AM UTC on July 30. In your opinion, will Bitcoin's market share climb above 50% at any time before August 29? (results are counted according to coinmarketcap.com)
Indicator: 80.78%

[VirtualMonkey]

It was all going so well. Bouncing between my identified zones. The dip below the previous low has invalidated the count though. If I were trading it Id have been stopped out there

[scooterscot]

If it falls below $7.5k it's surely going back to test $6k. And if it does test $6k it'll break below for sure.

[VirtualMonkey]

Im very tempted to set sell orderes for such an eventuality.
Dont want to get hit again.
Its just short of a leading diagonal in the first of the third...which i'm not sure follows elliott rules...another sign that any lower than now is very very bad

[scooterscot]

Im very tempted to set sell orderes for such an eventuality.

I'd stay away from swing trading if I were you, tempting no doubt. The earliest the SSC could publish approval of the CBOE ETF is August 10th.

Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date / SEC, Release No. 34-85320

In layman's terms, the reviewing committee is required to issue a response by August 10 with a possible extension to September 24/.

I think at least from Aug 10th to September 24th the market will be much more volatile than normal.

now a big IF... if approval comes through you may find yourself chasing the price back up. If it does not get approved your short position will pay off. Given PBC comments, their 100% on approval.

[Jog On]

If TA has any bearing on BTC my daily chart shows a confluence of the 20 and 50 EMAs, previous resistance trendline now acting as support and a 38.2% Fib retace of the move from 5783 to recent high of 8480. I'd post a chart but it's on my MT4 platform. That being said the red candles don't look very corrective but longer term it does look like a base is forming for an uptrend. A return to 65xx-68xx levels wouldn't surprise me.

Actually, just found that I can post an MT4 chart:



Zoomed out daily chart:

[VirtualMonkey]

If TA has any bearing on BTC my daily chart shows a confluence of the 20 and 50 EMAs, previous resistance trendline now acting as support and a 38.2% Fib retace of the move from 5783 to recent high of 8480. I'd post a chart but it's on my MT4 platform. That being said the red candles don't look very corrective but longer term it does look like a base is forming for an uptrend. A return to 65xx-68xx levels wouldn't surprise me.

Actually, just found that I can post an MT4 chart:



Zoomed out daily chart:

The .382 is technically the boundary of the most likely wave 4 retrace so the fact there is a strong support signal there is great news. For this to be an impulse wave it needs to not overlap the 1 wave territory...which looks to line up with the .618 of that move.
I checked and a diag can appear in any initial wave of an impulse so even if we break that level it could technically still be part of an uptrend. Unfortunately until we break something like 11600 we are still setting lower highs