On July 22th, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.
This is no small step. This launch will usher in a new standard for accessing crypto markets.
Is this going to be the trigger for the new wave up?
This is no small step. This launch will usher in a new standard for accessing crypto markets.
Is this going to be the trigger for the new wave up?
BITCOIN UPDATE
It is currently in the higher timeframe range established between weekly support at $9,600 and weekly resistance at $11,500.
The close below support and test of the next support ($8,200) is most likely scenario.
The close above resistance and $13,000 at least should be the target.
When in range, wait for the price to show the direction.
With the upcoming monthly close that looks bearish, we give a little bit more chances to the bearish scenario to happen.
It is currently in the higher timeframe range established between weekly support at $9,600 and weekly resistance at $11,500.
The close below support and test of the next support ($8,200) is most likely scenario.
The close above resistance and $13,000 at least should be the target.
When in range, wait for the price to show the direction.
With the upcoming monthly close that looks bearish, we give a little bit more chances to the bearish scenario to happen.
Market Observations 👨🚀👨💻
I apologize for putting too little content out recently, but we have not found anything out there worthy enough mentioning. Here are some perhaps interesting market observations.
1. Liquidity on alts is thinner than ever: regulations and the death of catalysts
Be it regulations tightening up, like that one about Binance US becoming alt-exclusive more or less, or the fact that alts constantly bleed so people stopped buying the knives - the result is the same: liquidity on alts is about 0, everywhere, regardless of exchanges. There is simply no capital neither buying nor selling, because catalysts have exhausted themselves. One of the catalysts before was news about partnerships, clients, and so on. These days hardly anybody cares about such nor does it create more volume. It matters long-term, but you can't use this for trading these days, hence the volume/liquidity effect is zero. About the second catalyst:
2. Binance effect is vaporizing: exchanges losing relevance
Previously exchanges were catalysts - listing moon lambo. Right now people just wait for higher liquidity to exit on that one candle. A few Binance listings have produced absolutely horrendous effects on the alts being listed, so people don't even ask "When Binance" anymore. Why wish for something that is irrelevant? By spending 500,000 USD on a listing and getting 50,000 USD daily volume, which is by far not all organic - is not the way any team should execute.
3. Timing is everything
This brings us to point 3: timing is everything. The same way the first version of youtube did not succeed, the same way marketing does not work during bloodbath. You can use the capital to buyback and support the candles, but it will create no fomo because the catalysts in this market are just dead. Put your head down and work, or give up.
4. ETH resembling a circus
Yes, Ethereum. This is literally the only ecosystem / community that constantly puts out interesting research, stands for fundamentals, and so on. But recently there has been tons of maximalism and shitstorm found on ETH crypto twitter. Ameen of Spankchain is trying to harass everyone, every other researcher and founder wants to make his own ICO to get some capital, and more bullshit fights with one another concerning what's better: BTC or ETH. Not helping anybody, bear market got to the best ones this time.
5. DeFi fights, little innovation
DeFi has been the biggest adoption play of Ethereum that made everything stand out during the bear of 2018. A lot of cool tools like Compound, Dharma, DyDx, and so on. The idea was on-chain lending, collateral, credit, and so on. But recently Compound has been criticized heavily for not doing proper audits, USDC is getting more momentum (fyi MakerDAO Dai is the decentralized collateral stablecoin, and USDC is the usual KYC/AML one). There has not been much innovation out there, feels stangating. Perhaps it's time for adoption to come to that innovation. Let's see how it developers, there is still hardly anything more interesting than that out there today.
6. Back to the ponzi roots
Due to low liquidity and lack of innovation - chineze ponzis are more of a thing these days again. People just participate in pyramids and get rekt this way, because they love gambling. Once the fundamentals (huh?) are back in town, we might see more meaningful stuff, but for now the market says "no, let's gamble, let them code".
7. 4chan and reddit demystified
4chan was for a long time perceived as a holy grail of manipulation: chainlink growth, holochain, things like chx or qnt - are the babies of that platform. The truth is more trivial though: those are simply influencer groups pumping with MM as with any other platform. Reddit had IOTA and NANO offloading on uneducated people. 4chan had those. There is more to the art than it seems, but if you look to the core it's always about "buy more than sell => a narrative is born"
I apologize for putting too little content out recently, but we have not found anything out there worthy enough mentioning. Here are some perhaps interesting market observations.
1. Liquidity on alts is thinner than ever: regulations and the death of catalysts
Be it regulations tightening up, like that one about Binance US becoming alt-exclusive more or less, or the fact that alts constantly bleed so people stopped buying the knives - the result is the same: liquidity on alts is about 0, everywhere, regardless of exchanges. There is simply no capital neither buying nor selling, because catalysts have exhausted themselves. One of the catalysts before was news about partnerships, clients, and so on. These days hardly anybody cares about such nor does it create more volume. It matters long-term, but you can't use this for trading these days, hence the volume/liquidity effect is zero. About the second catalyst:
2. Binance effect is vaporizing: exchanges losing relevance
Previously exchanges were catalysts - listing moon lambo. Right now people just wait for higher liquidity to exit on that one candle. A few Binance listings have produced absolutely horrendous effects on the alts being listed, so people don't even ask "When Binance" anymore. Why wish for something that is irrelevant? By spending 500,000 USD on a listing and getting 50,000 USD daily volume, which is by far not all organic - is not the way any team should execute.
3. Timing is everything
This brings us to point 3: timing is everything. The same way the first version of youtube did not succeed, the same way marketing does not work during bloodbath. You can use the capital to buyback and support the candles, but it will create no fomo because the catalysts in this market are just dead. Put your head down and work, or give up.
4. ETH resembling a circus
Yes, Ethereum. This is literally the only ecosystem / community that constantly puts out interesting research, stands for fundamentals, and so on. But recently there has been tons of maximalism and shitstorm found on ETH crypto twitter. Ameen of Spankchain is trying to harass everyone, every other researcher and founder wants to make his own ICO to get some capital, and more bullshit fights with one another concerning what's better: BTC or ETH. Not helping anybody, bear market got to the best ones this time.
5. DeFi fights, little innovation
DeFi has been the biggest adoption play of Ethereum that made everything stand out during the bear of 2018. A lot of cool tools like Compound, Dharma, DyDx, and so on. The idea was on-chain lending, collateral, credit, and so on. But recently Compound has been criticized heavily for not doing proper audits, USDC is getting more momentum (fyi MakerDAO Dai is the decentralized collateral stablecoin, and USDC is the usual KYC/AML one). There has not been much innovation out there, feels stangating. Perhaps it's time for adoption to come to that innovation. Let's see how it developers, there is still hardly anything more interesting than that out there today.
6. Back to the ponzi roots
Due to low liquidity and lack of innovation - chineze ponzis are more of a thing these days again. People just participate in pyramids and get rekt this way, because they love gambling. Once the fundamentals (huh?) are back in town, we might see more meaningful stuff, but for now the market says "no, let's gamble, let them code".
7. 4chan and reddit demystified
4chan was for a long time perceived as a holy grail of manipulation: chainlink growth, holochain, things like chx or qnt - are the babies of that platform. The truth is more trivial though: those are simply influencer groups pumping with MM as with any other platform. Reddit had IOTA and NANO offloading on uneducated people. 4chan had those. There is more to the art than it seems, but if you look to the core it's always about "buy more than sell => a narrative is born"
Market Update
Bitcoin is stuck in the range between $9.600 and $11.500.
On the higher timeframe perspective, it is still extra bullish with obvious higher lows and equal highs. This structure is also known as the ascending triangle.
This could be both, accumulation or distribution, and the confirmation will happen once we either see a close above $11.500 or below $9600 on the weekly timeframe.
Until it happens, intraday choppiness will continue.
This is time not to be exposed to the market.
You can wait for the mentioned confirmation and then make a decision according to that confirmation.
Bitcoin is stuck in the range between $9.600 and $11.500.
On the higher timeframe perspective, it is still extra bullish with obvious higher lows and equal highs. This structure is also known as the ascending triangle.
This could be both, accumulation or distribution, and the confirmation will happen once we either see a close above $11.500 or below $9600 on the weekly timeframe.
Until it happens, intraday choppiness will continue.
This is time not to be exposed to the market.
You can wait for the mentioned confirmation and then make a decision according to that confirmation.
Altcoin Market Update
One of the biggest lessons we can take from the DotCom bubble is that even though some companies became gigantic conglomerates in today’s world, the majority got bankrupt.
Even though some of the coins will make thorough, the majority of them will die in the upcoming years.
Does this chart show the strength of Bitcoin or the weakness of altcoins?
Both!
The price level of 0.025BTC looks like 6K Bitcoin support.
Maybe it will play out the same, maybe not.
Whatever is going to happen, the current situation shows us that most likely Bitcoin will still be dominant and that altcoins will keep suffering.
One of the biggest lessons we can take from the DotCom bubble is that even though some companies became gigantic conglomerates in today’s world, the majority got bankrupt.
Even though some of the coins will make thorough, the majority of them will die in the upcoming years.
Does this chart show the strength of Bitcoin or the weakness of altcoins?
Both!
The price level of 0.025BTC looks like 6K Bitcoin support.
Maybe it will play out the same, maybe not.
Whatever is going to happen, the current situation shows us that most likely Bitcoin will still be dominant and that altcoins will keep suffering.
Forwarded from Future Crypto Experts - Paid Channel
XBTUSD
http://prntscr.com/p8re6l
While yesterday’s rejection may seem bullish, it does not cause bullish pressure in the market.
Waiting for daily close and if it closes below $10k, I will be looking for shorts targeting below 9k because I do not think $9.6k is going to hold if it gets tested on more time.
Even if get a close similar to current one, that will be bearish sign because the bullish rejection was totally absorbed.
That’s my opinion on Bitcoin 😉
Baki
http://prntscr.com/p8re6l
While yesterday’s rejection may seem bullish, it does not cause bullish pressure in the market.
Waiting for daily close and if it closes below $10k, I will be looking for shorts targeting below 9k because I do not think $9.6k is going to hold if it gets tested on more time.
Even if get a close similar to current one, that will be bearish sign because the bullish rejection was totally absorbed.
That’s my opinion on Bitcoin 😉
Baki
Lightshot
Screenshot
Captured with Lightshot
BTCUSD : http://prntscr.com/p96qa6
If we see Bitcoin near support one more time, I waould be surprised if it holds one more time.
Bitcoin is going into dangerous territory despite big boune it had 2 days ago.
Upcoming Bakkt launch that will happen on Sep 23rd will be catalyst that will probably set the roots of new trend in the market.
If fundamentals are going to align with technicals, I think there would be something negative because at this moment, Bitcoin shows weakness.
I will update you if something changes,
Baki.
If we see Bitcoin near support one more time, I waould be surprised if it holds one more time.
Bitcoin is going into dangerous territory despite big boune it had 2 days ago.
Upcoming Bakkt launch that will happen on Sep 23rd will be catalyst that will probably set the roots of new trend in the market.
If fundamentals are going to align with technicals, I think there would be something negative because at this moment, Bitcoin shows weakness.
I will update you if something changes,
Baki.
Lightshot
Screenshot
Captured with Lightshot
Bakkt is LIVE!
There are enormous hopes riding on the much delayed launch of Bakkt, which some believe will trigger a huge wave of institutional investment and mainstream adoption.
Bakkt is owned by ICE, a $52 billion market cap trading colossus that owns the NYSE and a bunch of other platforms.
Many pundits believe physically settled Bitcoin futures will enable better price discovery and smooth out volatility.
So far what we can see that the interest is not that big.
In the first 5 hours, the traded volume was “JUST” 20 Bitcoin!
Was Bakkt overhyped or it is still too early to judge?
There are enormous hopes riding on the much delayed launch of Bakkt, which some believe will trigger a huge wave of institutional investment and mainstream adoption.
Bakkt is owned by ICE, a $52 billion market cap trading colossus that owns the NYSE and a bunch of other platforms.
Many pundits believe physically settled Bitcoin futures will enable better price discovery and smooth out volatility.
So far what we can see that the interest is not that big.
In the first 5 hours, the traded volume was “JUST” 20 Bitcoin!
Was Bakkt overhyped or it is still too early to judge?
Forwarded from Future Crypto Experts - Paid Channel
ETHUSD
http://prntscr.com/p9u25h
Signal short
Entry 208.75
Stop loss 213.0
TP1 204.50
TP2 200.00
TP3 195.50
Good luck
http://prntscr.com/p9u25h
Signal short
Entry 208.75
Stop loss 213.0
TP1 204.50
TP2 200.00
TP3 195.50
Good luck
Lightshot
Screenshot
Captured with Lightshot
Forwarded from Future Crypto Experts - Paid Channel
TP1 reached http://prntscr.com/p9v7l6
Lightshot
Screenshot
Captured with Lightshot
Forwarded from Future Crypto Experts - Paid Channel
TP2 reached http://prntscr.com/pa0t9w
Lightshot
Screenshot
Captured with Lightshot
ETHBTC chart: http://prntscr.com/pa6ujf
ETHBTC pair is facing resistances that was an area of interest from the past (previous support).
On lower time frames, we had 3 moves to the resistance that got rejected and now we are falling down.
There is no mini alt season if this area doesn’t get broken.
ETHBTC pair is facing resistances that was an area of interest from the past (previous support).
On lower time frames, we had 3 moves to the resistance that got rejected and now we are falling down.
There is no mini alt season if this area doesn’t get broken.
Lightshot
Screenshot
Captured with Lightshot
Forwarded from Future Crypto Experts - Paid Channel
Lightshot
Screenshot
Captured with Lightshot
Great short trade on ETHUSD in our VIP channel.
Combining bearishness of BTCUSD pair together with the weakness on ETHBTC pair, we saw nice drop in ETHUSD pair reaching all of our three targets.
Now the price is coming close to an important area around 190 which is potential support area so we are out of short trade waiting for next profitable trade opportunity.
Combining bearishness of BTCUSD pair together with the weakness on ETHBTC pair, we saw nice drop in ETHUSD pair reaching all of our three targets.
Now the price is coming close to an important area around 190 which is potential support area so we are out of short trade waiting for next profitable trade opportunity.
Crypto Signals
BTCUSD : http://prntscr.com/p96qa6 If we see Bitcoin near support one more time, I waould be surprised if it holds one more time. Bitcoin is going into dangerous territory despite big boune it had 2 days ago. Upcoming Bakkt launch that will happen on…
Down we go http://prntscr.com/pagfsv
Lightshot
Screenshot
Captured with Lightshot
Forwarded from Future Crypto Experts - Paid Channel
BTCUSD: http://prntscr.com/pb8uyu
Signal short
Entry: 8400
Stop loss: 8635
Target 1: 8150
Target 2: 7910
Target 3: 7670
Good luck
Signal short
Entry: 8400
Stop loss: 8635
Target 1: 8150
Target 2: 7910
Target 3: 7670
Good luck
Lightshot
Screenshot
Captured with Lightshot
Forwarded from Future Crypto Experts - Paid Channel
TP1 reached http://prntscr.com/pbao7j
Lightshot
Screenshot
Captured with Lightshot
Forwarded from Future Crypto Experts - Paid Channel
TP2 reached http://prntscr.com/pbdefb
Lightshot
Screenshot
Captured with Lightshot
What a trade, what a precision 💪
Now we let market build next trade opportunity, hopefully, profitable as this one.
Price took out previous low and now it is waiting for the game for the next trade and ultimately the third target to be reached.
Reached or not, this was amazing trade and shared almost at the perfect time (2 hours before the beginning of the drop).
Now we let market build next trade opportunity, hopefully, profitable as this one.
Price took out previous low and now it is waiting for the game for the next trade and ultimately the third target to be reached.
Reached or not, this was amazing trade and shared almost at the perfect time (2 hours before the beginning of the drop).