New? Scared? "80% crash. 'Bitcoin is dead' for 2 years. 250% parabolic rally in 1 month. Then, lost 40% in 1 week." < Look again... the chart below isn't dated "2019". When we say "we've been through this before", we're not exaggerating. HODL.
New? Scared? "80% crash. 'Bitcoin is dead' for 2 years. 250% parabolic rally in 1 month. Then, lost 40% in 1 week." < Look again... the chart below isn't dated "2019". When we say "we've been through this before", we're not exaggerating. HODL.
New? Scared? "80% crash. 'Bitcoin is dead' for 2 years. 250% parabolic rally in 1 month. Then, lost 40% in 1 week." < Look again... the chart below isn't dated "2019". When we say "we've been through this before", we're not exaggerating. HODL.
New? Scared? "80% crash. 'Bitcoin is dead' for 2 years. 250% parabolic rally in 1 month. Then, lost 40% in 1 week."
Auto Post from Bitcoin: New? Scared? "80% crash. 'Bitcoin is dead' for 2 years. 250% parabolic rally in 1 month. Then, lost 40% in 1 week." < Look again... the chart below isn't dated "2019". When we say "we've been through this before", we're not exaggerating. HODL.
Spike in price In general, I would argue that the cryptocurrency market has retraced the vast majority of the speculatively driven bubble of 2017, leaving us very near if not at the bottom of this bear movement. For the past few weeks, the entre market as a whole has been consolidating, forming levels of support. Recently, Bitcoin Cash is an asset of particular interest, not only because this is an asset we are very bullish in the long term, but even more so because the market has propelled on the false pretences of a chain split. 📷 The diagram above shows the price action for Bitcoin Cash over the past week. At the beginning of the week, from 31st October to 2nd November the asset was reportedly trading sideways between the $410 and $425 region. If we now turn our attention to the past 4 days to be specific, we see that on 2nd November the asset began rallying. Volumes, shown by the vertical black lines, increased sharply and price followed suit. The main catalyst for this bull run coincides with the anticipated chain split. There have been several different factors at play which have caused this unjustified bullish movement migrating beyond the $600 region. Binance Announcement The main catalyst causing the rally, in my opinion was the announcement made by Binance exchange. 📷 As shown above, Binance released a statement that they will be supporting the hard fork on 2nd November causing massive surges in volume and price. In my opinion this is a strategic move by Binance as if they are the only exchange that announces their support, BCH volumes will bleed from other exchanges into binance, increasing their volumes regardless of a chainsplit. This is the huge misconception in my opinion. After noticing this, Coinbase seen followed suit. Coinbase Announcement 📷 As per the announcement above, Coinbase also released a statement on 4th stating that they will be support the upcoming BCH fork. Analysing the chart showing BCH price action also shows bull pumps on this date too. 📷 The table above shows the total volume traded using BCH over the past week. As we can see on 2nd November there was a huge increase in volume, increasing over 100% from the previous day. Furthermore, on 4th November BCH volumes further increased nearly 300% from the previous days, showing the impact of Coinbase also supporting the fork. The next area of analysis should concern other reasons why there could have been a price increase, independent of the announcements made by Binance and Coinbase. BTC Vs BCH Some would argue the price of BCH could surge over the anticipation of negative news associated with BTC - As the assets are considered somewhat substitute goods. I don’t think this is the most compelling of arguments as there is mainly bullish news upcoming for BTC.
Baakt exchange is scheduled to go live on 12th December. This is massive for the community as it could act as the reassurance traditional institutional investors need in order to safely enter the space, using the trusted Goldman Sachs as their “Cryptocurrency prime brokers”.
The ETF is a decision in which has drawn the attention of the entire cryptocurrency community. An approval could very much be the catalyst for Bitcoin breaching ATHs and heading toward the $50,000 and $100,000 benchmark commonly spoken of in the space. 📷 The graph above demonstrates Bitcoin’s dominance. As we see the ATLs of January 2018 and a revisit of these level in July 2018, the Bitcoin ETF played a huge part in increasing Bitcoin’s dominance. If we now explore the difference in market conditions from July to present, there hasn’t been any significant development work by Bitcoin developers, nor has there been friendly regulatory framework - quite the opposite actually with RBI and PBOC. Consequently it would be sensible to assume Bitcoins dominance is at circa 50% due to the ETF largely.
📷 The chart above shows Bitcoin’s hashing power alongside that of Bitcoin Cash. Exploring the chart we see the hashing power of BTC increasing on 2nd November and 4th November. We can therefore rule out the idea of a shift in hashing power from BTC blockchain to BCH blockchain as a reason causing the increase in the price of BCH.
📷 The chart above shows the profitability of mining Bitcoin Cash compared to mining Bitcoin. As we can see, it currently more profitable for miners to mine Bitcoin instead of Bitcoin Cash. Therefore, there would be no monetary incentive of mining which could have led to miners switching to BCH that can in turn positively affect the BCH price. As a conclusion, it is sensible to associate the BCH spike in price with the announcements made by the two exchanges. This leaves me with certainty anticipating a fall in the price of BCH. Why the price of BCH is overvalued for the bear market As proven, the surge in both volume and price of Bitcoin Cash was solely caused by the consecutive announcements shown above. Therefore as soon as the Bitcoin Cash screenshot is taken, we will see large sell offs in the asset, causing price depreciations, just as we have experienced with all other Bitcoin forks. People are purely incentivised to buy an asset before it hard forks just to attain the free money that comes with it. The next reason why I believe there is large appetite for a impactful sell off, possibly even greater than the pump we have seen over the past week is because of the nature of this split. There is NO replay protection implemented as of yet. Now, with there being no replay protection exchanges aren’t willing to list the forked asset as replay attacks pose a huge risk. If we now reminisce on Binance and Coinbase expressing their support for the fork, we can ask ourselves why would they support if there’s no replay protection? The simple answer and most feasible answer is There wont be a chain split which can be subject to replay attacks. Now let's explore the case of replay protection being added and there is a chain split, creating another token. Should this happen, given the current market sentiment, people will undoubtedly sell off. The first reason why they would sell of is because it will provide them with profitability, meaning they reconfigure their portfolios, purchasing assets currently undervalued, and the second reason being they will now anticipate a sell off from those who simply purchased BCH just for the fork. Lastly, following our meeting with CSW and SS, we know that nChain and CoinGeek are collectively supportive of low BCH prices, as according to SS it will bankrupt Jihan far sooner than nChain. As the fork commences, It wouldnt surprise me if we see further selling pressure. Technical Analysis 📷 Exploring the Bitcoin Cash weekly chart above, we see a very significant resistance level at $660. This tells us that it is very hard for price to penetrate this level to the upside. 📷 Breaking this down into the daily chart, we see this level a little clearer. The daily chart produced a wick which failed to pierce the resistance zone, clearly testing the level and failing to brakethrough. 📷 Lastly, the 4hr chart above shows a bearish engulfing candle. This is a strong indication of bearish momentum signifying further movement to the downside.
The Reddit Bake-Off, Reddit-wide tokenization, and where NANO fits in the future of digital exchange.
I first learned about Bitcoin from a person I met at an interview in late 2017. My primary interest was Bitcoin, but at the time I saw how much profit early Ethereum adopters yielded and I envied them for finding such a successful project in its early stages. My first investment in cryptocurrency was Litecoin. I was attracted to the fact that, although it was essentially the same as Bitcoin, it was faster and slightly less expensive. I dove in and I got rekt. As time went on I began to do research on different coins. I found Binance and started exploring alts. I'd look at the Binance chart, pick a coin, Google it, read their whitepaper (since I didn't understand the code, eventually I just judged a whitepaper by its aesthetic), and ultimately I would end up on their subreddit. That's how I found CryptoCurrency. At some point in my journey, a new wave of confidence entered the market. People started talking in the Daily about a new coin that appeared on some weird exchange whose named I had never heard. They said it was instant and free and that it was the absolute epitome of what Bitcoin was meant to be. Countless users suggested this coin would absorb the entire market cap of Bitcoin. Its name was strange, RaiBlocks (XRB). I had bought in around $20 at the time the price went from $0-38 in a couple of weeks. Everyone was enthusiastic about the bull run, but it was the technology and its potential for worldwide application that people were excited about most. Welp, some bad press and a couple of years later and we are now in the depths of obscurity and any mention of NANO in the Daily on CryptoCurrency, the same sub that birthed its popularity in the first place, is chastised. I sadly watched as NANO lost its clout and with it its price. Eventually, BrainBlocks died, which was my favorite project of all, and I exited completely. I even removed NANO from my watchlists because I knew if I saw it I would buy back in. NANO fell off my radar entirely for about 4 months while I dove head first into DeFi. However, last night I saw the charts looking favorable for a breakout, so I re-entered. Then today as Bitcoin pumped and every other alt dumped, NANO miraculously jumped. I figured the trading bots still oddly tie NANO to Bitcoin and after seeing NANO as the only successful coin in a sea of red, I came back. I also thought maybe the developers knew something we didn't, and the price was increasing before something big was about to happen, but that's just wishful thinking. Right now, the most exciting corner of the cryptocurrency space is far and away the fact that Reddit is now heavily involved in the future of cryptocurrency integration:
As an experiment, Reddit has begun given tokens to posters/commenters at two subreddits for upvoted content: Moons and Bricks at CryptoCurrency and FortNiteBR, respectively.
A user was even able to bridge Moons and Bricks to equivalent tokens on the xDai Network (xMOON and xBRICK), and are literally tradable. For example, I earned 425 moons last month and I bridged them to xMOON and traded them for ETH on Honeyswap. I earned ERC-20 tokens from Reddit, bridged them to another network, and sold them. This, ladies and gentlemen, is not only the beginning of the tokenization of Reddit. This is going to be the beginning of tokenization of everything. NANO is faster and feeless. An infinite number of blockchains can be created on the block lattice. A community member even generated a Moons to NANO converter, right? My question is: Is it possible for NANO to bridge ERC-20 and ERC-677 tokens from the Ethereum network to NANO sidechain equivalents. Fore example, NANOETH, NANOLINK, etc.? Why can't NANO participate in the Bake-Off and develop a protocol that bridges NANO and other tokens via sidechains? Is it possible to create a token for every single subreddit and have them run simultaneosly the NANO network? Why isn't NANO in the discussion for this and why haven't we entered the Bake-Off? Is this not the best use case for NANO and the best place to implement the protocol? To be quite honest, I am back because I think NANO will succeed in some way and I imagine the developers have a plan for marketing with the next hype wave in cryptocurrency. However, if that is not the case, then this project is missing a serious opportunity to become a part of perhaps the single most important incoming disruptor in the cryptocurrency space and economics, err, soon-to-be tokenomics of our society. People once thought this coin would absorb the entire market cap of Bitcoin, but it's been 3 years and other projects have gained traction and now the spotlight is on Ethereum. Yes, there will never be another coin as fast or as free as NANO, but there needs to actually be use for it for it to become valuable and have a place in the future. Thanks for reading! tl;dr - Reddit is tokenizing all subreddits and is actively hosting a competition in order to try to find the solution to Ethereum scaling, called the Bake-Off. I want to know if it is possible for NANO to participate in the Reddit Bake-Off and use its protocol to tokenize Reddit.
$MARA + $RIOT: TA Play. Both MARA & RIOT have been in a consistent uptrend since the 7th of this month. The cryptocurrency sector as a whole has been hot, with bitcoin recently passing $13k, Jerome Powell discussing the possibility of adapting cryptocurrency in government, and paypal recently announcing the adaptation of cryptocurrency. All of these recent events have played a crucial part in the run both of these stocks have had. What I really love about the current pattern of both these stocks is how consistently the bounce off the 50-day moving average. For $MARA, we saw this bounce on both the 7th and the 16th of this months, and as of close today we are once again hitting the 50ma support level. If we stay above this $2.54 level in tomorrow’s pre-market, there is a good chance we could see this bounce again. $RIOT has almost the exact same pattern, bouncing off the 50-day moving average on both the 8th and the 19th of this month. We tested the 50ma today ($3.62/share) so if the pattern holds up, we could see a stronger up-trend going into the open tomorrow. $MARA $RIOT $CREX: TA Play. Creative Realities Inc. has had a rough couple of months, starting back on August 14th where they reported earnings which resulted in the stock tumbling for the next few weeks. We seem to have found heavy support around the $1.00 range, and we have been consolidating between $1 - $1.10 since the beginning of September. I like that the stock has fallen below the $1 support only once in the past few weeks, and it was only for a couple trading days. I like to scoop up these beaten down stocks and wait for the PR to bring them back to previous levels. Two great examples of this are $ADTX and $GRIL. Both found consolidation and popped on news. I know very little about this company, but I will be accumulating shares in my loading zone of < $1.05 and in the meantime research what might push this stock to previous highs. Swing play. Bottomed out play. Clear support zone $ISIG: Insignia Systems Inc. shares are trading higher as of yesterday after-hours, running from .80c to $1.27/share, and has continued its run this morning. The stock is running off absolutely no news, so be ready to play this like a momentum stock. Looking for scalp-able volume at open, will not enter this pre-market as it has already begun falling from its high of $1.69 this morning. Pre-Market Runner $JAKK: Today, JAKKS Pacific, Inc. (NASDAQ:JAKK) announced it will announce third quarter 2020 financial results on Monday, November 2, 2020 after the close of the stock market. The Company will also hold a teleconference and webcast to discuss the results, and may also discuss future plans and prospects. Jakks Pacific has been on a consistent downward trend since late June, but this low float stock moves quickly and sporadically with news. Looking at the 180d 4hr graph, we can see the stock began consolidating on September 1st, and for the most part the stock has stayed well above $3.75. As of October 5th, JAKK started a clear uptrend which was ironically spurred by a rogue Ryan Seacrest tweet praising the company’s toy lines. After the initial spike to nearly $6, Jakk settled and has now found support on the 50 day moving average which is quickly approaching the 200 day ma. Will be looking for an entry in the $4.20’s, I think the stock is in a good place to get a starter swing position, assuming it can hold above the 50 ma. Bottomed out + MA cross $DSS:Document Security Systems (NYSE:DSS) shares are trading higher on Monday after the company reported third-quarter EPS and sales results up from last year. Document Security Systems operates in the security and commercial printing, packaging and plastic ID markets. The company develops, markets, manufactures and sells paper and plastic products designed to protect valuable information from unauthorized scanning, copying, and digital imaging. Document Security Systems shares traded up 27.72% to $5.16 on Monday at the time of publication. The stock has a 52-week high of $15.60 and a 52-week low of $3.68. Up nearly two dollars from Monday’s open, will watch to see if the up-trend continues. https://preview.redd.it/bvfiwm80gmv51.png?width=1602&format=png&auto=webp&s=878f1a57740cd800809b282f23db92f310c8e2f9 $RCON: Incredibly similar chart to $JAKK, though the 50ma has clearly crossed through the 200ma. I personally would wait for the both moving averages to curl a bit more. During June and August the stock found a clear bottom just above $1.10. The stock did slip below these levels during most of September, but has since been on an uptrend using the 50ma as a support. I personally like the setup on JAKK better but this is also a swing opportunity. Trending up, 50ma support. Never forget to do your own DD; remember: For all you know, all the stocks that I mention here will dip 90% tomorrow; Do your own DD, I'm not some magic fairy. Trading will never come this easy to you. If all the stocks on here went up, I'd be chilling on my own Island. This is a watchlist, not a buy list.
Good evening my fellow degenerates. Two years ago there was a sportsbook survey that I stumbled upon. You can find the results Here . I think these results gave a decent idea of the users here, and I figured it'd be good to get an update on that. If you would like to fill out the survey, the link is Here Last time there were 500 respondents, so if we can get to that number, that'd be sick. This is my first survey I've ever created, so if there's any issues, feel free to let me know. Also, please do upvote this for my karma so this stays relevant for sportsbook . I will share the results at the end of this week, just in time for Sunday football :) EDIT: So I've made a few edits. In order to see the nice data sets, you can't have it as short answer. Otherwise, it's a wall of text to sift through. I can make it a piechart into google forms, but even then, due to the uniqueness of answers, it's a wide array of colors. I still have all the individual answers shown, but it's about 30 differnet colors in one chart. Instead, I've made it another multiple choice, with the top answers being the first four choices & then the option of other. So, without further ado, here are your finalists. For the sports team / player that gives most grief this gives us : Rockets (by a wide margin lol), Cowboys, Clippers, & 76ers. (Flyers, Arsenal, Titans, Colts, Falcons, Islanders all have 3) For the Capper question : We have Bob, Chasingpayments, YBK, Sidekick, Myself, and None. For the Sportsbook question: Bovada, Draftkings, Fanduel, Personal bookie, bet365 I still have the array of colors, but hopefully this makes it look a little cleaner. Regardless, you can still see the individual answers if you hover over the graph. As of right now, we are currently sitting at 1000 responses! This community has truly grown. Some of my favorite answers are : Meat popsicle for gender, Jarrett Culver not staying home for grief, and Jameis Winston & has bad eye sight. Lastly, I will also give the spreadsheet that I exported it to so we can all view. Thanks again for everyone's participation One last edit : As per the 36 responses, here is the link to my bitcoin wallet Here
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
HODL in coins.ph wallet? or keep in trading platform?
Hi All, I've been cost averaging my investments in bitcoin for about 2 years now. I just wanted to ask if it would be wise to just keep it in the trading platform or just keep in the coins.ph wallet? I don't regularly trade and I just sell when there is a big breakout in the chart. I regularly add funds to it every week thru coins.ph via XRP then once received on the platform sell it to BTC units. EDIT: BTC just hit an all year high? 12712 as of this post and I almost cashed out my btc but decided to transfer to binance because of the tips given to me by the redittors in the comments. I will study up on P2P crypto trading to make money out of it! Thanks everyone!
I'm still chillin til after labor day, but wanted to share this trading idea with you real quick. The August 31st date for MARA is important. Here is why: Bitcoin Daily Chart We know bitcoin and MARA are correlated. Bitcoin is consolidating in a pennant pattern. I love how bitcoin price moves, you can see that at the very beginning of this pennant, theres a small bearish candle. It does this almost every time across every time frame. Seriously, go look at bitcoin on the charts and you'll see that same thing with the start of a pennant formation across every time frame. When we measure it, the break out point for btc is august 31st. Basically, I'm expecting more consolidation for bitcoin this week. with major moves after labor day
What does this mean for MARA?
https://preview.redd.it/2z5riu7n7vi51.png?width=1828&format=png&auto=webp&s=6e37595eded7bb090cdb213a8bfb1a8b3735b409 Firstly, the (475.96%) represents how much the price went up after i called it out. It was one of my better trades. That green inverted head and shoulders was a dead giveaway though, paired with bitcoin correlation. It exploded 475%, its gonna retrace. The fact that this past week closed bearish engulfing, means that I expect further bearish movement for MARA this week. Theres a gap to fill on weekly support at $2.12, so maybe i'll buy there. I obviously don't have any support or resistance lines drawn above that $2.12 level so idk what could happen up here. Ill try to do it this week. Measuring with fibonacci gives us a 127 target of $6.44. I'll be looking to buy towards the end of this week/ early next week if the price continues to follow this path. dont really know the time frame of when it could hit $6.44, maybe by end of september Cheers bois ____________________________________________________________________________________________________________
$NOVN: Shares of Novan began trading higher yesterday as the company was granted a patent for treating inflammation and methods of treating the same. This comes one month after Novan appointed a new CEO and Finance Chief. Restructuring of their business indicates progressional change to the model, which is a positive change IMO. The best part is that Novann told us to expect results from their skin disease trial, where they have already stated great findings from Covid-19 tests. Chart-wise, Novan has been trading pretty religiously just under the 200ma. Just yesterday with news of the J&J reporting bad results for their vaccine candidate trial has cause bio-pharmas to spike industry wide, which we saw with Novan yesterday as well. Extremely strong resistance at .4836, could see bullish behavior if we can break past this wall. Long $NOVN. $SQQQ: Heavy resistance on the 200ma Bear time ladies and gents. The market has been on a five day rally, with yesterday's market action being straight up wild behavior catapulting the S&p 500 nearly 2%, led by almost exclusively tech companies. We are rapidly approaching all time highs and in my honest opinion, we are due for a pullback before then. I have added $SQQQ’s to my watchlist before, but for those unfamiliar SQQQ is the SPY inverse ETF. What this means is that when the overall market is rising, SQQQ is falling and visa versa. This gives us the opportunity to play the bearish side without actually shorting the stock. Wait for confirmation of the pullback before entering SQQQ. Inverse SPY ETF $MARA & $RIOT: The last few days we have seen both of these stocks break consolidation and begin trending upwards. Both of these stocks are sympathy plays off bitcoin, so be aware. The tech sector as a whole got a boost yesterday, and these two are no different Chart wise, the 50 day moving average is quickly approaching the 200ma, and the stock itself has already broken through that 200ma resistance. Might look for a position to swing one of these this week. Mara Riot, very similar to Mara Never forget to do your own DD; remember: For all you know, all the stocks that I mention here will dip 90% tomorrow; Do your own DD, I'm not some magic fairy. Trading will never come this easy to you. If all the stocks on here went up, I'd be chilling on my own Island.
Here is a Market Recap for today Thurs, Oct 8. Please enjoy!
PsychoMarket Recap - Thursday, October 8, 2020 Stocks rose again today, extending yesterday’s frankly unexpected gains, with the major benchmarks opening at their highest levels in about a month. Market participants digested a new round of jobless claims, dimming hopes of stimulus, even for stand-alone bills, and progress in Covid-19 therapeutics following Pres. Trump’s discharge from the hospital. The Nasdaq (QQQ) finished the day 0.54% up. The S&P (SPY) led the day, up 0.85% and the Dow (DIA) finished 0.48% up. Today, the Labor Department released their weekly jobless claims report. There were 840,000 additional first-time jobless claims this week, slightly above the 820,000 prediction of analysts. While 840,000 is the lowest level since March, jobless claims have stagnated the past month, a sign of slowing economic recovery. Continuing claims, which are the number of people who have already filed an initial claim and who have experienced a week of unemployment and then filed a continued claim to claim benefits for that week of unemployment, fell below 11 million, dropping almost 1 million compared to the week before. Ian Shepherdson, chief economist at Pantheon Macroeconomics said, “The decline in continuing claims is welcome, but initial claims offer a better read on the real-time state of the labor market, and the downward trend has stalled, more or less.” According to CNBC, there are still 25.5 million workers claiming some form of unemployment benefits, according to totals through Sept. 19. More than half that total, or about 13.4 million, comes from those collecting under pandemic-related programs set up for those who normally wouldn’t be eligible, showing the toll the pandemic has put on the labor market. House Speaker Nancy Pelosi further curbed expectations that any form of stimulus will be unleashed before the November election. Today, in response to a bill designed to provide relief to the airline industry, Pelosi said, “There is no stand-alone bill without a bigger bill.” In other words, she opposes passing smaller, stand-alone stimulus bills in the absence of more comprehensive measures. Yesterday, after calling for his representatives to stop negotiations for overarching stimulus, Pres. Trump signaled he would support a smaller, targeted bill. In response to Trump’s recent tweets about stimulus, Ed Mills, policy analyst at Raymond James said, “It’s been the question of the day, as to why we got the tweets we got over the last 24 hours, the market reaction we got into [Tuesday’s] close, and then the rally.” Needless to say, the current market is hyper-responsive to the comments of Trump and other top officials. Shares of Regeneron (REGN) jumped after the drugmaker said it had submitted a request to the U.S. Food and Drug Administration (FDA) for emergency use authorization of its Covid-19 antibody treatment, which had been taken by President Donald Trump after his Covid-19 diagnosis. In a video on Twitter today, Pres. Trump openly endorsed the move saying “I took this medicine [during his stay at Walter Reed Hospital] and it was incredible.” In other nice news, the World Trade Organization (WTO) announced that South Korea’s trade minister and the former Nigerian finance minister are the two finalists in the race to become the next director-general. This is the first time a woman will occupy the position of top leader in this organization. Highlights
Covid Relief pushes US deficit to a record $3.1T
AMD announced new desktop processors today that the company said will deliver significant improvements in gaming performance. The Ryzen 9 5950X chip delivers what the company described as the “highest single-thread performance of any desktop gaming processor.”
Gamestop (GME) announced that it has entered into a multi-year strategic partnership agreement with Microsoft (MSFT) to further advance its strategy to expand its physical and digital video game offerings, as well as enhance the Company’s retail technology infrastructure. GME rocketed up 20% on the announcement.
Morgan Stanley (MS) said it is buying fund manager Eaton Vance (EV) Corp. for $7 billion, continuing the Wall Street firm's shift toward safer businesses like money management. The deal comes just days after Morgan Stanley completed its $11 billion takeover of E*Trade
Weed stocks got a big boost today afet Vice Presidential Candidate Kamala Harris said in yesterday’s debate that the Biden administration would federally decriminalize marijuana. TLRY up 17.5%, CGC up 13%, ACB up 11%, APHA up 10%, CRON 9.6%, and CURLF up 10.5% to name a few of the most popular ones.
Square (SQ) bought 4,709 bitcoins (around $50M). The company said "Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system"
ROKU had a target raised by Needham from $190 to $255. Stock is currently at an All Time High. Amazon AMZN announced Roku would be available on Amazon FireStick.
Paypal (PYPL) had target raised by KeyCorp from $215 to $230 at OVERWEIGHT
Norfolk Southern (NSC) had all sorts of target raises today. By Barclays, Citigroup, Cowen, and Credit Suisse.
Sunnova Energy (NOVA) International had a target raised by Raymond James from $26 to $32 at OUTPERFORM.
Nextera Energy Partners (NEP) had a target raised by Raymond James $64 to $73 at OUTPERFORM.
Kura Oncology (KURA), had a target raised by Credit Suisse Group from $27 to $43 at OUTPERFORM. Very Bullish Call. Stock is currently $33, has been running! Keep an eye on this one!
Green Dot (GDOT) had a target raised by Needham from $62 to $70 at BUY. price currently at $62, very bullish call.
First Solar (FSLR) had a price target raised by Raymond James from $72 to $80. Solar Energy stocks have been on a tear! Definitely keep an eye out
ETSY had price target raised by Oppenheimer from $150 to $160 at OUTPERFORM
CareDx (CDNA) had target raise by Piper Sandler from $54 to $62 at OVERWEIGHT stock currently at $44
ANET upgraded by JPMorgan Chase from NEUTRAL to OVERWEIGHT with a $275 price target. Very bullish call keep an eye out, chart looks good for swing trade.
MDT Medtronic upgraded by Snafor Bernstein and Stifel Nicolaus to OUTPERFORM and BUY respectively.
PAYX Paychex upgraded by Citigroup from $75 to $93 NEUTRAL to BUY. Nice call this one.
TSLA Tesla upgraded by New Street Research from NEUTRAL to BUY at price target $578.
MARA and RIOT two companies exposed to cryptocurrencies had big runs today. 10.3%, and 10.15% respectively. This is worth noting.
Some notable performers: ET 8%, ECA 7.7%, IBM 6%, CTVA 5.7%, OKE 5.6%, SU 5.5%, ROKU 5.4%, RKT 5.3%, GE 5.2%, ANET 5%, XOM 5.2%, EPD 4.8%, TEVA 4.6%, EV 47%, BHC 13%, CGC 13%, COTY 12.6%, ON 10%, CLR 7%, NTNX 6.8%, SHAK 5.8%, GME 36%, LKNCY 22.5%, JMIA 21.6%, TLRY 17.5%, ACB 11%, APHA 10.3%, CRON 9.6%, FCEL 9.3%,
"Don't judge each day by the harvest you reap but by the seeds that you plant." -Robert Louis Stevenson
Some Bitcoin Analysts and Prediction Today and Yesterday & Why "It's not the Price, Dummy"
This is just for fun, I generally have no strong feelings toward bitcoin price (I'm just fundamentally against zero-sum get rich schemes). But today I decided to do a little bitcoin search in news.google.com and see what today's bulls were predicting in 2018. Side note, almost all of the news articles came from crypto sites. I tried my best to stay away from them. Farming magazine telling you agriculture is the future isn't exactly shocking. To people who invest, please don't consider this as a prediction that price will fall. I'm not astute or smart enough to predict either way. The only possible use is to make sure you are more skeptic regarding predictions. Keep in mind, a rich CEO or consultant can lose 100 million and not really affect his life that much, but a 10k or 100k lose for some people can be devastating. And remember, some of these rich hedge managers don't believe their own bullshit, and hopefully, some of these quotes will emulate that. (Note, I won't waste time linking them all, but by quoting them directly, it should be easy to google) (another side note, I didn't purposely search out specific names. I went by the first names I came across, and only ignoring those that I couldn't find anything regarding crypto in past years)
Present: Business Inside: Bitcoin is like 'digital gold' and won't be used the same as a traditional currency in at least 5 years, billionaire investor Mike Novogratz says Past: On Nov, 2017, he said: "Bitcoin could ‘easily’ reach $40,000 by the end of 2018, hedge fund legend Novogratz says" 2018: "Michael Novogratz calls a bottom in cryptocurrencies" (it wasn't) Novogratz started a crypto funding in 2018. First 9 months "Mike Novogratz’s Crypto Trading Desk Lost $136 Million in Nine Months" (Bloomberg). Quarter 4: "Galaxy Digital Posts $32.9 Million in Net Loss for Q4 2019". Feb 2020 "Mike Novogratz’s Galaxy Digital Slashes 15% Staff"
Present: "For Raoul Pal, CEO of Real Vision, the bullish atmosphere had been reinforced, and further gains were more likely than ever. “There are literally only two resistances left on the #bitcoin chart - 14,000 and then the old all-time high at 20,000,” he tweeted." In a tweet today, he said, "Bitcoin is eating the world... It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months. You see, gold is breaking down versus bitcoin...and gold investors will flip to BTC" Past: 2014: "Put them in the same kind of equation we get a value of bitcoin and that value is a million dollars. Now, you'll never hear an analyst say this—but I don't mind this—I could be wrong by 90%, and it's still worth $100,000." (to be honest, that's a bit of an impressive prediction in 2014) On the other hand, he probably didn't really believe his own prediction because in June, 2017 (when it was 2000 USD or so), he said: " “This is the most exponential move we have seen. I don’t know how far it goes, but I sold out last week… and I’ve [owned Bitcoin] since it was $200. Anything that moves exponentially, always [blows up].”" In 2016, "This view brings Pal to the asset he favors most over the next year out of bonds, equities, currencies and commodities: the dollar."
Eh, that was just two. I was hoping to mention several people, but it appears not many people are actually making predictions anymore, and anyone mentioned are basically not big people so I couldn't find much on them regarding bitcoin before 2019. So, the main thing I like to highlight are the analysts and such are going to make money whatever happens. Fund managers are playing with people's money and, as long as they are not involved in frauds, there is no real harm to them against wrong predictions. Generally, successful business people are successful because they were loud, confident, and were able to convince others that they had the right idea. Even when wrong, they bounce back. Most of us aren't like that. Some bitcoiners come here to boast when price goes up, as if the increase in price is an indication that argument against bitcoin has been proven wrong. While some people here are fanatically anti-bitcoin, I am not one of those. I have nothing against people making money (why would I be upset that people I don't know around the world became wealthier??). But since bitcoin investing is by design a zero sum game, certain people will eventually lose, and it is most likely it is the people who were listening to predictions by experts that would ultimately be financially hurt, and not the experts making the predictions. Crypto investing has been a platform where the average person works hard in his day to day life, and then brings the fruits of his labor into this field. The actual productive part of that person's life is the one outside crypto, where they had been productive for the community, and in exchange, they receive wages. Crypto investing's promise is for this wage to increase without the actual productivity. The concern is mainly that the result of all that labor will be misused by crypto "experts" who's own income (their labor) is directly linked to predictions on crypto. The above paragraph is badly explained, but the main point is that the average person brings in outside money they worked hard for, while "experts" there is generally no outside money, crypto fund management or consulting itself is their job. --- Money can be made, of course, but money being made isn't necessarily an argument for something. Bitcoin, and crypto, has for the past 1.5 decades still largely just about numbers going up. Google trend on "bitcoin" show top related queries being "bitcoin price", "bitcoin usd", "bitcoin usd price". When people come here when it hits a particular arbitrary price point thinking it's their gotcha moment, it actually just reinforces my argument that it is only about the price. Nothing in the history of human economy has ever lasted based only on the economic model of who you could resell it for at a higher price. Even DeFi's smart contracts (as much as I could understand it) is about prices going up. It's like for these people the concept of contracts are based purely on money exchanging hands, and no actual task being done. Almost all contracts globally are based on specific productive tasks being done, such as employee contract, supplier contract, property contract, and so on. Only a tiny amount of it is based on "if this currency goes up, then give me that currency" contracts. ---
[Chart Of The Week] “It’s Déjà Vu All Over Again” for Bitcoin. October 12, 2020 by JC. I feel like we’ve seen this before… Here is the chart of Bitcoin. Uptrend, Consolidation, Breakout, Uptrend Consolidation, Breakout, Uptrend Consolidation… If this were one of those tests you took in grade school where they ask you what’s next in this pattern, you would say Breakout and then ... lll Bitcoin Kurs in Euro Chart Chartanalysen aktuelle Performance jetzt in Realtime einfach und schnell bei ariva.de ansehen. so we about to get a TD9 on two week for sell side. as you can see. that has nailed the tops and bottoms on bitcoin well in the past. We have divergence. increasing sell pressure. my oscillator is meeting the resistance line. The OBV occilator has a trendline resistance. the vix fix / inverse vix fix suggesting it might be so. The OBV+Fisher transforms higher up as well as the wave trend. Der Bitcoin - Euro Chart zeigt die Entwicklung des Bitcoin - Euro in grafischer Form und erlaubt somit einen schnellen Überblick über Kursverlauf, Höchst- und Tiefststände. Bitcoin 2 price today is $0.393844 USD with a 24-hour trading volume of $28.61 USD. Bitcoin 2 is down 3.01% in the last 24 hours. The current CoinMarketCap ranking is #623, with a market cap of $6,835,726 USD. It has a circulating supply of 17,356,434 BTC2 coins and a max. supply of 21,000,000 BTC2 coins. You can find the top exchanges to trade Bitcoin 2 listed on our crypto exchanges page ...
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