Weekly BulletinHello folks. Last week wasn't particularly exciting. Lots of noise, not much signal (as per usual). Sensationalized articles were in full swing. We now know that Facebook is buying blockchain companies, Hamas is using bitcoin to fund terrorism, investors are losing money, and Brock Pierce is trying to rebuild Mt.Gox. YouTubeThank you folks for subscribing to my YouTube. As I wrote previously, I'm planning on releasing some crypto-related + not crypto-related content that you folks might like. I will put out the first video when we're at 1,000 subscribers (only 300 away so go and subscribe). Youtube: Click here, and then click subscribe Happy Lunar New Year!Thank you for the quick pamp (or was it the WallStreet bonus' ?!??). Cya again next year. BitTorrent ICOFew folks have been asking me what I think about the TRON BitTorrent Token (BTT). Probably because BTT was up something like 600% from its launch (this was as of Feb 5). Folks also brought it up in the Telegram chat. I'll write here what I wrote in chat:
Stay away from these "high profile" ICO'sThere are many "projects" that are supposed to launch this year. You're going to see headlines like: You've got to realize that these "fund managers" and folks who've invested in these ICO's are all looking for ways to get rid of this trash. Whether to dump on hopeful retailers in a Justin Sun style marketing + listing blitz, or dump on another group that's even dumber then they are on some OTC market. Stay away, or… …Or don't stay away, and be part of this wonderful evolution. Hacker who stole $5 million by SIM swapping gets 10 years in prison
This is only interesting because it appears this is the first person to be sentenced for this specific crime. Market SentimentTechnicalsBitcoin (Daily Overview)The bounce of the 200-Week SMA is notable. Besides that, the daily isn't particularly interesting. The consensus among traders seems be that the 3k support will be broken. When will it be broken? No one knows. Bitcoin could rally to 4.5k, and then proceed to fall below 3k. Or it could fall to/below 3k right now. I'm leaning more bearish since it seems the 50 SMA resistance held up (orange line). Bitcoin (4h Support/Resistance Levels)Resistance 2: ~3,630 Bitcoin (4h Volume)Seeing bearish divergence on the OBV (volume isn't confirming bullish price movement). Expecting downside. Bitcoin (Macro Overview)Below are the 3 most common bottom scenarios.
As of Feb 10, 2019 my confidence level are: A bottom between 1,700 and 2,600 = about 70%. Recommended ReadingsWhy Monetary Maximalism could fall short of expectations
You can read the full essay here. Regulation: A View from Inside the MachineBelow is a link to remarks from SEC Commissioner Hester M. Peirce on her speech about Protecting the Public While Fostering Innovation and Entrepreneurship.
The endIf you think something important happened last week and we missed it, let us know! Continue the discussion in our Telegram group. That's all for now. See you later space Cowboy You're on the free list for CoinSheet. For the full experience, become a paying subscriber. |
Sunday, February 10, 2019
Weekly Bulletin (Feb 10, 2019)
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