Hey everyone, just a quick chart update again, but should be back with news tomorrow. @Gohba and @Choogirl had been requesting more ranty news, but I've 1up'd that request and gone on a rant about markets.
Here's the latest in ...
Crypto Markets
BTCUSD bulls have displayed a lack of balls at the top and the dashed line I wanted to hold on Monday was breached. What does this mean? It means we're in consolidation territory again and in a really wide wedge at that - I mean it's literally 1000 points. I remain bullish, though this pattern opens up the possibility of months of sideways trade :|
Ether, oh Ether ... what to say. I think I'll structure my analysis in the form of a letter to the foundation:
Dear Ethereum Foundation,
ICYMI we have a problem with confidence right now. People are worried about network capacity. People are worried about hacks. People are worried about flash crashes. People are worried about EOS. Most of all, we are all very worried about Vitalik ... seriously that guy does not look OK ... please stop whipping him so hard and give him a break. All we need right now is some Foundation PR guy to reassure us that everything is going to be alright.Sincerely,
Bulleth (a guy who was once so bullish, he thought it was a good idea to name his Steemit account after his bias).
I'm still long, I'd been fading in as we consolidated around the highs, but I've had to trim exposure as we came back down overnight. Need the lows to hold or it's all over IMO:
Steem has turned lower from the 60-67 resistance zone mentioned Monday and now firmly resembles a Head and Shoulders topping pattern. This is both good and bad: if the neckline at 38 goes, we're all pretty much fucked. On the other hand, if it's defended and we can rally in spite of the topping pattern, that is a very bullish sign:
What a difference two days makes eh? Monday I was all like "Loving it! Steem back above $2 AUD" and Steem was at $2.17 ... it is now back below 2 AUD, down to $1.64 (-25%) ...
If you talk to that rabid marsupial guy, he'll tell you that markets are rational, but I maintain that 90% of the time, markets are fucking dumb. Did Steemit become 25% less cool over the past two days? No! Steemit is still uber cool, so quit freaking out and buy that shit and HODLOR....
Also down against the Dollar: fetching $1.31, from $1.64 Monday. SBD at a slight discount again too, you can grab 'em for 98 cents at Bittrex.
On a more positive note, our new BUILDTEAM tokens are doing really well on the OpenLedger/Bitshares exchange. When I received my first 500, they were worth 0.01 of a BTS (one tenth of a cent or so) ... they are now trading between 6 and 7 BTS (>= $1 USD). The downside of this, is I was running around on Discord, making people say compromising things about themselves for BUILD tokens and essentially gave away 450 USD in a matter of hours. Oh well, YOLO. Here's a link to the BUILDTEAM/BTS market where you can get yourself a piece of the action. Expect demand to pick up as we approach the profit-share pot announcement on August 3.
I'll be back tomorrow guys, I'll try take some medication and smoke a cigarette between now and then.
PEACE.
Team Aus footer by the amazing @bearone