Bitcoin Rallies Its Way To Independence Day

Bitcoin Rallies Its Way To Independence Day

Bitcoin Rallies Its Way To Independence Day

Whilst volatility is generally expected to be lower on US Independence Day today, Bitcoin clearly has other plans after rallying 10% just after US markets closed. Let’s take a close look at this volatility.

On the face of it, the daily chart appears constructively bullish. It continues to print higher highs and lows, a 3-wave (corrective) move is apparent on the four-hour chart and a spinning top Doji and bullish appeared near its corrective lows. Furthermore, the bullish hammer respected a 78.6% Fibonacci extension, before rallying higher. If prices can build a level of support above 10, then we could indeed see this breaking higher. However, the levels of volatility seen near its record highs are a concern, so we’re on guard for another, volatile dip lower if it fails to break above its cycle highs.

As previously mentioned, volatility on Bitcoin is a different beast, but even by its own standards it appears erratic after hitting new highs.

Bitcoin gave back nearly 30% after hitting its new high over 6 sessions, making it the largest correction during this uptrend. This compares with an 18% decline over 7 sessions in its previous correction.

27% of this fall was the day after the high.

8 sessions of the last 7 has seen daily ranges above 10% (the 1-year rolling average is 5.2%).

Flicking back through the chart, these levels of volatility have generally been associated with, downtrends, deep corrections or periods ahead of a crash. Therefore, whilst we shouldn’t necessarily ‘fight the trend’ if it breaks higher,having an appreciation for price action characteristics could at least provide a reality check for our expectations.

 

 

By Matt Simpson,

Alan Zibluk Markethive Founding Member

Does Pride Come Before the Fall?

God is able to humble those who walk in pride.

Written by GodLife on 25/06/2019

Series: Weekly Devotional

Tags: GodJusticePride


Now I, Nebuchadnezzar, praise and extol and honor the King of heaven, for all his works are right and his ways are just; and those who walk in pride he is able to humble.

Daniel 4:37

A historian wrote, “Power tends to corrupt, and absolute power corrupts absolutely.” One of the Bible’s best examples is found in the book of Daniel. Nebuchadnezzar, the ruler of a worldwide empire, had a dream that foretold God’s judgment upon him. He nevertheless ignored the dream and did exactly what he was warned not to do, taking credit for the empire and everything achieved by it. God’s judgment fell, just as promised. How could a situation like this work out to his benefit?

The dream that warned the king

With all he had going for him, King Nebuchadnezzar was stubborn and prideful. In the second chapter of the book of Daniel, he dreamed about a great statue symbolizing his kingdom and other future empires. Only Daniel could correctly interpret the dream, so he was promoted. The king offered praise to Daniel’s God: “‘Truly, your God is God of gods and Lord of kings, and a revealer of mysteries, for you have been able to reveal this mystery.’ Then the king gave Daniel high honors and many great gifts, and made him ruler over the whole province of Babylon…” (Daniel 2:47–48). 

In the next chapter, the king built a giant statue and it was suspiciously similar to the dream’s statue. Whoever refused to worship the statue when certain music played would be burned alive in a furnace (Daniel 3:4-6). However, when God’s miracle delivered some faithful Hebrews from Nebuchadnezzar’s punishment, the king once again made a law: “Any people, nation, or language that speaks anything against the God of Shadrach, Meshach, and Abednego shall be torn limb from limb, and their houses laid in ruins, for there is no other god who is able to rescue in this way” (Daniel 3:29).

Chapter four starts with some similarities: God gives the king another dream that only Daniel can interpret. This time, though, it’s all about Nebuchadnezzar himself. Daniel tells him it means for seven years he would lose his mind and his kingdom, acting like an animal and eating grass, until he genuinley recognized God’s rule (Daniel 4:25-27).

The forgetful, prideful outburst that cost him everything

A year passed and the king had obviously forgotten all of this. He said, “Is not this great Babylon, which I have built by my mighty power as a royal residence and for the glory of my majesty?” (Daniel 4:30). God’s judgment took place exactly as predicted. He lost his sanity and became unable to care for himself or feed himself.

The surprise blessing that made it all around the empire

After the seven-year-long judgment was complete, the king said, “…my reason returned to me… I …praised and honored him who lives forever …his kingdom endures from generation to generation; all the inhabitants of the earth are accounted as nothing, and he does according to his will …none can stay his hand or say to him, ‘What have you done?’” (Daniel 4:34-35). What an amazing confession!

What’s different about this chapter of Daniel is that it is written to “…all peoples, nations, and languages, that dwell in all the earth…” (Daniel 4:1). It’s written in a different language than the rest of the book as well. Most shockingly, it is written in the first person. This chapter is Nebuchadnezzar’s proclamation. It is an official state document translated into multiple languages and sent to the world, confessing his sin against God and the “signs and wonders the Most High has done for me” (Daniel 4:2). It is the king’s personal testimony explaining how he repented and came to know God as the one, true and living God.

The lesser-known part of my initial quote about the corrupting nature of power is, “Great men are almost always bad men.” What an ironic phrase! Why hasn’t that part of the quote become better known? Maybe because it shows us our habit of elevating people for the wrong things. Read through the Bible and identify important births and the stories of leaders. From the time Jesus was predicted, as the “offspring of woman” in Genesis 3:15, to Jesus’ tragic words about His people’s readiness to accept a future substitute “Messiah” instead of Him, who would “come in his own name” (John 5:43Daniel 11:36), people have looked to some of the most flawed people as heroes, saviors and leaders, and have always been disappointed.

Moses, the great leader, was left behind because of one fit of anger. Strongman Samson was shamed and blinded by his lust for a forbidden woman. King David stole a faithful servant’s wife and allowed the man to be killed in battle. Why weren’t these stories left out of the Bible? Because God will not put up with our tendency to idolize people.

Against the bleak backdrop of all these disappointments—the outright villains and even the heroes of the Bible—Jesus shines like a diamond! Take it from a former undisputed king of a worldwide empire: “all His works are right and His ways are just; and those who walk in pride He is able to humble” (Daniel 4:37).


Pray this week:

God, as your Word says, I have nothing I did not receive and so I have no reason to overestimate myself or boast as if I earned something. Train me to be clothed in humility so that you can work in my life. Through Jesus I pray this, amen.


Is it possible that pride is in the way of something God wants to do for you? Pride is a sin that’s hard to identify, let alone confess

Alan Zibluk Markethive Founding Member

THE 30 PERCENT BITCOIN PRICE CORRECTION HAPPENED ALREADY?

THE 30 PERCENT BITCOIN PRICE CORRECTION HAPPENED ALREADY?

THE 30 PERCENT BITCOIN PRICE CORRECTION HAPPENED ALREADY?

The Rundown

  • Bitcoin Price Drops Exactly 30%

  • Back Above $11000

  • Bitcoin Price Could Fall Back Again?

The much talked about 30% correction in Bitcoin price was hit pretty much spot on during yesterday’s US trading session. Many are now questioning whether they missed the dip and whether the bull run has resumed as BTC trades back above $11000 again today.

BITCOIN PRICE DROPS EXACTLY 30%

Over the past 24 hours, Bitcoin price is back up again adding 9% on the day. Analysis of previous market cycles has shown that following an almost parabolic surge, BTC pulled back ~30% eight times in the past uptrend. A correction of similar magnitude has been expected this time and the target was hit a few hours ago.

From its recent high of $13,800, a 30% dip would send Bitcoin price back to $9,600. According to Tradingview.com BTC dipped to $9,620 marking a pullback of 30.3%, right on the money.

BACK ABOVE $11000

Since the short-lived dump, BTC price surged back above $11000 over the next few hours to settle at around $11294.6 +0.14% where it currently trades.

Trader and analyst ‘CryptoFibonacci’ noticed that the bounce touched the 200 EMA on the four-hour chart before returning to the 50 EMA where it may find resistance again.

“So, we did lose 10,900 and did fill one of the gaps. But, it did hold the 200 ema on this chart. A move back over the 50 ema here would do wonders for bulls. A rejection of it could lead it back down to fill that last gap.”

 

Fellow analyst, Josh Rager has looked at the bigger picture on the current weekly chart noting that the formation of a second doji indicates further indecision, a possible precursor to range-bound trading.

“The current $BTC weekly chart is quite hilarious with those wicks. Trends is still bullish even though we could go sideways here and range between a couple thousand dollars in the coming weeks.”

BITCOIN PRICE COULD FALL BACK AGAIN?

The trading week is far from over yet and BTC could fall further back, but considering its epic recovery from the mid $9,000s over the past few hours this does not seem to be likely at the moment.

With two $500+ hourly candles overnight the bulls appear to be back in force so the next few hours will be critical for Bitcoin price. The big green hammer on the daily chart is also a strong sign that the short-lived downtrend has just reversed.

Many will be waking in Asia and Europe today wondering if they had missed the dip.

 

 

MARTIN YOUNG | JUL 02, 2019 | 23:46

 

Alan Zibluk Markethive Founding Member

Do you worry about money?

3 reasons not to worry about money

Written by Hope on 08/03/2015

Series: Weekly Devotional

Tags: FinancesMoneyWorry


 

“Honor the Lord with your wealth and with the best part of everything you produce.” Proverbs 3:9

 

The Bible is full of stories showing God working in the lives of wealthy people. Abraham, Israel’s King David, and Lydia (a woman who sold purple dye) are just a few. But when Jesus also said that “it is easier for a camel to go through the eye of a needle than for a rich person to enter the Kingdom of God!” it was a warning that money can hurt more than it helps. (Matthew 19:24). How can you follow Jesus and His Word rather than letting money keep you from following God? Here are 3 truths to help.

Money Will Never Satisfy

Although money is not a bad thing, “the love of money is the root of all kinds of evil” (1 Timothy 6:10). Christians should not let anything–including money–interfere with their relationship with God. God is a great provider. Even among the wealthy, “those who love money will never have enough” (Ecclesiastes 5:10). The “happiness” found in things money can buy will not last, for “moths eat them and rust destroys them and thieves break through and steal.” (Matthew 6:19) Remember that Jesus gives His joy as a gift–and doesn’t take it back! (John 15:11)

God Gives What We Need

As Christians, we should strive to take good care of anything God blesses us with–including money. Our goal is to use money in a wise way. This includes providing for ourselves, our families and giving to support the local church. But how can you avoid worrying about money? God tells us to focus on Him. Jesus taught, “seek the Kingdom of God above all else, and live righteously, and He will give you everything you need” (Matthew 6:33). As you deal with and work for your money, “seek God’s will in all you do, and He will show you which path to take” (Proverbs 3:6).

If You Are Walking With God, Be Content As He Provides

The Apostle Paul famously wrote, “I have learned how to be content with whatever I have” (Philippians 4:11). God promised to provide for those who put Him first. So you do not have to “worry about anything; instead, pray about everything” (Philippians 4:6). Be faithful with your money, but when you feel worried, “give your burdens to the Lord, and He will take care of you” (Psalm 55:22). Christians can learn to “be satisfied with what you have, for God has said, ‘I will never fail you’” (Hebrews 13:5).


Pray this week:

that God will provide for you and help you learn to glorify Him with your financial resources.


How has God provided for you and enabled you to glorify Him? How does this encourage you when you look at your financial situation today?

Alan Zibluk Markethive Founding Member

Cryptocurrency market update – Wounded bulls are in a tactical retreat

Cryptocurrency market update - Wounded bulls are in a tactical retreat

Cryptocurrency market update – Wounded bulls are in a tactical retreat

  • The cryptocurrency market is losing ground, controlled by bears.

  • Bitcoin, Ethereum are still deep in red on a day-on-day basis.

The cryptocurrency market lived through another bloody red day as Bitcoin and all major altcoins are nursing significant losses ranging from 1% to 7%. The total capitalization of all digital assets in circulation dropped to $303 billion from $320 billion on Monday, while an average daily trading volume reduced to $86 billion from $90 billion this time on Monday. Bitcoin continued losing its market value, which is now 60.3% from over 63% registered in the previous week.
 

Top-4 coins price overview

Bitcoin (BTC/USD) settled above $10,000 handle after a short-lived collapse to $9,977 on Monday. The first digital asset is one of the worst performing coins out of top-20, with nearly 7% of day-on-day losses. A failure to recover above critical $11,000 may spell disaster for Bitcoin bulls and create an environment for a deeper downside correction.

Ethereum, the second largest digital asset with the current market capitalization of $30.60 billion, has lost over 3% of its value on a day-on-day basis. After a failed attempt to recover above $300, the price has settled at $288, within a whisker of the intraday low. ETH/USD is driven by the bearish sentiments that gripped the market, which means that the selling pressure will not subside in the nearest future.

Ripple's XRP clinches to $0.40 handle. The third largest digital asset with the current market capitalization of $17.0 billion has lost over 2% since the beginning of the day, and 3% on a day-on-day basis. At the time of writing, XRP/USD is changing hands at $0.4008, having recovered from the intraday lows of $0.3981

Litecoin (LTC/USD) is exploring territory below $120.0. The fourth largest coin with the current market capitalization of $7.3 billion managed to recover from the Asian low of $117.64, though its price is still 5% lower from this time on Monday. LTC/USD is moving in sync with the broader market.
 

 

Tanya Abrosimova

FXStreet 24 minutes ago

Alan Zibluk Markethive Founding Member

BITCOIN PRICE CORRECTION DEEPENS – WEEKLY CLOSE LOOKS BEARISH

BITCOIN PRICE CORRECTION DEEPENS - WEEKLY CLOSE LOOKS BEARISH

BITCOIN PRICE CORRECTION DEEPENS – WEEKLY CLOSE LOOKS BEARISH

The Rundown

  • Bitcoin Price Doji Turns Bearish

  • Bitcoin Dominance Still Raging

The Bitcoin price pullback which began at the end of last week has accelerated this Monday morning despite a relatively stable weekend. The weekly candle has closed off with a bearish signal indicating further losses could be coming.

BITCOIN PRICE DOJI TURNS BEARISH

Bitcoin price has been in decline for the past 24 hours following a weekend push back over $12k. The slide led to a drop of over a thousand dollars, or around 8%, in BTC price as the correction appears to be deepening. On the hourly chart Bitcoin price has dropped below both the 50 and 200 moving averages and is currently just above $11000, trading at $10930.9 +0.56%.

The weekly chart, however, looks a little more ominous as a large doji, or shooting star has appeared which is often the sign of indecision between buyers and sellers leading to a possible trend reversal. Trader Josh Rager noticed this and while analyzing the charts, he added that a couple of weeks on the downside would lead to prime buying opportunities.

“$BTC Monthly close looks good. Weekly close looks ugly, you’ll likely see this shooting star type of doji all over CT. Which typically is a signal for reversal & we could see a couple of down weeks for Bitcoin. But be happy as that would mean prime buying opportunities ahead,”

Looking at the daily chart, support lies at the 50-day moving average which is at the $9000 level. Many have talked about a dip of over 30 percent which has yet to materialize. At the moment BTC price is down around 20% from its recent high so a further ten percent drop or more would take it to the mid $9,000s which is also where the purported support lies. Trader ‘DonAlt’ also agrees that Bitcoin price often retraces deep in bull markets.

“$BTC weekly update: This chart looks like ass. Not necessarily a bad thing though, BTC likes to retrace deep in bull markets. The only way it can do so is by looking terrible. Waiting for support or resistance to get hit to make a move.”

BITCOIN DOMINANCE STILL RAGING

Bitcoin dominance is still over 60% as altcoins are getting crushed again. Total market capitalization has shrunk by $25 billion over the past day or so as everything is getting pulled into the crypto quagmire.

Most experienced traders are in agreement that this is a healthy movement for markets. Many will be keenly eyeing these support levels for new entry positions for the next leg up.

 

 

MARTIN YOUNG | JUN 30, 2019 | 23:32

Alan Zibluk Markethive Founding Member