33K Is Just 2.5X Away
Market Report: 10th July 2019 — Subscribe to our newsletter.
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THE DAILY VIEW FROM OUR DESK
For those who are concerned with the rise of facial recognition technology, wearing Juggalo makeup successfully prevents detection… apparently. Would wearing a steak on your face in the shape of Putin also avoid detection… probably. In other news, Uber Eats in Japan are coming up with inventive ways of delivering food, no nothing cool like jet packs, grannies in running shoes!
33K IS JUST 2.5X AWAY
STRONG BULLS COULD REIGNITE AN OLD MEME
Another day, another bitcoin battle. While the original cryptoasset only climbed 3% over the past 24 hours, BTC jumped a maximum of 7% between Tuesday’s open at midnight UTC and now — with plenty of retests of that daily low. In brief, a trader’s paradise. But now that bulls are battling for $13k the fear of a double top — a common bellwether for doom, as Josh Rager explains — is resuming.
The bullish rebuttal that was put forward claimed such reversal occurs more often in bear markets. But that’s not true. What’s important to understand is that even if we fail to break $14k this week that doesn’t immediately imply an inflection point. But if the initial attempts lose steam then the summer slump might begin at that point. If not, we can only hope the infamous 2018 #33kbyJuly meme, after Josh Olszewicz’s failed forecast, can be made great again.
YEARLY HIGH THIS JULY? NOT
GREED IS AT A HIGH LEVEL, BUT IT’S NOT AS HIGH AS WHAT BITCOIN CAN STILL CLIMB
We stopped being bearish last December and started being very bullish in February when we saw the closest thing to true capitulation, as well as the transformation of ICOs into IEOs. Few took those tokens seriously, but their thin markets prompted the first significant pumps that woke up our dormant animal spirits. Such green wave ignited — now crushed — hopes of an eventual alt season.
And that bright sentiment — together with plenty of interesting developments in the projects which survived and with the confirmation major institutions were still investing in the space (because monetary policy really doesn’t have an impact, as Alex Krüger shows) — then almost fully poured into the Bitcoin ecosystem. Why all this talk? Because Flood, an iconic permabull, is very confident there won’t be a double top and BTC will start exploring new all-time highs soon. As usual, move slowly, plan, watch-out for tight stops, and have fun!
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ Rptr45 is back with epic “big-picture” threads. Compare BTC and ETH’s current performance with past ones and understand how this market is different.
▪ Preston Byrne is back with epic, satirical rebuttals. The popular cryptoasset-focused lawyer roasted fans of MakerDao’s decentralised finance use cases.
▪ Alameda Research is a major cryptoasset trading fund. They published a must-watch 15-minute video about the Binance whale that crashed bitcoin 5%.
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