BTC-e got their domain seized, and Alexander Vinnik (the guy who is accused of laundering at least $4 billion dollars worth of Bitcoin) has now been charged by a U.S. grand jury (You can read more about this here).
Look's like the US government is stocking up on their Bitcoin. Maybe they're thinking of opening their own exchange? Or maybe....drum roll* que perfect transition...(scroll down you pleb)
Maybe the government just wants to get in on this Bitcoin Cash action! Probably not.
The question, is Bitcoin Cash going to cause a crypto recession or a renaissance? Or both?
There seems to be a general consensus that the price of Bitcoin will rally sometime before August 1 and will than proceed to take a dump of a lifetime. The reality if that most of us probably don't have any meaningful information about this event, and about half of us will be right about something.
Oh, and this isn't the first time this type of event has happened. When Ethereum has its split, a lot of people dumped their Ethereum Classic. I'm not trying to say that you should hold onto your Bitcoin Cash when you get it, what I'm saying is that it will likely not go away overnight.
So, what will be the price of Bitcoin Cash after the split? I don't know...but...
Oh, and here's a nice summary shared by cnLedger of Chinese exchanges on Bitcoin Cash. There seems to be a trend in China.
Weekly Crypto-Cap Recap
Technical's are bullish for Bitcoin because it looks like people are trying to stock up before August 1st so they can get their Bitcoin Cash from the split. If you're a regular Joe, I would say it is still very risky business to have your moolah in anything but dollars. Best wait for the aftermath.
Daily Number Indicator
I made the mistake of sending this chart out yesterday without explaining WTF it was and got bombarded with questions via email.
So let's talk.
Number Indicator 101
This is a number indicator used to identify a price point where an uptrend or a downtrend exhausts itself and reverses. It gives you a recommendation where to buy and where to sell.
What are we looking at?
- A series of nine candles that close higher or lower than the close 4 candles earlier.
When is there a buy recommendation?
- When you see 9 consecutive closes “lower” than the close 4 bars prior.
- An ideal buy is when the low of bars 6 and 7 in the count are exceeded by the low of bars 8 or 9.
See the example below of a buy recommendation for ETHUSD on GDAX.
When is there a sell recommendation?
- When you see 9 consecutive closes “higher” than the close 4 candles prior.
- An ideal sell is when when the the high of bars 6 and 7 in the count are exceeded by the high of bars 8 or 9.See the example below of a buy recommendation for ETHUSD on GDAX.
See the example below of a sell recommendation for ETHUSD on GDAX.
An ideal setup tends to be a better indicator, as regular setups often are perfected at a later date.
And you should understand that a setup does not guarantee a reaction in the opposite direction. If the momentum is too strong in the trend direction, a reversal could very well be cancelled.
If you're into this kind of stuff, let me know by following me on Twitter, @coinsheets.
QUOTE OF THE DAY
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