BITFINEX:BSVUSD remains a Strong Buy.
Analysis Method: Fibonacci & Wave Theory
Immideiate Target: $380-$470
Near-Term (30-60 days): $1,400
Please see previous BITFINEX:BSVUSD analyses for further information
Long story short, COINBASE:BTCUSD was compromised by two competing factions of crypto engineers.
The factions working on the protocol BITSTAMP:BTCUSD couldn't come to an agreement on how to scale COINBASE:BTCUSD .
The disagreement led to COINBASE:BTCUSD being forked resulting in COINBASE:BCHUSD .
But, the factions continued to disagree which resulted in COINBASE:BCHUSD being forked. The fork created POLONIEX:BCHABCUSDT and BITFINEX:BSVUSD .
The disagreements put the 'Nakamoto Consensus' to the ultimate test.
Nakamoto consensus is a name for Bitcoin’s decentralized, pseudonymous consensus protocol. It is considered as Bitcoin’s core innovation and its key to success. The consensus protocol doesn’t require any trusted parties or pre-assumed identities among the participants.
Consensus can be reached by selecting the “longest” chain of valid blocks. In the Bitcoin whitepaper, and some other documentation, it is indicated that the honest chain grows the longest, assuming that 51% or less of the miners are malicious. Therefore, the longest chain can be considered to be the chain with the most invested Proof-of-Work:
In short, Miners use their hash to vote on the Blockchain.
Miners supporting POLONIEX:BCHABCUSDC will move their hash to mine its Blockchain.
Miners supporting BITFINEX:BSVUSD will move their hash to mine its Blockchain.
Before the Fork, BITFINEX:BSVUSD camp had over 70% of Miners hash. (Important)
Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development.
Cointelegraph reported last week on the proposed tax published by Btc.top CEO Jiang Zhuoer. The “infrastructure funding plan” would have miners send 12.5% of mining rewards to an entity in Hong Kong. The co-signing entities repped 27% of hashrates. Most controversially, the proposal included “orphaning” non-compliant miners — the practice of removing blocks from the chain that resembles a 51 percent attack.
Critics underscored the routing of funds to a CORPORATION instead of a nonprofit and the absenting of a voting procedure, which would mean COMPANY OWNERS would control BCH development. Other complaints included CHINESE government interference and profitability since the tax would affect miner revenues.
BCHABC's fate will be determined by Miners. When BCHABC's Hash is gone...Game Over.
Pick-up from previous analysis:
Daily Chart: High Wave 3 underway...
Hourly Chart: Completed Micro-wave 1 & 2
Micro-Wave 3 is underway...
Key Levels: $360 & $380
Will update.
FMW
Analysis Method: Fibonacci & Wave Theory
Immideiate Target: $380-$470
Near-Term (30-60 days): $1,400
Please see previous BITFINEX:BSVUSD analyses for further information
Long story short, COINBASE:BTCUSD was compromised by two competing factions of crypto engineers.
The factions working on the protocol BITSTAMP:BTCUSD couldn't come to an agreement on how to scale COINBASE:BTCUSD .
The disagreement led to COINBASE:BTCUSD being forked resulting in COINBASE:BCHUSD .
But, the factions continued to disagree which resulted in COINBASE:BCHUSD being forked. The fork created POLONIEX:BCHABCUSDT and BITFINEX:BSVUSD .
The disagreements put the 'Nakamoto Consensus' to the ultimate test.
Nakamoto consensus is a name for Bitcoin’s decentralized, pseudonymous consensus protocol. It is considered as Bitcoin’s core innovation and its key to success. The consensus protocol doesn’t require any trusted parties or pre-assumed identities among the participants.
Consensus can be reached by selecting the “longest” chain of valid blocks. In the Bitcoin whitepaper, and some other documentation, it is indicated that the honest chain grows the longest, assuming that 51% or less of the miners are malicious. Therefore, the longest chain can be considered to be the chain with the most invested Proof-of-Work:
In short, Miners use their hash to vote on the Blockchain.
Miners supporting POLONIEX:BCHABCUSDC will move their hash to mine its Blockchain.
Miners supporting BITFINEX:BSVUSD will move their hash to mine its Blockchain.
Before the Fork, BITFINEX:BSVUSD camp had over 70% of Miners hash. (Important)
Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development.
Cointelegraph reported last week on the proposed tax published by Btc.top CEO Jiang Zhuoer. The “infrastructure funding plan” would have miners send 12.5% of mining rewards to an entity in Hong Kong. The co-signing entities repped 27% of hashrates. Most controversially, the proposal included “orphaning” non-compliant miners — the practice of removing blocks from the chain that resembles a 51 percent attack.
Critics underscored the routing of funds to a CORPORATION instead of a nonprofit and the absenting of a voting procedure, which would mean COMPANY OWNERS would control BCH development. Other complaints included CHINESE government interference and profitability since the tax would affect miner revenues.
BCHABC's fate will be determined by Miners. When BCHABC's Hash is gone...Game Over.
Pick-up from previous analysis:
Daily Chart: High Wave 3 underway...
Hourly Chart: Completed Micro-wave 1 & 2
Micro-Wave 3 is underway...
Key Levels: $360 & $380
Will update.
FMW
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Micro-Wave Sequence Complete
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Broke $360...
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Next is $380...
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Hourly Chart Update:
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After $380...
Target Area - $429-$493
Target Area - $429-$493
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This correction sequence should be completed quickly...
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Timeframe: <5 Days
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Daily Chart Update:
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15 Minute Chart (Above)
30 Minute Chart (Below)
30 Minute Chart (Below)
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*Corrected 15 Min w/o Blue Lines
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Looking to break $380...
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Daily Chart Update:
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Correction is over...
Should be moving towards the targets...
Should be moving towards the targets...
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When $380 breaks...price-action will test $360...then go higher towards $470
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When $470 breaks look to $620
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Target Area: $620-$858
Target Area: $620-$858
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Mini Wave Sequence and Correction
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Wave 1:low. If you can count a minor 1-2-3-4-5, you have probably seen the completion of a tiny wave 1 in a new cycle. So now you will get ready to buy on the dip.
In my experience, wave 1 is rarely a clean formation. The markets tend to build a base after a steep increase/decline, and very often we will get repeated tests of new resistance levels.
Occasionally, the move will resemble a wedge, which is known by a special name: diagonal triangle.
Some traders will use oscillators and divergence studies to gain in confidence. What I do is keep Elliott Wave Principle/Fibonacci Analysis as your main tool, and use other TA tools to support your main view.
In my experience, wave 1 is rarely a clean formation. The markets tend to build a base after a steep increase/decline, and very often we will get repeated tests of new resistance levels.
Occasionally, the move will resemble a wedge, which is known by a special name: diagonal triangle.
Some traders will use oscillators and divergence studies to gain in confidence. What I do is keep Elliott Wave Principle/Fibonacci Analysis as your main tool, and use other TA tools to support your main view.
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We broke through Fib Channel .786 and are testing the $360 level for support.
Still need to break $380...this should be imminent.
Estimated Timeframe for the 1st Target Area is 2 days 12 hours...
Still need to break $380...this should be imminent.
Estimated Timeframe for the 1st Target Area is 2 days 12 hours...
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We have completed Sub-Micro Waves 1,2,3,4...
Sub-Micro Wave 5 should begin momentarily...
Waves 1 + 3 trended near equality...
Wave Rule - 1/3 Waves will extend
Looking for Sub-Micro Wave 5 to extend and break $380!
Sub-Micro Wave 5 should begin momentarily...
Waves 1 + 3 trended near equality...
Wave Rule - 1/3 Waves will extend
Looking for Sub-Micro Wave 5 to extend and break $380!
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Fib Channel .786 is now support.
Note: Minuscule Wave 5 Extended
Note: Minuscule Wave 5 Extended
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Daily Chart Update:
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Time to break $380...
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Sub-Waves 1 & 3 trended toward equality (+6.98%)
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S-Wave 5 should be greater than 6.98%
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Immediate Target Hit.
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High was $382.xx.
After hitting the immediate target, the price-action broke down...
After hitting the immediate target, the price-action broke down...
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Above: Daily Chart Update.
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If you implemented Wave Sequence STOPs you made out quite well with this pullback.
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Will provide further analysis shortly.
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Above: 5 Min Chart - Recovery
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We have had a Reflex with a 5 Wave Sequence
3rd Wave Extended
3rd Wave Extended
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Sub-Micro Sequence Wave 1 & Wave 2 were 'normal'
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This is where the price-action broke down....
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We broke $380 but not strong enough to keep the rally going without a correction sequence.
Near-Term Target is still in place.
Near-Term Target is still in place.
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I hit a STOP at $346.00
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Looking for a breakout in less than 5 days...
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Sub-Wave 3 Target Area:
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$355-$398...
Looking for an extended 3rd Wave since the lower degree was extended.
Looking for an extended 3rd Wave since the lower degree was extended.
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We should be moving towards Sub-Wave 3 Target Area very soon.
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Looking for $398 to be taken out in this next wave...
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Estimate for S-Wave 3 to begin moving higher:
<6 hours
Target Area: $355-$398
<6 hours
Target Area: $355-$398
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Daily Chart Update:
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6 Hour timeframe got extended due to a complex correction...
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New Sub-Wave 3 Target Area:
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Target Area: $346-$389
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We should be getting extremely close to a new wave sequence higher!
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Corrections should be over.
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We had another correction sequence...
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3 Corrections...
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Breakout is imminent...
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Almost Game Over...
Things are speeding up...
Things are speeding up...
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Interest Rates are collapsing...
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Powerful people do not want Crypto to take off...
When it does, there will be no stopping it.
When it does, there will be no stopping it.
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We did form a Mini Wave Sequence...
But, it failed.
But, it failed.
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My guess is a hash dump...
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Both STOPs were triggered...
SOFT = 50% Position
HARD = 100% Position
SOFT = 50% Position
HARD = 100% Position
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Daily Chart Update:
Near-Term Target still in Timeframe...
Near-Term Target still in Timeframe...
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Looking for a 'Spike'
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Anyone ask why the hype about the COVID-19?
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Wall to Wall new coverage? Quarantine? Pandemic?
Compare and contrast Influenza Vs. COVID 19...
Compare and contrast Influenza Vs. COVID 19...
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So far, the new coronavirus, dubbed COVID-19, has led to more than 75,000 illnesses and 2,000 deaths, primarily in mainland China. But that's nothing compared with the flu, also called influenza. In the U.S. alone, the flu has already caused an estimated 26 million illnesses, 250,000 hospitalizations and 14,000 deaths this season, according to the Centers for Disease Control and Prevention (CDC).
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I think this is the REAL reason for the SP's declines...
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The Fed is in one hell of a situation...
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The Dollar's Chart is extremely bearish...
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HYG Chart is extremely bearish:
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If anyone is falling my SP500 Analysis this chart should be very familiar...
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755 Days = 18.15%
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547 Days = 6.32% (Without REPO)
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197 Days - Billions of Liquidity Daily = 20.07% (W/ REPO)
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Research firm Reorg reported that 2019 was the busiest year for chapter 11 filings since it started tracking them in 2015. For chapter 11 cases filed by companies with more than $100 million in liabilities, the filing frequency increased 24% from 2018. One hundred fourteen companies with liabilities exceeding $100 million filed for chapter 11 protection in 2019, compared to 87 in 2018. The most cases were filed in the energy sector, followed by the consumer discretionary and health care sectors.
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The report from the 36-member Organisation for Economic Co-operation and Development (OECD) highlighted that compared to previous credit cycles, today’s trove of outstanding corporate bonds is of lower overall credit quality.
This may render the non-financial corporate sector and broader economy more vulnerable to the negative effects of an economic downturn.
This may render the non-financial corporate sector and broader economy more vulnerable to the negative effects of an economic downturn.
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The volume of corporate debt hit an all-time high of $13.5 trillion at the end of 2019, but the overall quality of bonds fell below levels seen before the global financial crisis, according to a new OECD report.
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Corporate Debt and Record CEO Resignations...hand in hand?
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IPSASB consults on revenue and transfer expenses standards
The International Public Sector Accounting Standards Board (IPSASB) is consulting on three inter-connected exposure drafts which are intended to pioneer new approaches to accounting for some of the most significant transactions of public sector entities
Defining Your Role in Implementing New Revenue Recognition
It's 2020, time for FASB’s Accounting Standards Codification 606 to kick in. Is your firm ready to handle it?
The International Public Sector Accounting Standards Board (IPSASB) is consulting on three inter-connected exposure drafts which are intended to pioneer new approaches to accounting for some of the most significant transactions of public sector entities
Defining Your Role in Implementing New Revenue Recognition
It's 2020, time for FASB’s Accounting Standards Codification 606 to kick in. Is your firm ready to handle it?
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In this publication, we’ve summarized the new accounting standards with mandatory effective dates in the first quarter of 2020 for public entities, as well as new standards that take effect in annual 2019 financial statements for nonpublic entities. Those effective dates reflect the FASB’s recent decision to defer certain major standards. We have also included links to BDO’s guidance on each pronouncement.
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Boeing's CEO is out. Here are the 37 most dramatic exits in a record-breaking year for CEO departures.
During the first three quarters of 2019, 1,160 CEOs left their positions, according to the staffing firm Challenger, Gray, & Christmas.
This figure exceeds the number of CEOs who departed during the same nine-month span at the height of the 2008 recession (which saw 1,132 CEO departures).
The tech sector has seen the second-highest number of CEO departures, with 154 executives in that industry leaving their positions.
In the first week of December, four CEOs announced their resignations: Susan Desmond-Hellmann at the Bill & Melinda Gates Foundation, Oscar Munoz at United Airlines, Larry Page at Alphabet, and Mark Okerstrom at Expedia.
The latest departure is Boeing CEO Dennis Muilenburg, who resigns amid fallout from two plane crashes that occurred under his tenure.
Salesforce co-CEO Keith Block steps down
Disney's Bob Iger Is Out In Big CEO Shakeup
During the first three quarters of 2019, 1,160 CEOs left their positions, according to the staffing firm Challenger, Gray, & Christmas.
This figure exceeds the number of CEOs who departed during the same nine-month span at the height of the 2008 recession (which saw 1,132 CEO departures).
The tech sector has seen the second-highest number of CEO departures, with 154 executives in that industry leaving their positions.
In the first week of December, four CEOs announced their resignations: Susan Desmond-Hellmann at the Bill & Melinda Gates Foundation, Oscar Munoz at United Airlines, Larry Page at Alphabet, and Mark Okerstrom at Expedia.
The latest departure is Boeing CEO Dennis Muilenburg, who resigns amid fallout from two plane crashes that occurred under his tenure.
Salesforce co-CEO Keith Block steps down
Disney's Bob Iger Is Out In Big CEO Shakeup
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Think GE...
Notorious for nailing Earnings exactly for years, now to find out it is struggling to survive...
Notorious for nailing Earnings exactly for years, now to find out it is struggling to survive...
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We have bottomed here.
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No real resistance till $380.
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Above 5 Second Wave Count
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5 Second Wave Count & Corrections...
New Wave should begin now...
New Wave should begin now...
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Want to see Crypto start to rally...
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If you want you could put a stop under $204...
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I still believe we have bottomed here...
Correction was weak...
Correction was weak...
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NEWS TODAY: FED MUST CUT TO STOP PANDEMIC?!
INSANITY
INSANITY
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Worst Drop in HISTORY because a Flu like virus has infected .0001% of the population.
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Ebola? Market Drop?
SARS? Market Drop?
SARS? Market Drop?
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The Central Banks...
OUT OF AMMO.
In my opinion...
OUT OF AMMO.
In my opinion...
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Interest Rate Check:https://snipboard.io/o3Bra0.jpg
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Above: Daily Chart Update
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This is a crossroad in history...
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Centralized Authority that controls Monetary Policy is on its last breath...
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We are witnessing the collapse of the Federal Reserve.
The 'Business News' is almost laughable...
If anyone can tell me how a rate cut can stop a 'Pandemic' I would love to hear it...
The 'Business News' is almost laughable...
If anyone can tell me how a rate cut can stop a 'Pandemic' I would love to hear it...
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Reminder: No significant resistance until $380...
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Daily Chart Update:
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BSV is breaking out...
Micro-Wave Leading Diagonal formed...
Still anticipating a 'spike'...
Micro-Wave Leading Diagonal formed...
Still anticipating a 'spike'...
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Daily Chart update:
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If Cryptocurrency breaks out it kills the 'virus' story...
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Correction sequence almost complete...
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I don't like this price-action...
Seems like it is being forced down...
Seems like it is being forced down...
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We have very strong support here...
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Added Fib Time...
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Immediate Target: $272-$304
Timeframe: <5 Days
Timeframe: <5 Days
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Daily Chart Update:
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Hourly Chart Update:
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Extending Sub-Wave 1:
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BSV The Flippening Part 4 - Coming Soon
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Federal Reserve Note - On life support...
About to have a cardiac arrest...
About to have a cardiac arrest...
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The Cryptocurrency Protocol that scales with low transaction fees will dominate the New Monetary Order...
The world will be multi-protocol...
The world will be multi-protocol...
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Sub-Wave Count:
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Hourly Chart Update:
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30 Minute Chart:
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X = Complex Sequence
We had another ABC Correction (ZigZag)
The Correction looks to be over.
We had another ABC Correction (ZigZag)
The Correction looks to be over.
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5 Min Chart (Micro/Sub Wave Sequence)
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Added Fib Time to Micro-Wave Sequence...
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In approximately 1 Day and 21 Hours we should hit the immediate target price area which is between $270-$300...
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Daily Chart Update:
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Anticipating a major breakout in less than 5 days...
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1 Minute Count:
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Global Markets are entering unprecedented territory...
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Price is being squeezed...
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Above: 5 Second Wave Count
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Minuscule correction is ending...
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Just wait till Central Banks start buying...
They will be forced too...
They will be forced too...
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About $11 trillion of corporate, sovereign, and securitized bonds in 24 currency markets trades at negative yields, comprising about 20 percent of the value in these markets.
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Fib Time Marker: 8 MAR 20 15:47 hit...
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Update:
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Micro-Wave Failed...
Sold off in 3 Waves (Weak)
Price is being squeezed...
Optics of Market Crash and Crypto Market Boom (Not Ideal)
Sellers will have to cover very soon...
Sold off in 3 Waves (Weak)
Price is being squeezed...
Optics of Market Crash and Crypto Market Boom (Not Ideal)
Sellers will have to cover very soon...
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Immediate Target of $270-$300 remains...
Timeframe remains...
Timeframe remains...
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Chart Update:
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SP500 V. TOTAL (Crypto Market) V. BSV
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We are watching the Old (rigged) Monetary System fail.
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Wait for it...
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30 Second Count:
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1 Minute Count:
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Watch the Narrative shift when the Crypto Markets move higher and the Stock Market moves lower...
Very few people understand what is occurring...
Very few people understand what is occurring...
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Update:
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Squeeze should be coming off...
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Almost 26 days of being squeezed lower...
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It will be like a rubber band when it comes off...
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Just as one could get a complex correction in the form of a double zigzag, one could also get a complex combination of two flats! Not surprisingly Elliott called it a double flat! (If you get a combination of three flats, it will be called a triple flat) Just like a normal flat will have as its internal waves a 3-3-5 pattern, so also each of the two flats that combine using an X wave in between will also have a 3-3-5 pattern.
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There are four main categories of corrective waves: Zigzags, Flats, Triangles and Combinations.
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An important clue is when an complex correction appears either after wave 1 or wave 3, (i.e. if either wave 2 or wave 4 is an irregular correction) then the next impulse wave will be very strong. For example, if wave 1 and 3 were normal waves, and wave 4 was an irregular correction, you can almost be certain that wave 5 will be an extended.
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Minuscule Wave Sequence is holding...
Positive sign...
Minuscule Wave Sequence is holding...
Positive sign...
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Note Extended S-Wave 3...
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1 Second Wave Count:
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Be careful here...
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Price-Action Broke...
Selling into support...
Selling into support...
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ZigZag Correction...
5-3-5
5-3-5
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March 7 - I said I expect a Strong Breakout in Less than 5 days...
March 12th is the 5 day mark...
March 12th is the 5 day mark...
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BSV vs. SP500 since Dec. 31st 2019
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Smart Money Index
Smart money index (SMI) or smart money flow index is a technical analysis indicator demonstrating investors' sentiment. The index was invented and popularized by money manager Don Hays. The indicator is based on intra-day price patterns.
The main idea is that the majority of traders (emotional, news-driven) overreact at the beginning of the trading day because of the overnight news and economic data. There is also a lot of buying on market orders and short covering at the opening. Smart, experienced investors start trading closer to the end of the day having the opportunity to evaluate market performance. Therefore, the basic strategy is to bet against the morning price trend and bet with the evening price trend. The SMI may be calculated for many markets and market indices (S&P 500, Dow Jones, etc.)
Interpretation:
The SMI sends no clear signal whether the market is bullish or bearish. There are also no fixed absolute or relative readings signaling about the trend. Traders need to look at the SMI dynamics relative to that of the market. If, for example, SMI rises sharply when the market falls, this fact would mean that smart money is buying, and the market is to revert to an uptrend soon. The opposite situation is also true. A rapidly falling SMI during a bullish market means that smart money is selling and that market is to revert to a downtrend soon. The SMI is, therefore, a trend-based indicator.
Smart money index (SMI) or smart money flow index is a technical analysis indicator demonstrating investors' sentiment. The index was invented and popularized by money manager Don Hays. The indicator is based on intra-day price patterns.
The main idea is that the majority of traders (emotional, news-driven) overreact at the beginning of the trading day because of the overnight news and economic data. There is also a lot of buying on market orders and short covering at the opening. Smart, experienced investors start trading closer to the end of the day having the opportunity to evaluate market performance. Therefore, the basic strategy is to bet against the morning price trend and bet with the evening price trend. The SMI may be calculated for many markets and market indices (S&P 500, Dow Jones, etc.)
Interpretation:
The SMI sends no clear signal whether the market is bullish or bearish. There are also no fixed absolute or relative readings signaling about the trend. Traders need to look at the SMI dynamics relative to that of the market. If, for example, SMI rises sharply when the market falls, this fact would mean that smart money is buying, and the market is to revert to an uptrend soon. The opposite situation is also true. A rapidly falling SMI during a bullish market means that smart money is selling and that market is to revert to a downtrend soon. The SMI is, therefore, a trend-based indicator.
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HODL...
Great buying opportunity...
The Thesis: Monetary System (Credit System) will fail and Crypto will become the new credit system...
Reminder: Crypto has a set supply...
Great buying opportunity...
The Thesis: Monetary System (Credit System) will fail and Crypto will become the new credit system...
Reminder: Crypto has a set supply...
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This is pure panic, irrational selling...
Crypto is a Complete 180 degrees from the current credit system...
Crypto will not fail...
Crypto is a Complete 180 degrees from the current credit system...
Crypto will not fail...
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I mine BSV...
My earnings tripled during this downturn which leads me to believe someone, most likely China dumped a large amount of hash. It seems like there is an all out effort to suppress the crypto market.
coin.dance/blocks/hashrate
Economics should kick-in which would lead to a very sharp recovery...
coin.dance/
My earnings tripled during this downturn which leads me to believe someone, most likely China dumped a large amount of hash. It seems like there is an all out effort to suppress the crypto market.
coin.dance/blocks/hashrate
Economics should kick-in which would lead to a very sharp recovery...
coin.dance/
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BTC hash rate went from 158,000 PH to 95,000 PH...
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That is a hell of a lot of hash...
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Above: Profitability
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Block Size: snipboard.io/g9rDLK.jpg
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Please follow here:
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Link: BSV - The Flippening - Part 4 - Strong Buy
