Hey everyone, welcome to the weekend wrap. Did an update on Saturday as quite a few coins gave back some ground on Friday night.
Here's the latest in ...
Crypto Markets
Bitcoin buyers and sellers continue to do battle after Friday's sell off: we had an up-day on Saturday, but those gains were given back in their entirety Sunday. Wedge resistance is 2565 today, with key resistance above there at 2600. Wedge support is at 2325 today and a daily close below there would turn me neutral on this pair:
ETHUSD is currently treading water above wedge support, hoping to find a bid. We need to close above 250 to relieve downside pressure and a break below 225 would target 200:
Steem took a big hit from Bitcoin on Friday night, closing below the channel floor. We got a substantial recovery on Saturday, but just like BTCUSD, these gains were given back on Sunday and pair is once again trading below the channel floor. We really need .000555 to hold and to see a recovery, or this pair could be heading a lot lower into the .00035 - .00045 region. Either way, I said in Saturday's post that I'll be holding my Steem til "the day the zombies come" and this remains true:
We are trading at 2.06 against the Aussie Dollar this morning and 1.54 against the greenback. Steem Dollars are currently trading below the peg at Bittrex - 0.98 cents at the time of writing. Might be an opportunity here if you think SBD will recover.
Crypto News
Interesting piece from Coindesk on hobby mining being profitable again. It's funny though, hobby mining has always been profitable, you just had to be mining the right coins!
Coinbase is the first billion dollar blockchain startup ... but its customer service still sucks. What gives Coinbase? Cryptocoin news with the full story.
Mark Karpeles is finally heading to trial in Japan over the Mt. Gox missing bitcoins affair. So many people lost out on this and it is very unlikely they will ever be made whole. Karpeles is working as an IT consultant, so hopefully the court orders his wages garnished (is that a thing in Japan?). SBS with that one.
Aussie News
In local news, an Australian special forces veteran has broken his silence over needless civilian deaths in the middle east. He puts the problem down to a small, but "influential minority" that indulge "in self-glorification at the expense of the greater reputation of special operations." ABC with that one and well worth a read.
Cardinal George Pell has (finally) landed in Sydney and will be facing a Melbourne court at the end of the month. It's unwise to post much regarding this matter as you could be held in contempt, but news.com.au has more and here's an amusing song from Tim Minchin:
Great news for the Aussie tax payers: Philip Morris has been ordered to pay the government's legal costs in the plain packaging case. It is a pretty big sum, undisclosed, but way up there in the multi-millions. I'm a smoker, but think this is great - have zero issues with plain packaging and if the government had lost, public money would have been going straight into Philip Morris' coffers. The Herald with that story.
That's me for the day team, hope you all had a good weekend and let's hope Steem picks up steam again.
Team Aus footer by the amazing @bearone
Informative post. Upvoted and will be joining teamaustralia also.
Nice!
Great recap, I've pretty much converted everything to bitcoin except my Litecoin and STEEM, There's definitely a storm coming, but I'm waiting to see which way the wind blows before I deploy my sails again. Good luck to everyone!
Yep. Utter bloodbath overnight :(
It's still going, shit's going sideways
Yup, slight reprieve today, but still not seeing any charts that scream buy.
Thanks mate, as a newbie to the Cryptocurrency world of things this is a great chunk of info!
Not a problem mate, yeah be careful out there and avoid margin trading til you have a firm grasp on things. The moves in Bitcoin are actually pretty quiet atm - volatility can get a lot worse than this.
My confidence in coinbase went up when I saw how they dealt with the GDAX flashcrash... They're pretty legit.
The were going to the dodgy at first, but there was widespread outcry lol
Ah I heard about this on the radio this morning and that article from the commander speaking out is indeed a good read.
It's obviously fucked up, but I don't know if going to the 7.30 report for military matters is the ideal path.
Will be watching though...
Mmm though with 10 years service, I doubt it was a decision he took lightly. Probably agonized over it for years and did what he could internally.
excellent as always. Love reading these wraps ups
Thanks mate - means a lot!
wow impressive news coverage!
Thanks Bear, though it's pretty simple just summarizing stories and chucking in my 2c!
Thanks for the update @bulleth.
Thanks mate!
Nice little weekly recap! Followed to stay up to date with whats goin down in the crypto markets
I try to do one every weekday - but a little late today!
thanks
Thanks for reading!
Good writing. Read and go.Have a good day.
Thanks mate, you too :)