🔪💊If It Bleeds, We Can Kill It 🔪💊

[GeckoTrader]

The famous words of Arnie, applicable to Predator but not blockchain technology, although today could have us convinced otherwise. The markets took a dive, especially altcoins. Some of the heaviest affected were NEO, ETH, ADA, IOTA and TRX. The BTC market cap was stomped on too but less severely. There is a lack of faith in the current prospects of the altcoin market, money has moved into BTC and then some money has moved from BTC into fiat.

Typical behaviour of the cryptocurrency market, and as the days go by we seem to be mirroring the great crypto depression that began in 2014 and ended in 2017, you have to ask yourself, can you hang on that long? If you have answered yes, then good for you, if you have answered no, then good thing you are a reader as our market shorts earn us returns during times like these.

So will this be the death of crypto? Hell no, the markets bleed but the decentralised nature of blockchain makes it immortal. This brings us onto an interesting topic that has garnered a lot of press time lately – centralised vs. decentralised exchanges.

All the pundits have come out of the wood work to give us their two cents about the direction of cryptocurrency exchanges.

Creator of Ethereum, Vitalik Buterin had this to say: “I definitely personally hope centralized exchanges burn in hell as much as possible. In practice, particularly on the fiat to crypto side, it is very difficult to decentralize because you ultimately are interfacing with the fiat world, and the fiat world is one that only has basically centralized gateways…There are valuable services being provided there that are very hard to decentralize.”
 
Other commentators such as John Mcafee have also predicted that decentralised exchanges will replace their centralised predecessors. The decentralised essence of DEX’s exchanges is what has immortalised blockchain technology, so it is safe to assume the new method of exchange will have longevity.

Founder of Binance, CZ has thrown his hat in the ring, announcing the launch of a Binance DEX earlier this year. A true crypto visionary, CZ has created the most seamless centralised trading experience in crypto markets today; he has now branched out, creating Binance Chain – the Binance DEX. When asked if he thinks the Binance Chain will replace Binance as we know it, he said that although he knows DEX’s will be the future of cryptocurrency exchanges, there will be a coexistence of Binance and Binance Chain for the medium-term foreseeable future.

Earlier this week CZ demoed the new Binance Chain DEX, 2 months ahead of schedule. DEX technology is in its infancy, plagued with scaling issues. Binance has the most efficient matching engine out of any cryptocurrency exchange out there and if this performance can be replicated on Binance Chain it will be an absolute game changer.

The advantages of a decentralised exchange experience are the advantages of blockchain technology at its core – faster, cheaper and safer than the centralised alternatives. The markets are bleeding now but the fundamentals are still progressing. We are in this game to make money so right now our strategy is to short any sign of strength and enter the occasional long when the conditions are right. However this does not detract from our long-term bullish expectations from these markets. We are disciplined patient traders out to capitalise on the poor decisions of those on the other sides of our trades.

[1713577878]

1713577878

[1713577878]

1713577878

[1713577878]

1713577878

[GeckoTrader]

The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.

Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in.  On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.

This is to be expected after a 13% surge in price from the lower end of the range.  We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.

If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.

If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.

[Kprawn]

Another danger of these centralized exchanges are the threat that they would bend the knee to Wall Street to install their

surveillance software that are currently implemented on the stock exchanges around the world, before they allow them to

enter the "Circle of friends" or the "Big boys club" - The KYC/AML regulations was not enough, they want total control.    

I always make sure not to store large amounts of coins on these exchanges, because they can go down in flames and then

your coins will be lost.  

[coinpedia240]

The market is not at the stage where we wanted it to be. And the altcoins are bleeding. If this are not restored, chances are high that the coins might die too.

[wxa7115]

The market is not at the stage where we wanted it to be. And the altcoins are bleeding. If this are not restored, chances are high that the coins might die too.

This may sound bad to some, but I do not care if most alts died, most alts are nothing but copies of other projects or scams, so if they were to die not much is going to be lost, the real question is if bitcoin is going to die and the answer to that is a clear no.

However we need a decentralized exchange that works, last year many DEX were in development and after looking at some of them I can say that most of them are a pain to use and the UI is terrible, so we are still looking for the first DEX after so much money was thrown at the idea, at this point I do not really care who solves the issue, the issue needs to be solved as soon as possible so we can trade cryptocurrencies peer to peer without relying on a CEX.

[bitcoindiary]

The altcoins are bleeding and the reason is that BTC is falling. If only the BTC stabilizes and the people calm down a bit, these sort of things can be averted and the potential coins will probably not die.

[BlackandRed654]

Those are some strong words of motivation you wrote. Certainly decentralized exchanges will take over the centralized exchanges. Even though altcoins are taking a dive, I guess the potential ones like NEO, ADA, ETH and a few others will survive and most of the ICOs will be dead. 2017 was the year of ICOs but most of them were pure bullshits.

[GeckoTrader]

BTC climbing higher  BTC is slowly grinding higher and is making its way towards the top of the consolidation range. We’ve failed to break through $6,578 previously (and prior to this $6,537) so we will be looking to see if this slow crawl up can push through these points. Both $6,800 and $7,000 look like possible targets depending on the timeframe.

It is possible that BTC is in an ascending triangle - a breakout above could present an opportunity to go long to the levels mentioned above. A rejection and subsequent breakdown below could provide a good shorting opportunity to take back down to the $6,200 level or possibly lower as this is the prevailing direction of the overall trend.

[jseverson]

I honestly don't think one can win over the other. They cater to two different niches: convenience and privacy. It's not a question of what's better, but a question of what a person prefers.

We currently have convenience winning by a wide margin as centralized exchanges take a massive piece of the trading volume pie. That trend could easily reverse with the introduction of atomic swaps and/or other future technology, but centralized exchanges will live on for as long as fiat pairs are relevant.

I personally think it's great that we have the luxury of choosing between two options, and it's certainly better for adoption that we do.

[BitcoinHodler]

there was never a "real faith" in altcoins in first place and they have always been pump and dumps that get dumped eventually no matter how long people ignore the issues in the altcoin market.

the traders need to dump them to get their money out and move to another altcoin to pump it. and because of that the real money is not exiting the market. it stays in, it just moves to another coin. for example as ETH is getting dumped hard these days, the newbie money runs away but the trader money goes to join the pump of other small altcoins.

[GeckoTrader]

BTC Update

Earlier today BTC dropped roughly 3.7%, falling from around $6,450 down into the $6,200 region. Price wicked the lower end of the support and consolidation zone and was propelled back higher in what is becoming the same old song and dance.   

Since the 9th of August, price has consolidated and launched out of this $6,200 zone at least three times. It is apparent that the bulls do not want price to go below this point but we have so far failed to garner the momentum to push above the resistance at $6,600.

Somethings got to give

This sideways action isn’t riveting by any stretch but the recent and uncharacteristic predictability of BTC price behaviour is presenting some opportunities to capitalise on price movement within the range.

Currently we are in a no trade zone but should price continue to climb higher to $6,580 or above, we will consider looking at placing some sell orders and ride it back down.




🚨The short squeeze🚨

It looks like the short squeeze has happened after all and is pretty much at our target area for shorts right now.

We are NOT shorting just yet, but rather looking for some kind of bearish rejection candle on 4h to confirm our theory.

[GeckoTrader]

💥ETF Rejection💥

The Proshares ETF application was denied by the SEC.

The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.

The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.

It should also be noted that this product is not physically backed by $BTC.

This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.

The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.

In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.

The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity.

[bungutko]

I believe this year isn't great for altcoins  and btc since it bleeds a lot where every now and then, crypto market is in successive dips with lesser up trend market. People should have to sacrifice a bit by holding still their coins and not to make any panic selling since it will result only to a more supply of crypto's in the market and in effect, crypto market suffers from the dip.