Overnight wrap: Bitcoin outperforming, Steem solid, Crypto tax break and your data's on the darkweb
Morning Steemit, Team Australia and welcome to another overnight wrap. Missed the weekend wrap yesterday as interest in the SP delegation contest was overwhelming. Entries open til 11PM tonight, so give it a look if you haven't entered yet and want to win a 4 week SP delegation.
Here's the latest in ...
Crypto Markets
Bitcoin breached last week's highs overnight, opening the door for a move higher. Currently trading at 2553 with initial resistance at 2590/2600 marked by yesterday's high. A break higher would target 2800, followed by the all time high just above there at 3000. A close below 2300 would invalidate:
When I went long ETHBTC again last week, I said "price action all most too good to be true" ... and it was. Momentum evaporated entirely. I can no longer justify being long this pair at the moment - bitcoin is outperforming:
ETHUSD is in slightly better shape, but the relative under-performance is obvious - BTCUSD is trading above last week's highs - Ether isn't:
Steem continues to hold up well, despite obvious selling pressure over the past few days. Solid buy down here, limited risk if you're willing to cut your losses on a breach below .00060, and if you're committed and playing it longer term, who really cares? Just buy and HODLOR:
Trading at 2.22 against the Aussie Dollar this morning (bargain much?) and 1.72 against the buck. Steem Dollars are fetching a measly $1.06 at Bittrex after Saturday's flash crash.
With Steem Dollars trading so close to their intended value, I wonder if the witnesses will be thinking about restarting SBD interest payments?
Crypto News
CNBC reporting a GS call for Bitcoin to rise another 50% ... now if you're not too familiar with Goldman Sachs' calls - they are right up their with Gartman's - traditional wisdom is to ignore, or do the opposite. This time might be different though, I actually agree with them and even think they're being a little conservative.
In other good news, consumption tax no longer applies to Bitcoin transactions in Japan as of July 1. This should contribute to a significant rise in trading interest - Japan is one of the biggest FX traders in the world by daily volume. Cointelegraph hypothesize this change may be driving recent bitcoin strength . We also have some great news on this front at home (see below).
Elsewhere in Asia, the PBOC (Central Bank of China) have opened a Digital Currency Research institute which just happens to be housed in the same building as the state-owned corporation responsible for minting/printing all of China's currency. I have a feeling we'll be seeing a state backed crypto-coin in China sooner rather than later. Coindesk with the story.
Aussie News
No GST on sale of Bitcoin from July 1! Woot. Australian miners were at a huge disadvantage prior to this - they simply couldn't compete (without breaking tax law anyway). Also anyone paying for goods and services with bitcoin was essentially being hit with GST twice. Then again, most Aussie exchanges had circumvented this law by simply 'acquiring' bitcoin for the client, instead of selling their own coins. This means they only had to charge GST on their fees, rather than the BTC itself. As such, it is unlikely we will see a meaningful reduction in the AUD price of Bitcoin. Still, awesome news for anyone thinking of starting a commercial mining operation.
In other local Crypto news, a reporter from the Guardian managed to buy his own medicare details on the 'darkweb' for $22 USD and was having a good chat to Franga this morning on RN. Just one thing after another with DHS isn't it? Thank fuck our local @Centerlink team are more competent. The Guardian has more..
In normal news a "Class action begins against maker of vaginal mesh implants" - I'm not even going there - ABC has the full story.
That's me for the day folks. I'm off to verify and confirm all the SP delegation contest entries from overnight, swing by and put your name in the hat if you haven't entered yet.
That should have a big impact (positive) on the Australian Bitcoin community!
Didn't the creator of Dogecoin come from Australia?
Definitely. I want to start mining alt's commercially and it's now actually possible. Yep Dogebloke was an Aussie.
Don't forget LTCBTC - it's looking very good and could be a sign of more to come.
BTW, why a close below 2300 as your invalidation level on BTC? Just the first round number below the rest of the candlestick bodies on the correction?
TIA, and nice post too.
Pretty much - I try to keep these brief and avoid the wonk - so may be a little loose with the levels. Lowest close from the correction is a little above there, the actual low's a little below, wedge bottom there in about three days. My thinking was it could set a new closing low, while still being inside the wedge, so didn't want to jump the gun.
Re: LTC - I've actually never got into it, or really looked at it. I chart ETH and BTC because they are the most popular. I'll take a look at LTC for you tomorrow if you want, but can't promise I'll do it every day.
Thanks for the feedback anyway :)
Thanks for the information. Really useful and pleasant to read :)
Not a problem, glad you enjoyed :)
Thanks Bulleth
Loving your news service
Triple J should snap you up!
Hahaha thanks doc!
Thanks Bulleth, great TA and I really enjoy the addition of the side news, great for a quick read :)
Thanks mate! Yeah that's the idea - inspired by Business Insider's "10 things Aussie Dollar traders will be talking about this morning" series.
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STOPYeah I saw the news of the Medicare data breach. Good to know our private details are in good hands with the government.
Hi Jason, yeah pretty much lol
Nice post, I have been backward in coming forward as regards following #teamaustralia .... have upvoted and remedied my shortcomings.
Good to have you on board magii!
Wahhhhhhh .... you got me !!! My racing persona for years has been Magi ...clever man... I am the wise man in triplicate as I am quite probably schizo.... Happy to be aboard !!
I didn't get time to put anything of mine up but resteeming you has redeemed my feed. Good work as always mate!
Haha thanks mate, appreciate all the resteems - going through my feed and getting all the replies I missed!
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