GSG Market Update – November 22, 2019

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GSG Market Update

November 22, 2019

Market Watch

 
Name Current Price 24h % 30d Vol 90d Vol 21d EMA 50d EMA
Bitcoin $7,582.54 -5.40% 77.15% 60.50% $8,536.74 $8,765.89
Ethereum $159.96 -8.75% 65.78% 71.53% $180.16 $181.84
XRP $0.242 -3.61% 56.23% 64.80% $0.269 $0.275
Bitcoin Cash $222.24 -9.09% 101.56% 89.99% $262.90 $263.60
Litecoin $50.62 -7.74% 80.24% 75.21% $57.83 $59.36
Binance Coin $17.08 -4.81% 70.15% 78.15% $19.45 $19.64
EOS $2.81 -9.23% 86.96% 92.19% $3.27 $3.28
Bitcoin SV $98.96 -7.86% 111.74% 107.35% $120.07 $118.23
Stellar $0.061 -5.92% 91.61% 98.06% $0.070 $0.068
TRON $0.015 -7.30% 109.15% 100.38% $0.018 $0.018

Top Stories

Upcoming Events

  • Dec 7: Ethereum Istanbul Mainnet Activation proposed date
  • Dec 9: Bakkt Bitcoin options contract launch
  • Dec 10: Bitmain Antminer S17+ and T17+ models to be shipped 
  • Jan 1: Augur v1 cutoff
  • Jan 3: Ethereum 2.0 Launch (Phase Zero)
  • Mar 31: Mt. Gox submission deadline for claims
  • April 2020: Bitcoin Cash Halving
  • May 14: Bitcoin Halving
  • Nov 2020: ZCash Halving / Founders’ Reward set to expire

Charts

 

BTC Longs-Shorts


ETH Longs-Shorts


Market Cap Return


Sector Return


Bitmex Perp Swap Funding Rates


Tether Marketcap


Source: www.skew.com

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Twitter Daily  Discussions Happening Today on Twitter

Peter Schiff@PeterSchiff

For those who can't visualize the potential head-and-shoulders top in Bitcoin maybe a picture will help. Very ominous if the pattern completes.


Yes gold is forming a similar pattern. But even if it breaks, the projection would still leave gold above its $1,350 support. The Bitcoin pattern projects a collapse to $1,000. No comparison.
Su Zhu@zhusu

Canaan traded down to $8.20 before running up at the close to end at $8.99, one cent shy of the IPO price #marketcapmanagement twitter.com/zhusu/status/1…

This is Binance cofounder and CMO @heyibinance ‘s another direct response in Chinese CT to the fake news, really to the point “出口转内销” is such a good term to use here

“出口转内销” originally means many “made in China” products sells for premium as it’s a foreign brand for export here means a Chinese news labeled with foreign media source, then cited by Chinese media makes it looks like a “big news” but actually not a real news at all

Word by word translation here: A small crypto media outlet got so called “scoop” from “a source”, and then “出口转内销” (term translation above) becomes a “big news”. Who’s spreading the fake news? Who will benefit from the fake news?

This is Binance cofounder and CMO @heyibinance ‘s another direct response in Chinese CT to the fake news, really to the point “出口转内销” is such a good term to use here

“出口转内销” originally means many “made in China” products sells for premium as it’s a foreign brand for export here means a Chinese news labeled with foreign media source, then cited by Chinese media makes it looks like a “big news” but actually not a real news at all

Word by word translation here: A small crypto media outlet got so called “scoop” from “a source”, and then “出口转内销” (term translation above) becomes a “big news”. Who’s spreading the fake news? Who will benefit from the fake news?

You can argue about the semantics of an office, who leased it, for how long, if it is empty, etc. But you can't argue about the semantics of a "police raid" that did NOT happen. Without the fake "police raid", there is no article. Pure FUD!

Considering every employee at surveillance companies has declared "moral bancruptcy" and should be unemployable for 7 years, I can't shed any tears. Here's to the other 80%.
Hope the rest of those companies like Elliptic, Palantir etc are abandoned by any employee with a moral compass and every single investor. Or go out of business because we build better privacy tech

The Block @TheBlock__

Chainalysis lays off 20% of its employees to focus on 'path to profitability' theblockcrypto.com/linked/48030/c…

Open interest just reached ATH in $BTC This is NOT bullish.

CZ Binance@cz_binance

No standing by that there was "a police raid"? WTF man!

The Block @TheBlock__

In spite of other outlets uncritically reporting Binance's official line on the matter, The Block stands by our sources and reporting that Binance’s Shanghai office was shut down. In the name of transparency, we've unpaywalled the article. theblockcrypto.com/post/47922/bin…

$BTC needs to rally or it will crash. How brilliant, right? If it doesn't go up, it will go down! I'm aware non-technical traders are repelled by this way of thinking, so let me break it down. Mind this is NOT financial advice, just sharing my thought process. I'm often wrong.


#1 Chart is extremely bearish. Reversing a 42% move up in full, almost straight down, is incredibly unusual. And price is on the verge of a precipice. Consolidation closer to the bottom increases odds of another washout. Need to see buying interest here to avoid that.

#2 Longs capitulated today. After weeks of relentless selling, few buyers, and price dripping lower, all leveraged traders and weak long puked today. => market structure says lower, while price action says capitulation i.e. correction higher. An unfortunate contradiction.

Very importantly, Bitmex funding, a measure of market positioning, is estimated to finally turn negative tomorrow. It would be the first time funding goes negative since October 24.

For reference, have longs from mid 7500s with stops close to the lows. Looking to trade it short term, hopefully to 8000, scaling out on the way. Not a fan of sharing trades, but should help framing things. So there you go.

Beyond the immediate reaction, the bigger picture is dreadful to me. Chart is dreadful. Price action has been dreadful. There is no miners apocalypse, but there is increased miners selling, possibly related to what I call Miners negative gamma.

dave the wave@davthewave

Nearly there....


READ MORE
Michel Rauchs @mrauchs

“‘I find it ironic that the first world talks about how bitcoin is freedom to the unbanked, but the unbanked have no way to get bitcoin‘, [a Lebanese Bitcoiner] said.“

CoinDesk  @coindesk

IN DEPTH: Protesters across the globe are testing out bitcoin and other decentralized technologies – then promptly discovering their limitations.
ow.ly/AxzZ50xhgQv

The EW Guy@TheEWGuy

$ETH, expecting C wave higher to complete flat or or abc to complete wxy.

PlanB@100trillionUSD

+2% difficulty adjustment: no miner capitulation. Historically blue followed by yellow/red indicates a temporary downwards difficulty adjustment, hashrate & price have in the past increased from this point.

TokenAnalyst@thetokenanalyst

24H ETH on-chain flows:
#binance $13M in | $12M out
#bitfinex $474K in | $891K out
#bittrex $410K in | $430K out
#kraken $2M in | $3M out
#kucoin $569K in | $406K out
#poloniex $587K in | $989K out
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