What Worked
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Doge (DOGE) has continued its run from last week reaching a height of 170% gain over 8 days before a pullback.
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Holochain (HOT) is up 56% this week as one of the cheapest coins relative to Bitcoin on Binance.
Upcoming Catalysts
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LTC- Global Litecoin Summit will be taking place in San Francisco on September 14th. Charlie Lee will be in attendance and speaking at the event.
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ZCL- Anonymous Bitcoin will be forked from Zclassic on September 10th. Holders of Zclassic at the time of the fork will receive a 2:1 ratio of Anonymous Bitcoin.
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WAVES- Waves decentralized exchange will be the next project to enable smart contracts on their platform September 10th.
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Goldman Sachs Trading Desk- Goldman Sachs noted that the development of a Cryptocurrency Trading Desk was based on fake news. However, they are focusing on custody solutions for cryptocurrencies.
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Mt Gox Bitcoin Whale- There has been a Bitcoin wallet with $844 Million in USD moving funds to exchanges. $100 Million worth of Bitcoin was moved to Binance and Bitfinex over a 10-day period before this week’s selloff occurred.
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Volkswagen Using Iota DAG Technology- Volkswagen will be releasing a digital carpass in Q1 of 2019 to track data for evaluating car performance using Iota’s Tangle technology.
BTC Market Activity
We saw 4 rejections in Bitcoin from the $7400 price level before massive selling pressure on September 5th caused a 15% decline in price. This rapid selling occurred over a 24-hour period with Bitcoin finding support at $6300. The drop came after Bitcoin had been grinding higher over a 2-week period establishing that sellers are still in control almost 9 months into this bear market. Shorts on Bitfinex are back up near all-time highs after an initial jump of 50% last Saturday. The movement of over $100 Million in Bitcoin to exchanges from a Mt Gox wallet holding $844 Million caused concern days before the sell-off occurred. Focus is shifting back to the $5700-$6000 support zone with concerns Bitcoin could move into that range for a 7th retest in the last 8 months.
Technical Indicators
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DOGE– Doge had a major breakout this week from a long-term down-sloping trendline. This 170% run-up occurred after it was listed on yahoo finance. It is worth noting that Doge has remained strong during the bitcoin sell-off this week.
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XRP- Ripple has broken down from a symmetrical triangle that was forming on the 4-hr timeframe. Long-term support was tested for a 2nd time and held at 25 cents. 33 cents is the next level of resistance we are watching.
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ADA- Cardano was rejected from the 10.8 cent price level 4 times before testing support at 8.5 cents for a 3rd time. It is living below this support now and if it fails to break back above this level, we are looking at the final line of support at 7.8 cents. There is the possibility that a double bottom is forming on the 4-hr time frame. A break above 9 cents would confirm this.
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