Bitcoin Triggered Buy Setup, Plus Gold And Silver

Bitcoin is a true modern hero in the financial world as it stands no matter what. Let it be the Chinese government's ban or US regulators and financial elite's rejection.

It is amazing how Bitcoin follows a conventional chart structure as it acts like matured instruments over time but at a higher speed. The predicted drop in leg 2 down hasn’t kept us long as it emerged the same day when the previous update was posted.

Most of you thought that this drop could be just a part of a pullback ahead of another Bitcoin rally.

Bitcoin Daily Chart

The collapse in red leg 2 down was close to hitting the preset target of $38k, as it bottomed at the $39,600 mark. The structure looks completed as it has met the minimum requirement to travel an equal distance with leg 1. Continue reading "Bitcoin Triggered Buy Setup, Plus Gold And Silver"

New ETF To Play Bitcoin And Cryptocurrency Market

Just as Bitcoin and the cryptocurrency markets are once again heating up and hitting new highs, a new ETF opened up, which offers investors another way to play the industry. The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ) is a very interesting ETF that just launched on July 20th, 2021 and offers investors a sort of backdoor play into the cryptocurrency world, without fully relying on cryptocurrencies increasing in value in order to realize a decent return.

RIGZ offers investors the ability to invest in cryptocurrency and semiconductor firms located in developed countries that focus on clean energy and environmental sustainability. The cryptocurrency firms that RIGZ invests in are crypto-miners.

These crypto-miners also are the ones that have reportedly switched to "cleaner" energy sources than what other miners or miners in the past have been accused of using. As you may know, mining for cryptocurrency is, in most cases, a very energy-demanding operation. The amount of electricity the mining rigs (The main components of any crypto-mining rig are power supply, a motherboard, an operating system to run on your motherboard, computer memory, and a graphics processing unit) need has been estimated by the Bitcoin Energy Consumption Index at one Bitcoin transaction takes 1,544 kWh to complete, or the equivalent of roughly 53 days of power for the average US household.

So, if a miner is using clean energy, that is advantageous to the environment and potentially could even make the company more profitable, especially if the company is producing some of the energy themselves with the use of solar panels or small wind-powered turbines. Continue reading "New ETF To Play Bitcoin And Cryptocurrency Market"

Gold Builds Buy Setup, Is Bitcoin Next?

Gold follows the map posted in an earlier update.

Daily Gold Chart

Gold dropped within two visible legs close to the area of 61.8% Fibonacci retracement level located at $1,738. The second leg down has overshot the size of the first leg reaching almost 1.272 of its distance. The RSI has shown two legs down either. Initially, the 50 level in the indicator’s sub-chart acted as a support, and then it turned resistance for the joint between two legs. Continue reading "Gold Builds Buy Setup, Is Bitcoin Next?"

Watch Ethereum As Bitcoin Loses Momentum

You hit it right when you bet that Ethereum would go higher this July as I called for a complex correction to limit the growth of this cryptocurrency around $3k.

Ethereum

The price hit that upside barrier and stopped there for a while within a visible sideways consolidation. After that, it broke to the upside, as the pause was a harbinger of the uptrend’s continuation. The price quickly hit the $4k handle, and now we could observe a minor consolidation. Continue reading "Watch Ethereum As Bitcoin Loses Momentum"

What Is Proof Of Work And Proof Of Stake?

One of the best features of cryptocurrency is that there is no need for a central authority like a bank to sign off on business transactions. So I can do business with someone without a massive bank or other financial behemoth looking over my shoulder. And so long as the terms of the transactions are fulfilled – whether it’s buying something with Bitcoin and executing a contract with Ethereum – the deal is done.

Driving this whole process is a network of computers with multiple copies of all the transactions – including the one I just mentioned. When everyone on the blockchain verifies these transactions, the transaction is added as a new block. The process is complete until the next transaction comes around the corner.

But here’s the rub: When I first go into crypto, I knew that people would do all this work on the blockchain because they would get paid in coins that made up the blockchain. But if you have a ton of people all doing the same work, who decides which person gets paid?

Well, there’s just two ways of getting paid if you work on a blockchain: Proof of Work and Proof of Stake. And here’s the nitty-gritty on both.

Why Do We Need Proof of Work or Proof of Stake?

The answer is pretty straightforward: To manage the issuance of new coins and to make sure people don’t cheat. Continue reading "What Is Proof Of Work And Proof Of Stake?"