Bitcoin price holds steady above $26k after CPI report, but death cross looms | Canada News Media
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Bitcoin price holds steady above $26k after CPI report, but death cross looms

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(Kitco News) – Cryptocurrencies traded in a holding pattern on Wednesday after the latest Consumer Price Index (CPI) report showed an uptick in inflation in August, with headline prices rising 0.6% month-over-month and 3.7% on an annual basis, largely driven by a spike in energy prices.

Stocks were mixed as investors focused their attention on next week’s Fed meeting, where the central bank will determine if additional interest rate hikes are needed. The CME FedWatch Tool now gives a 97% probability that the Fed will pause its rate hikes next week, up from 92% a day ago.

At the closing bell, the S&P and Nasdaq finished in the green, up 0.12% and 0.29%, respectively, while the Dow recorded a loss of 0.20%.

Data provided by TradingView shows that Bitcoin’s (BTC) price initially climbed higher after the CPI report, hitting a high of $26,416 in the afternoon before pulling back to support above $26,100, which has provided a consistent level of resistance since the middle of August.

BTC/USD Chart by TradingView

“September Bitcoin futures prices [were] higher again in early U.S. trading Wednesday, on a rebound after hitting a six-month low Monday,” according to Kitco senior technical analyst Jim Wyckoff.

Bitcoin futures 1-day chart. Source: Kitco

“The bulls have stabilized prices now, but have much more heavy lifting to do in the near term, to suggest a price uptrend can be started,” Wyckoff said. “The bears still have the overall near-term technical advantage as a price downtrend line remains in place on the daily chart.”

Wednesday’s CPI-inspired Trade Letter from MN Trading noted that “When interest rates are aggressively increased, the overall performance of risk-on assets in the markets tends to be less favorable.”

“We witnessed this trend for an extended period, where we seemed to be stuck in a downward spiral,” MN Trading analyst Daan Foppen said, but “The tide is turning.”

With recent CPI reports showing that inflation has been moderating, Foppen said this has given the Fed “fewer reasons to continue aggressively raising interest rates,” which gives risk-on assets “more room to increase in value once again.”

Delving into the price action for Bitcoin, Foppen said that on high time-frame charts, the weekly candles “appear quite indecisive, and the overall chart looks a bit shaky.”

BTC/USD 1-week chart. Source: MN Trading

“Yes, officially, we are still in an uptrend, and that’s certainly something to consider, but I don’t find the overall structure of the weekly timeframe very reassuring,” Foppen said. “We had a sweep to the upside followed by an aggressive move downward. Subsequently, we saw a retracement towards the weekly FVG [fair value gap], where we once again witnessed a strong rejection. Additionally, we have relative equal lows on the downside, and it’s highly likely that the price will move in that direction.”

Scaling down to the daily timeframe, Foppen said, “We can see another reason why an initial move downward is likely in the cards.”

BTC/USD 1-day chart. Source: MN Trading

“We have equal lows on the downside of the price. These levels are used to engineer liquidity,” he said. “What we can see, and it’s highly likely to be the case, is that these equal lows have formed above an imbalance on the daily timeframe. So, now the price has two reasons to go down: first, to remove liquidity below the equal lows, and second, to fill the imbalance on the daily timeframe.”

“Capital preservation is one of the most important aspects of trading,” Foppen said. “Especially in these times and current market conditions, it’s crucial not to do anything reckless. Price action is choppy, and we are trading within a narrow range.”

For this reason, he recommends adopting a strategy called “milk the range,” which involves “trading the extremes of the range until it no longer works.”

BTC/USD 4-hour chart. Source: MN Trading

“This provides stability and prevents you from constantly staring at the charts all day,” he said. “Set alerts at the range high and range low, wait for deviation and reclaim, and trade based on that. This is likely where you’ll find the most success.”

While Foppen is offering traders a potential way to book profits amid sideways trading, Adam Button, chief currency analyst and managing editor at Forexlive.com, warned that “A death cross has formed on the Bitcoin daily chart as the 50-day moving average falls below the 200-day moving average,” and said the last time this happened, “Bitcoin fell from $42,400 down to $15,700 from January to November of 2022 – a 63% decline.”

BTC 1-day chart with 50dma and 100dma. Source: Forexlive

“It’s a popular technical indicator but it’s not infallible,” Button said. “The previous death cross was in June 2021 and it was only followed by a 20% decline and a death cross in 2020 wasn’t followed by any selling at all. This week, a test of $25,000 found buyers but a break could lead to a fall to $20,000 or the January lows near $17,000.”

Mixed performance for the altcoin market

The top 200 altcoins traded mixed, with the winners outnumbering the losers, while most tokens traded within ±3% of Tuesday’s prices.

Daily cryptocurrency market performance. Source: Coin360

VeThor Token (VTHO) was the standout token of the day with an increase of 57% after it was unexpectedly added to Coinbase. Other notable gainers include Storj (STORJ), Galxe (GAL), and Metal DAO (MTL), which increased 10.9%, 9.1%, and 8.3%, respectively. Astar (ASTR) was the biggest loser with a decline of 7.6%, followed by a loss of 5.5% for Akash Network (AKT) and Ribbon Finance (RBN).

The overall cryptocurrency market cap now stands at $1.04 trillion, and Bitcoin’s dominance rate is 49.1%.

 

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What Difference Will You Make to an Employer?

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8 hours ago

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October 21, 2024

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Ex-Employer (Job)

It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.

Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.

Employers don’t hire opinions (read: talk is cheap); they hire results.

You’re not offering anything tangible when you claim:

 

  • I’m a great communicator.
  • I’m detail oriented.
  • I’m a team player.

 

Tangible:

 

  • “At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
  • “For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
  • “While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”

 

These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.

Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.

When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.

 

Not impressive: Education

Impressive: A track record of achieving tangible results.

 

You aren’t who you say you are; you are what you do.

 

If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.

The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.

More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.

  1. Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
  2. Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
  3. Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
  4. Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”

 

If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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4 days ago

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October 17, 2024

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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October 17, 2024

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