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Altcoins Could See Major Market Shift

Altcoins Could See Major Market Shift if Bitcoin Breaks This Level, According to Nicholas Merten

By Daily Hodl Staff • June 1, 2021 // ALTCOINS // TRADING

Altcoins may be about to witness a major market shift if Bitcoin (BTC) breaks a certain level, says closely-followed crypto analyst Nicholas Merten.

In a new strategy session, Merten tells his 461,000 subscribers that the news of El Salvador embracing Bitcoin as legal tender could be the catalyst that sparks a new narrative favoring the world’s flagship crypto asset.

Should Bitcoin regain a stronger narrative, the analyst says he may rotate some capital from altcoins back into BTC.

“We might return back to a much more kind of simple but also exciting narrative of Bitcoin, the gold standard of crypto coming back into the fray and people looking at it as a new emerging store of value. That’s what I think is possibly upon us here, and I got to be honest here, in this case, that’s probably going to mean I’m doing some capital rotations.

I’m really keen to see what happens here over the next couple [of] days because I think we’re going to get a defining price move in either Bitcoin or altcoins that’s going to really signify if my theory is wrong or that if I’m right in this case, that the trend is about to shift big time.”

Merten names one crucial price level for Bitcoin where the narrative could start changing and a big market shift could occur between altcoins and BTC. According to him, it may be time to start taking profits on your riskier altcoin holdings if Bitcoin moves above $42,000.

“I think that begins somewhere between $40,000 to $42,000. That’s the contesting range here for price. If you can break beyond that range, and altcoins don’t start outpacing Bitcoin, I would say it’s probably time to run for the hills on those very exponential returns you made on Shiba Inu token if you’re lucky enough to get them.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mia Stendal

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin is Trying to Move Higher

Bitcoin is Trying to Move Higher, $48k to $50k its First Real Target

JOHN P. NJUI   •   BITCOIN (BTC) NEWS •   JUNE 16, 2021

  • Bitcoin could retest the $48k to $50k range if it keeps moving higher
  • This is according to an analysis by the inventor of Bollinger Bands, John Bollinger
  • Mr. Bollinger however cautions that the market ‘will let us know’
  • Bitcoin has been consolidation between $39k and $41k for two days
  • Bitcoin recapturing $42k and the 200-day moving average will restore confidence that $50k is achievable

Legendary trader and the inventor of the popular charting tool of Bollinger Bands, John Bollinger, has postulated that Bitcoin could retest the $48k to $50k price area in the near future. Mr. Bollinger shared his opinion in response to a Tweet by crypto community member, @BigCheds, who had requested his input on Bitcoin’s next possible course of action, based on the Bollinger Bands on the daily chart.

Mr. Bollinger went on to respond that a Bitcoin bottom is likely in place and BTC is trying to move higher. According to his analysis, Bitcoin could retest the lower boundaries of the prior range of Bollinger Bands witnessed in the second half of the month of May. This range is the aforementioned $48k to $50k target set by Mr. Bollinger.

Below is a screenshot of the Twitter conversation between Mr. Bollinger and @BigCheds, discussing Bitcoin’s current price action.

The Markets Will Let Us Know if Bitcoin Hits the Target – John Bollinger

Crypto community member @BigCheds went on to point out to Mr. Bollinger, that it was difficult being bullish given that Bitcoin was yet to reclaim the 200-day moving average and to flip the $43k price area into support. Mr. Bollinger acknowledged his concerns and concluded that the markets ‘will let us know’. His exact response can be found below.

We just see things differently, nothing wrong with that, the market will let us know what to do, the rest is just opinion.

Bitcoin Continues to Consolidate Between $39k and $41k

In the last two days, Bitcoin has been consolidating between the$39k and $41k price zone. At the time of writing, Bitcoin is trading at $40,200 with the 200-day moving average converging with the $42k to $43k resistance zone.

If Bitcoin can flip both the 200-day MA and the $42k to $43k resistance zone into support, it increases the chances of Mr. Bollinger’s scenario playing out before the month of June comes to a close.

However, caution is advised as the $42k price area was also a formidable resistance for Bitcoin in early February, when BTC miners kept selling their earnings at this level.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin investors more bullish than ever

Bitcoin investors more bullish than ever despite 50% price crash: Survey

A survey reveals investors are still bullish on Bitcoin and other cryptocurrencies despite the recent market drop.


Image courtesy of CoinTelegraph

            JUNE 15, 2021

Despite Bitcoin (BTC) and the wider cryptocurrency market experiencing one of its worst crashes in recent memory, investors are apparently more bullish than ever regarding the future fortunes of Bitcoin and a host of altcoins.

That’s according to the results of a Q2 retail investment survey conducted by crypto firm Voyager Digital, which polled 3,671 high-frequency traders on the Voyager platform.

The survey’s findings revealed that 81% of respondents are more confident in the future of cryptocurrency, even after the violent price crash in April and May, which saw Bitcoin and others lose more than 50% of their value.

Many coins have since recovered significantly, although the market still remains uncertain. Despite this, 87% of the survey’s respondents said they plan to increase their crypto holdings over the next quarter — an increase on the 80% who said the same in Q1.

Some 39% of respondents said they expected the Bitcoin price to have fallen between $56,000 and $70,000 by the end of Q3 2021, while 28% predicted a Bitcoin price between $41,000 and $55,000. The percentage of respondents who believed Bitcoin would reach a price of $71,000 stood at 18%, down from the previous survey’s figure of 20%.

Notably, more than nine out of 10 of those polled said they thought the United States Securities and Exchange Commission would eventually approve a Bitcoin ETF — an exchange-traded fund that crypto proponents believe will boost the value of Bitcoin through exposing it to institutional investment.

Among the altcoins that respondents said they were most bullish on, Cardano (ADA) turned out to be the most popular. Some 55% said they were bullish on Cardano above any other altcoin, with Dogecoin (DOGE) coming in second (11%), followed by Chainlink’s LINK (6%) and Polkadot’s DOT (6%).

Voyager Digital CEO Steve Ehrlich said it was encouraging to see continued faith in the cryptocurrency market despite the recent crash. Ehrlich suggested the results of the survey indicate that most investors view the recent market dip as a buying opportunity rather than a portent of worse to come.

“The fact that the vast majority of our large sample size of investors are more confident in the future of cryptocurrency shows how people see May’s volatility in many crypto assets as a buying opportunity,” said Ehrlich.

“Our findings show that 87% of investors are looking to increase their crypto holdings in the next quarter, a much higher percentage compared to the last survey we conducted in April,” he added.

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Original article posted on the CoinTelegraph.com site, by Greg Thomson.

Article re-posted on Markethive by Jeffrey Sloe

Is Bitcoin price bottom in?

Bitcoin price bottom is in, says Fidelity exec as crypto market exits ‘extreme fear’

Macro comparisons suggest that there’s no more room for dips on BTC/USD, suggests Jurrien Timmer.


Image courtesy of CoinTelegraph

            JUNE 15, 2021

Bitcoin (BTC) has already hit its price bottom, one of the industry’s top executives believes as BTC price action stays above $40,000.

In a tweet on Monday, Jurrien Timmer, director of global macro at U.S. multinational financial services corporation Fidelity Investments, called time on any further Bitcoin price dips.

Bitcoin bulls increase confidence

BTC/USD maintained higher levels overnight on Monday after surging through $40,000 resistance. Despite not yet fulfilling traders’ predictions of a $47,000 push, the mood has become broadly positive on the back of fresh high-profile praise from the likes of Elon Musk and Paul Tudor Jones.

For Timmer, the time has come to look higher, not lower, when it comes to charting Bitcoin’s next move.

“In my view, it looks like the bottom is in,” he summarized.

Timmer uploaded a chart comparing BTC/USD with the GS Retail favorites basket, a relationship that highlights similar local bottom formations.


GS Retail favorites basket vs. BTC/USD chart. Source: Jurrien Timmer/Twitter< (Click image for larger view)

Fidelity has increased its Bitcoin activities in recent times, releasing a dedicated analytics platform and even applying to launch an exchange-traded fund (ETF). United State regulators began scrutinizing the application in late May.

Fear & Greed ditches the emotion

Meanwhile, another aspect of cryptocurrency, which is back near 40, is the Crypto Fear & Greed Index — a classic sentiment gauge adding to the bullish mood.

Related: A Bitcoin indicator with a ‘perfect’ history just told you to buy the dip

After hitting its lowest in more than a year in recent week, Fear & Greed has rebounded to 38/100 — approaching neutral territory.

The Index uses a basket of sentiment measures to determine whether traders are overly bullish or bearish at a certain price, and therefore whether tokens are oversold or conversely due for a sell-off.


Crypto Fear & Greed Index as of June 15. Source: Alternative.me (Click image for larger view)

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Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

MicroStrategy Gearing Up to Buy Bitcoin

MicroStrategy Is Ready To Splash Half A Billion Dollars On The Bitcoin Market

By Lou Kavan Flavius – June 14, 2021

Michael Saylor’s MicroStrategy is gearing up to invest nearly half a billion dollars in bitcoin following the close of its offering as it pertains to the sales of senior secured notes. Earlier this month, the company announced plans to sell with a view to funding additional investment in Bitcoin. The press release revealing as much comes in the wake of Bitcoin dropping drastically over the past several weeks.

While lots of people have been selling their holdings as a result of the numerous grim bits of news concerning the asset and its future – from Elon Musk’s tweets to certain governments taking a stance – there are a number of experts, such as Saylor, who remain firm proponents of the cryptocurrency.

MicroStrategy Can’t Get Enough Bitcoin

On Monday, Saylor took to Twitter to share a securities filing detailing the close of said sale. The notes in question are due in 2028 and incur an annual interest rate of 6.125%. MicroStrategy was able to raise $500 million, leaving the company with $488 million to invest after they deduct initial purchaser discounts and other expenses.

MicroStrategy made it a point to note that the proceeds will be used to acquire more Bitcoin.

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin,” the latest press release reads.

The bond sale marks MicroStrategy’s third with the intent to secure Bitcoin in less than a year. The company has, of course, been a longtime investor and the announcement appears to have sparked a rise in price. The crypto asset reached its highest point in over two weeks this Monday, going as high as $41,046.77, an 11% rise from Friday’s price.


BTCUSD Chart By TradingView (Click image for larger view)

“That [MicroStrategy offering] is going to be a massive upward price catalyst because $488 million is a lot of inflow,” Meltem Demirors, chief strategy officer at CoinShares in London, was quoted as saying. “Traders are going to position themselves around that event because they know there is going to be volatility.”

The Latest From Elon Musk

Bitcoin’s rise in price is also likely to have something to do with Elon Musk’s recent tweet in which he declared an intention to have Tesla start accepting BTC again once green mining is confirmed to have reached 50%.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the Tesla CEO tweeted on Sunday.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Lou Kavan Flavius and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin At $50,000 Within Reach

Bitcoin At $50,000 Within Reach As Millions Of BTC Short Positions Set To Be Liquidated

By Olivia Brooke – June 14, 2021

Bitcoin is correcting gradually, and the market is rightfully excited. At report time, Bitcoin has raked in over 12% in daily gains, sending prices up to $40,641 while simultaneously clearing weekly losses, which at the peak of the bear market was all the way down to -30%. The last week saw Bitcoin accumulate enough to bring weekly gains above 9%, while many altcoins are still losing that much value.


BTCUSD Chart By TradingView (Click image for larger view)

Bitcoin Expected To Hit $50k In The Near Term

Market players like Tyler Winklevoss have asserted that the price of Bitcoin is headed upwards. It’s not difficult to agree with these predictions as Bitcoin is already close to the anticipated price mark.

Some key factors driving the market’s movement pattern, as observed by analysts’ include Elon Musk’s decent tweets, in which he shocked the public by noting that he is not entirely out of the Bitcoin market. Musk, who explained that Bitcoin mining consuming 50% of clean energy would guarantee Tesla’s return to the market, may have sent the price of the asset higher, by nearly 13%.

Although some market participants insist that the market has matured since the last bearish outburst from the billionaire, claiming that the Bitcoin market can no longer be swayed by Musk’s sentiments. While this may be true to an extent, it doesn’t take away from the fact that the Bitcoin market is still influenced by many other factors, some of which still include institutions and big whales.

The shorters are getting swept off the market today

Meanwhile, the expiration of $39 million short positions today could boost the price of Bitcoin, as the shorters get kicked out of the market.

Analysts’ are speculating that institutional players like Michael Saylor’s MicroStrategy will be waiting to accumulate as much as possible in their usual fashion. Tweets like “And Saylor hasn’t even started buying yet,”. ” and “Don’t sell your Bitcoins to Michael Saylor” have been circulating the Twitter community for a while now.

On the other hand, Crypto Quant’s Benjamin Cowen is optimistic that Bitcoin might imitate historic market patterns, noting that the last time the asset hit $39,000, another $10,000 flowed into the market by the end of the following week. His tweet reads:

“The last time Bitcoin had a weekly open at around $39k, it ended the week at close to $49k. Will this happen again?.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Short Term Pain For BTC?

Why This Bitcoin Price Pattern Spells Short Term Pain For BTC

By Reynaldo Marquez – June 13, 2021 in Bitcoin Reading Time: 2 min read

Bitcoin has held critical support after a move to the downside on Friday and trades at $37,539. A good old weekend pump has brought it back from the mid-zone of the $30,000 range and now it might make a push towards $38,000.


BTC trends upwards in the daily chart. Source: BTCUSD Tradingview

In the short term, reclaiming the $40,000 area seems like the most bullish scenario, but if the price action has had something in common during these past weeks, it’s the lack of volume.

Kevin Kelly, Co-founder and Head of Global Macroeconomics at Delphi Digital published a report on the potential scenarios for Bitcoin. The analyst said that leveraged positions signaled a major correction was due.

Conversely, BTC’s price has been forming a “major head and shoulders pattern”. Thus, the analyst believes it’s possible for the cryptocurrency to trend downwards and dive back towards the critical support at $30,000.


Source: Kevin Kelly, Delphi Digital

If Bitcoin’s price trends below $30,000, a revisit of the $20,000 it’s possible by the “traditional rule of thumb”. Kelly added:

However, technical analysis is only one piece of the bigger puzzle, especially when it comes to $BTC. Having said that, an extended move below $30k could spell more short-term pain for hodlers; this price level also coincides with BTC’s 50-week moving average.

A 50% dropped, as long-term BTC traders know, it’s not indicative of a guaranteed recovery. On the contrary, BTC’s price has seen 80% corrections on its way to new highs.

There have been multiple instances where BTC rebounded after a +40% sell-off only to find its recovery to be short-lived. One somewhat recent example is Dec. ’19.

What Are The Ingredients For A Bitcoin Bull Run?

In addition, Kelly said that 85% of BTC addresses are in profit. In the past, price bottoms see a reduction in the number of UTXOs in profit to around 50% or less. This suggests more downside in the short term.


Source: Kevin Kelly, Delphi Digital

In defense of the bulls, long-term holders have changed their position and begun accumulated after a period of realizing profits. However, as the analyst said, this metric rarely suggests an immediate change in the price action to the upside.

Looking at the total supply of BTC held by long-term holders on a percentage basis, we can see the trend has started to reverse. Total BTC supply held by LT holders recently bottomed at 58.5% but is now back above 61%. Again, this is a good sign longer term.

A major headwind for Bitcoin, in the short term, is the “deceleration” of central bank asset purchases. In previous cycles, BTC’s price peaks at the same time as Year-on-Year (YoY) growth in central bank balance sheets, Kelly said.


Source: Kevin Kelly, Delphi Digital

The analyst believes Bitcoin needs another catalyst, a big company adding to its balance sheet, for example, for it to retake bullish momentum. However, he believes that in the long term the trend remains positive for holders. Kelly concluded:

(…) despite its recent drawdown, the long-term chart clearly shows BTC still in an uptrend. If $BTC were to retest prior support of $20k then we’d start to get much more concerned.

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The original article was written Reynaldo Marquez and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Bulls, Mark This Date

Bitcoin Bulls Should Mark This Date on Their Calendars, Says Analyst Justin Bennett

By Daily Hodl Staff • June 1, 2021 // BITCOIN // REGULATORS

Crypto trader and analyst Justin Bennett is telling Bitcoin bulls to keep on eye on this specific date, as the flagship cryptocurrency struggles to maintain upward momentum.

In a new strategy session, Bennett says that monthly futures expiration dates have played a big part in Bitcoin’s price action, often correlating with local tops and bottoms.


(Click image for larger view)

The closely-followed analyst posits that if Bitcoin’s price is following monthly futures expirations, then it may also correlate with quarterly expirations. He notes that on June 25th, Q2 futures are set to expire for BTC, potentially marking a bottom for the world’s flagship digital asset and the broader crypto markets.

“My theory is that if Bitcoin has followed monthly futures expirations… then it stands to reason that it could also be following quarterly futures expirations. And if that’s the case, we saw the top shortly after April started, and if this is the case, if this theory holds up, then we could see cryptos bottom sometime around June 25th. That’s when Q2 futures expire. So June 25th is going to be a date to keep on your calendar. And I’m going to go ahead and say that anywhere from June 20th… to June 25th is going to be the range to keep an eye on.”

Bennett also takes into account that until then, Bitcoin and the rest of the crypto markets could face downward pressure.

“However if this theory has merit, it’s also important to note that it could mean cryptos could stay under pressure for the next couple of weeks till that June 25th expiration…

It’s just a theory of mine, but given what we’ve seen from monthly futures expirations so far in 2021, I think it makes sense to at least keep an eye on the Q2 futures expirations later this month on June 25th because that could mark the bottom for cryptos.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/06photo

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin (BTC) is Digital Property

Bitcoin (BTC) is Digital Property – Michael Saylor

JOHN P. NJUI   •   BITCOIN (BTC) NEWS •   JUNE 13, 2021

  • Michael Saylor has described Bitcoin as being digital property
  • His description of Bitcoin comes after El Salvador acknowledged Bitcoin as legal tender
  • He also pointed out that Bitcoin empowers billions of people with property rights, as he responded to Senator Elizabeth Warren’s attack on Bitcoin

The CEO of Microstrategy, Michael Saylor, has described Bitcoin as digital property. Mr. Saylor’s brief and concise description of Bitcoin can be found in the tweet below.

El Salvador is Leading the Way Towards a Better World

His description of Bitcoin was made a day after El Salvador legally acknowledged BTC as legal tender in the country. Michael Saylor went on to point out that El Salvador was ‘leading the way toward a better world’ as highlighted in his statement below.

In a country where 70% of the population is excluded from the financial system, #Bitcoin is hope. The Republic of El Salvador is leading the way toward a better world.

Michael Saylor Responds to Senator Elizabeth Warren’s ‘Attack’ on Bitcoin

Earlier this week, US Senator Elizabeth Warren, threw several jabs at Bitcoin by stating that BTC mining was consuming more energy than entire countries. She also raised several concerns that digital assets such as Bitcoin, were providing avenues for criminals to orchestrate cyber attacks such as that which affected Colonial Pipeline early last month.

In his response to Senator Warren’s statements on Bitcoin, Michael Saylor reiterated that BTC empowers billions with property rights. As a result, energy consumption should be ‘the least of our concerns’. His full response to Senator Warren’s concerns on Bitcoin can be found below.

We finally have the technology with Bitcoin to empower billions of poor and working-class people with property rights, economic security, & freedom from financial repression by the state & institutions. The fact that we use electricity to do this should be the least of our concerns.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

a blockchain and NFT-enabled metaverse

Nvidia CEO: We’re “on the cusp of” a blockchain and NFT-enabled metaverse

Nvidia’s new Voyager campus is serving as a test ground for what it will look like when then Metaverse meets the physical world.


Image courtesy of CoinTelegraph

            JUNE 12, 2021

One of the most powerful men in tech thinks that the metaverse — a term for a series of interlinked, persistent virtual worlds with self-contained economies — is just around the corner.

One of the most exciting use cases for blockchain and NFTs, enthusiasts inspired by Neal Stephenson’s Snow Crash have long been hoping for a VR/AR world with a crypto-powered internal market. Now, however, Nvidia CEO Jensen Huang thinks the technology to make it happen is on our doorstep.

Speaking at the virtual Computex conference, Huang said that he “believe(s) we’re right on the cusp of” the metaverse and spoke glowingly of its potential, according to a transcript of a Q&A session he had with reporters — going as far as to say that users will one day use metaverses to “simulate the future.”

“There will be AR versions, where the art that you have is a digital art. You own it using NFT. You’ll display that beautiful art, that’s one of a kind, and it’s completely digital. You’ll have our glasses on or your phone. You can see that it’s sitting right there, perfectly lit, and it belongs to you. We’ll see this overlay, a metaverse overlay if you will, into our physical world,” he said.

He noted that Nvidia is already using a VR version of Nvidia’s new office building to test these theories, a campus that the company has dubbed “Voyager.” Among the world’s largest manufacturers of GPUs, Nvidia used supercomputers to “simulate architecture” for Voyager, helping with design and ecological efficiency, and eventually the company will allow employees to attend work by wearing VR headsets from home and controlling robots to move about the physical office space, a joint VR/physical workplace hybrid.

“This building completely exists in VR. We designed it completely digitally. We’re going to build it out so that there will be a digital twin of this very physical building in VR. We’ll be able to simulate everything, train our robots in it. We can simulate how best to distribute the air conditioning to reduce the energy consumption […] We can simulate all of that in our digital twin, our building metaverse, before we deploy anything here in the physical world. We’ll be able to go in and out of it using VR and AR.”

Huang isn’t the only CEO who has weighed in on NFTs and the Metaverse as of late, though he’s certainly the most optimistic. In January Fortnite founder Tim Sweeney said that NFTs are the most “plausible” path towards a functioning metaverse, but for now they remain a “speculative mess.”

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Original article posted on the CoinTelegraph.com site, by Andrew Thurman.

Article re-posted on Markethive by Jeffrey Sloe