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$8,350 is the mark Bitcoin (BTC) needs to assure to reattain bullish runs

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Price recovery for Bitcoin (BTC) and other coins is a thing that we as crypto enthusiasts were anxiously expecting for an extended period of time. Nevertheless, the wait paused for a while not so long ago as the market started to show some bullish moves and prices started to take a positive path one more time. In this sense, as it was to be expected amongst the coins that started the uptrend, it was, of course, the king of the sector Bitcoin (BTC), a crypto that managed to surpass the $8,500 mark in just a couple of days.

The results that the leader of the sector happened to achieved were actually astounding, a fact that immediately had a reaction by part of the community.

However, in the last couple of days, this bullish run has started to decrease slowly (yet again), and many are just wondering how will be the future days for the coin regarding price and performance. Are we looking at a situation where the uptrend is being reversed? This post responds to this question and others related to it.

The mark of the 8,350 dollars

According to technical indicators, Bitcoin (BTC) may actually regain its momentum with prices above the mark of the $8,350. Let’s recall that as this month started, the crypto leader lost impetuosity and got back below the level of 8,000 US dollars, a fact that created a cloud of doubts regarding the chances of the coin to be reversing the uptrend. Right now, during the last 60 hours the coin is yet to start its climb and trading in red, so how can we read this information?

Well, it results clear that the price of the token has not found a consolidation point yet. Still, this has resulted in the annulment of the bullish trend as per many crypto pundits, but regarding price analysis, this even doesn’t mean a reversal is on the way. In addition to this, there are reasons to believe that the $250 trading range may break and enter an upside turn, which in case of affirmative, would result into a generalized intention to buy by part of investors and enthusiasts.

At the moment of writing, Coinmarketcap indicates a price of $7,553 for the crypto, a trading volume of $4,509,240,818 in the last 24 hours and a decrease of -0.34 percent considering the same time yesterday.

Indicators

Just before this month started, most of the moving averages were oriented towards an upside trend for Bitcoin. In fact, the 50-candle, 100-candle, and the 200-candle MA were located parallel to the other in a north direction. The same way, the Relative Strength Index (RSI) stopped showing an overbought setting, which means there are substantial chances to see peaks above the recent highs of $8,500.

To conclude, a break above the $8,350 mark would represent the possibility of entering to a re-test phase between the Bitcoin price of $8,468 and the peak of July 24 of 8,507 dollars. Consequently, a bullish run would be confirmed with a daily close above the mark of the 200-day MA.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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