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Basic Attention (BAT) BitShares (BTS) Technical Analysis – Round 2

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BAT
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Back in May, we brought readers of Global Coin Report to the attention (no pun intended) to both Basic Attention (BAT) as well as BitShares (BTS). While neither ‘Triggered’ for possible entry at the time, both subsequently took the southbound train lower with the entire cryptocurrency market.

To refresh reader’s memory, Basic Attention is an open-source, decentralized digital advertising platform based on Ethereum (ETH)BAT held its ICO over a year ago on May 31, 2017, raising approximately $35M in less than 30 seconds, no small feat. The Token itself is designed to correctly value and price user attention within the platform.

The Basic Attention Token digital advertising platform is comprised of various components, including a digital advertising exchange, attention measurement systems, analytics dashboards and machine learning algorithms. Integration of BAT into a given host application involves implementing BAT Ads, a system that matches and displays ads to users based on locally stored data. Ad targeting is performed wholly on-device, removing the need for third-party tracking.

With respect to BitShares, BTS is an open-source, public blockchain-based, real-time financial platform. It provides a decentralized asset exchange similar to the NYSE, but for cryptocurrencies and without the need to trust a central authority to handle all the funds that facilitate trading using an international network of computers, in which anyone can take part.

According to the developers, the platform is capable of processing 100,000 transactions per second (tps) and even more with minimal optimization. For comparison, Visa (NYSE: V), one of the largest financial providers in the world, handles, on average, 2,000 tps with a maximum capacity of 24,000 tps.

That being said, let’s revisit both BAT and BTS to see what the technical picture may be portraying at this time via the charts below:

BASIC ATTENTION

As we can observe from the daily chart above, BAT rode the slippery slope lower since our mention in May after a non-trigger, thus, no trade was taken at that particular time.

However, we can also see that BAT appears to be stabilizing at present and currently finds itself trading above both its 20 (yellow line) and 50 (blue line) day simple moving averages, which depicts a favorable short and intermediate-term technical posture. Although BAT remains below its 200 (red line) SMA and requires further work, we’re beginning to see some signs of technical health with BAT residing above both its 20 and 50 SMA’s in a challenging tape/market.

Thus, moving forward, both investors/traders may want to utilize the following levels as a guide for further evidence/clues with respect to direction.

If, at any time in the days/weeks ahead, BAT is capable of clearing the .30 and perhaps more importantly, the .32 hurdles, such action, should it materialize, would likely signal that a move up and into its 200 SMA (and possibly beyond), presently at .36, becomes a viable objective.

On the flip-side, both investors/traders may want to utilize the .23 figure as a primary level of trade support with the .20 figure offering a secondary level of potential support.

Nevertheless, BAT appears to be shaping-up technically and deserves further monitoring moving forward.

BITSHARES

When viewing the action of BTS above, we can see that like BAT, BitShares is also trading above both its 20 and 50 SMA’s, yet below its 200 day moving average as well with further work required.

However, BTS also appears to be putting in an inverted H&S pattern and although its has yet to ‘Pop’ thus far, such action requires the attention of both investors/traders as we suspect that should volume start to come into the name, we may just witness a replay of our recent DGB run for the roses which have produced a fantastic 84% (thus far) in a week’s time.

Therefore, moving forward, if, at any time in the days ahead, BTS can go top-side of the .20 level, such development, should it materialize, would likely set the stage for a move up into the .27 area where we find its 200 day SMA and possibly into the .32 – .33 zone.

With respect to the potential support, both investors and particularly Traders may want to utilize the .15 level as your line in the sand with the .12-.13 zone acting as potential longer-term support.

Nevertheless, both investors/traders may want to put both BAT and BTS on their radars for further monitoring as we believe that both require attention at this particular juncture.

Finally, for those who were/remain involved in our recent initiation of DigiByte (DGB) last week, which has had a remarkable 84% run this past week, Congratulations and you may want to trail a Stop to protect trading profits at this time.

Happy Trading!!

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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 Pexels

Charts courtesy of tradingview.com

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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