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:
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.
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.
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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
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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