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Bitcoin (BTC) BCH ETH LTC ADA Technical Analysis – Is The Countertrend Rally Over?

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BTC

After anticipating a strong and rapid countertrend rally in the last week of June that we shared on several occasions with readers of Global Coin Report and believed such would commence in the early parts of July, both cryptocurrency investors and traders have been treated to some welcome relief with Bitcoin (BTC) producing a nearly 50% upside move from the depths of despair at the 5700 level and since running up into the 8500 zone.

In addition, after two (2) unsuccessful attempts earlier this year (March & May) to complete inverted Head-and-Shoulders (H&S) formations, only to be rebuffed at the neckline of each, which produced subsequent declines, Bitcoin (BTC) was finally able to get the job done in July when it went top-side of the 6900 level, a level that we had been directing readers attention for close monitoring, as well as the successful completion of the most recent inverted H&S pattern.

Thus, Three Times was indeed A Charm.

Furthermore, with Bitcoin’s successful completion of its inverted H&S pattern, BTC has also fulfilled our noted measured move price objective in the 7800-8000 zone and did so by exceeding the target via its 8500 print, which has since paused/stalled at its declining 200 day SMA.

So, with BTC presently hovering just below its all-important 200 day SMA and appearing to pause/stall, the question begs, “Is the countertrend rally over?”

While we believe it’s premature to declare such rally as ‘Over’ at this particular juncture, let’s take a look at the charts to see what they may be foretelling.

BITCOIN

As we can observe above, BTC finds itself consolidating the recent thrust just beneath its declining 200 SMA. However, we can also see that BTC remains well above both its 20 and 50 day SMA’s, which from a short and intermediate-term technical perspective, is a positive, as well as remaining in a healthy posture, for now.

Moving forward, in order for BTC to ‘get going’ once again and resume its northern trajectory, both investors and traders may want to pay close attention to the 200 day SMA located at the 8440ish level as well as the 8510 and 9020 figures as potential overhead resistance levels to be cleared.

On the flip-side of the coin, potential levels of support can be found at the 7800 as well as 7200-7300 zone and perhaps most importantly, the 6800-6900 zone.

BITCOIN CASH

Bitcoin Cash (BCH) has been holding up fairly well, thus far, and has our attention. Although further work is required, both investors/traders may want to pay particular attention to the 890 level for top-side confirmation that things are about to get ‘underway’, while a move below 770 and perhaps more importantly, the 740 figure, would put a damper on the present technical outlook.

ETHEREUM

As we can witness above, ETH is now starting to breach the lower side of its short-term trendline after coiling for the past several weeks and now finds itself trading below all of its important moving averages (20/50/200 SMA). Thus, we would not be surprised if ETH were to make its way back to the 400 level should it be incapable of turning the tide rather quickly here.

LITECOIN

Much like ETH, Litecoin (LTC) is also breaching its short-term trendline to the downside and trading below all of its important moving averages with the 75 figure and 70-72 zone providing potential short-term support.

CARDANO

Cardano (ADA) had found itself trading within a triangle and holding up fairly well. However, as we can observe above, ADA has since violated the lower boundary and once again, finds itself trading beneath all of its important moving averages (20/50/200 SMA).

Therefore, while BTC has and remains in ‘better’ technical shape than many of its brethren, and we’re not ready to officially declare that the forecasted countertrend rally is ‘Over’ just yet, we’re beginning to witness some signs that both  investors/traders may need to ‘tighten’ things up and keep their positions on a tight leash, at least those who are trading the short-term gyrations.

iBC~

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

Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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