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

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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

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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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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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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