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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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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

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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