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Bitcoin (BTC) Bitcoin Cash (BCH) Ethereum (ETH) Litecoin (LTC) Cardano (ADA) Tron (TRX) Technical Analysis – Inverted Pennants

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After last week’s dive to lower depths, whereby the entire cryptocurrency universe was treated to yet another sharp leg lower, there has been little to no meaningful bounce out of the recent lows, thus far.

While we certainly expected/suspected a more vibrant bounce in order to work-off the short-term oversold conditions, we’ve yet to witness such action and in fact, the entire cryptocurrency landscape appears content in consolidating the recent leg lower via side-ways grind.

As a result, we’re starting to see numerous names, both large-cap as well as some of the Altcoins, beginning to carve-out inverted pennant formations as we can observe from the charts below.

Although such formations remain in development and have as of yet to break either topside or to the downside, it’s evident that the formation of such pattern continues to tightly coil where we suspect that it’s only a matter of time before these pennants witness resolution.

That being said, let’s take a quick look at the following technical posture of but a handful of names that continue to display the inverted pennants.

BITCOIN

BITCOIN CASH

ETHEREUM

LITECOIN

CARDANO

TRON

As we can witness from the above charts, each sports the inverted pennant formation. While we’re not specifically isolating this phenomenon to those solely referenced above as we could all but showcase another several dozen that remain in an identical technical posture, due to time and space constraints, we wanted to provide readers of Global Coin Report merely a visualization of what is taking place throughout the landscape.

In addition to the developing short-term inverted pennant formations throughout awaiting resolution, it’s quite obvious that bearish conditions remain from a cyclical perspective within the context of a much larger secular bull when you zoom-out the time-frames to a monthly technical glance.

Nevertheless, both investors/traders may want to continue to monitor the action of the here-and-now, which is suggestive that we are going to witness a resolution in one direction or the other in the days ahead.

While we suspect that resolution favors a breach out of the pennants to the downside, as investors/traders, we must always defer to the action of the market itself and leave our biases at the door and be prepared for any and all potential outcomes via proper risk management mitigation measures.

Therefore, for those short-term traders, continue to keep things on a tight leash and honor Your Stops, while for those longer-term investors, patience and discipline remains in order until and or unless the storm clouds subside awaiting the dust to settle.

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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