Connect with us

Bitcoin

Bitcoin (BTC) Bitcoin Cash (BCH) Ethereum (ETH) Litecoin (LTC) Technical Analysis – Inverted Pennants Resolve To The Upside

Published

on

BTC
READ LATER - DOWNLOAD THIS POST AS PDF

Two (2) days ago we brought readers attention to the numerous inverted Pennant formations that were developing throughout the cryptocurrency universe with a focus on a handful of names due to time and space constraints, whereby we stated the following, “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,” which has now come to pass.

We also went on to note, “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,” whereby our suspicions were unfounded and proved to be wrong as the Pennants resolved to the upside.

Now that the formation has resolved, let’s take a glance at the short-term 4H charts below to see where we may be headed in the days forthcoming.

BITCOIN

BITCOIN CASH

ETHEREUM

LITECOIN

As we can observe above, BTC; BCH; ETH as well as LTC have all broken topside out of their inverted Pennant formations. In addition, all four (4) remain in decent shape technically from a short-term perspective, where both investors/traders may witness/enjoy additional gains- ‘follow-through’ in the days ahead.

While the short-term may be suggestive of further gains ahead in order to work off the oversold conditions, we must remember that the primary trend remains lower, evidenced via the year-to-date (YTD) and 1Yr Daily charts, whereby the aforementioned all remain below their 20/50 and 200-day moving averages confirming the overall downtrend.

Thus, while we suspect that we may indeed witness a bit more upside moving forward, we remain cautious as hefty resistance looms above.

BTC – Potential resistance resides at R1 6900; R2 7040-50; R3 7260, while potential support can be found at S1 6425 and S2 6000.

BCH – Potential resistance resides at R1 986; R2 1045-1085; R3 1150-1170, while potential support can be found at S1 800-840 and S2 715-750 Zone.

ETH – Potential resistance resides at R1 550; R2 575-600; R3 625-630, while potential support can be found at S1 480-490 and S2 440-450.

LTC – Potential resistance resides at R1 103; R2 109-112; R3 117-125, while potential support can be found at S1 89-92 and S2 80-85.

The following levels noted above may be utilized as guides as well as providing evidence/clues with respect to the direction moving forward. Risk management remains the name of the game!

Happy Trading!!

For the latest cryptocurrency news, join our Telegram!

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

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving
READ LATER - DOWNLOAD THIS POST AS PDF

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

Continue Reading

Bitcoin

IE Option – 91% Profit on BTC Fluctuations in Every 60s

Published

on

BTC
READ LATER - DOWNLOAD THIS POST AS PDF

On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

Continue Reading

Bitcoin

4 things you should know about bitcoin casinos

Published

on

Bitcoin casinos
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

Continue Reading

Press Release