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

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BTC

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!!

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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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