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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
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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

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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