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Bitcoin (BTC) Bitcoin Cash (BCH) Ethereum (ETH) LiteCoin (LTC): Better, But Not There Quite Yet

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Bitcoin
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Several weeks ago, June 27th to be precise, we penned a piece entitled, Where To From Here? Get Ready, where we noted the potential for, as well as anticipated, a large counter-trend rally throughout the entire cryptocurrency space.

At that time, we suspected that we may experience some further downside action, but that the potential for a large move into higher ground was nearing when we noted, “While the daily time-frames continue to portray potential for lower levels, not everything is bleak. When zooming-out to both the Weekly and perhaps more specifically, the Monthly time-frame/s, we’re nearing an important inflection point from which we suspect that the bleed lower subsides/pauses and in turn, results in a massive counter-trend rally that may begin as early as the next 2-3 weeks,” which has yet to play-out thus far despite the recent recovery in price/s.

While we now find ourselves in the third (3rd) week of such prognostication and although we’ve yet to witness the anticipated large counter-trend move thus far, we’re beginning to see some signs of health from a technical perspective throughout the landscape.

More specifically, as we can witness from the Daily charts below, Bitcoin; Bitcoin CashEthereum as well as LiteCoin have recently recaptured their 20 day SMA’s for the first time since early May, whereby those who have been following our work, are well aware of the emphasis that we’ve placed on the action surrounding the 20 day SMA for some time now with respect to short-term direction.

BITCOIN

BITCOIN CASH

ETHEREUM

LITECOIN

As we can observe from the Daily charts above, BTC; BCH; ETH as well as LTC have cleared their 20 day (yellow line) SMA’s and now appear to have their sights set on doing battle with their 50 day SMA (blue line).

Although further work is required and it’s a bit premature to declare the ‘Coast Clear’, the recent action is encouraging, at least from a short-term perspective. And, while we suspected that the large counter-trend move that we anticipated several weeks ago would commence from lower depths (BTC 5400/5000/4400), such has not been the case thus far.

Nevertheless, while our Timing may be off a bit (or perhaps not if the recent action does indeed morph into the beginnings of our anticipated large counter-trend rally), we continue to believe that a rapid/sharp/vicious move, that may catch many off guard/balance and travel to levels far beyond what many may anticipate, awaits in the offing.

In the meantime, all of the above aforementioned (BTC; BCH; ETH and LTC) have work to attend to at their 50 day SMA’s.

Thus, if at any time in the days/weeks ahead, Bitcoin (BTC) can clear the previously noted 6900 (Neckline of the inverted H&S) level and ‘stick’, such would likely be the trigger/signal for both Investors/Traders, that the party is about to begin. On the flip-side of the ledger, should BTC find its way back to the 6000 level and it ‘gives way’ and unable to hold, such development, should it materialize, would suggest yet another disappointing failure for higher levels.

While the overall action is indeed better, we’re not there quite yet.

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

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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