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Bitcoin (BTC) Ethereum (ETH) IOTA (IOT) Technical Analysis – Which Way Will The Wind Blow?

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BTC

During the past several days, the overall cryptocurrency universe has found the footing ‘slippery’ and trading slightly lower across the board with indecision appearing to be the theme throughout with no real leadership stepping up to the forefront and leading the way. Thus, both investors/traders have been treated to a slightly lower tape awaiting further signs of clues/evidence with respect to direction.

As we’ve monitored the action or lack thereof, we can’t help wonder whether all eyes are peeled on BTC and its next directional move for clarity?

With that said, let’s revisit what we stated a few days ago (last week) when we profiled the technical posture of BTC and what we would need to see occur in order for a potential move in either direction.

“We’re once again in a similar position with BTC forming yet another potential inverted H&S pattern and we ask ourselves the same question today as we did just a couple of Months ago, “Are there far too many eyes (ourselves included) witnessing another replay of the same scene, albeit, just a different time?”

We also noted, “If at any time moving forward, BTC can clear the 9768; 9900 and perhaps more importantly, the 10,112 level/s and capable of holding such figures, the probability for a positive outcome for the developing pattern will certainly provide clues/evidence that the second go-around may just be a success.”

As we can observe from the daily chart below, BTC did indeed go ‘top-side’ of both the 9768 as well as the 9900 levels, however, was unable to breach the noted 10,112 level (thus far) and was stymied at the 200DMA.

Thus, has the recent attempt of a successful completion out of the inverted H&S pattern resulted in failure yet again?

While some may be of the thought that the answer to such question is in the affirmative, we digress and continue to believe that it’s a bit premature in declaring the recent move a failure, just yet.

Therefore, while our noted top-side levels (9768; 9900 & 10,112) remain hurdles to be cleared, patience is in order as we await the verdict and allow additional time for the pattern to play itself out either favorably or, witness yet another disappointment from a short-term perspective.

While BTC continues in its pattern awaiting resolution, Ethereum (ETH) presently finds itself in a far better technical posture as we can observe below:

Observing the daily chart above, we can see that ETH is trading above its 20/50 and 200DMA’s respectively, which is indicative of a favorable technical posture.

We can also observe that the 20DMA (yellow line) has crossed up through the 200DMA (red line), while the 50DMA (blue line) is starting to turn upwards, all positive developments from a relative strength standpoint.

Thus, moving forward, both investors traders may want to continue to monitor the action in ETH utilizing the 663 (200DMA) level as potential short-term support, while the 838 as well as the 895-905 zone providing potential headwinds/resistance.

Finally, last week we brought readers attention to IOTA (IOT), where we believed that the action required your attention and eyes as a potential move was imminent, which can be viewed here https://globalcoinreport.com/iota-iot-requires-close-attention-and-eyes/

We noted that, “if at any point in the days ahead IOT can go top-side of the $2.24 figure and ‘stick’, the potential for a move up and into the $2.65 level becomes a viable possibility and if things really heat-up, the next level hanging out there is located at $3.20, while the $1.85 level (20- DMA) acting as both your guide as well as potential short-term support.”

As we can observe below, IOT did indeed go ‘top-side’ of the 2.24 level and went directly passed “Go” and into our 2.65 noted price objective for a rapid 30% move printing a day high of 2.69.

With that said, the action in IOT remains extremely favorable from a technical viewpoint and both investors/traders may want to continue to monitor the action in IOT moving forward as we suspect that the 3.20 level may come into ‘play’ in the not too distant future.

Summing it all up, we await resolution of the BTC pattern development and to which way the wind will blow, while both ETH and IOT continue to suggest a favorable technical outlook.

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

Chart courtesy of tradingview.com

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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