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Bitcoin (BTC) Ethereum (ETH) LiteCoin (LTC) Bitcoin Cash (BCH) Technical Analysis – Bear Market Conditions Persist

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For the past six (6) months it’s been no secret that Bitcoin HODLers have found the environment both challenging as well as the footing slippery as prices throughout have continued to slide the slope lower.

This past weekend, both investors/traders were treated to yet another leg lower on large volume, which produced a sharp and violent move to the south-side and in the process, taking-out/breaching some very important short-term support levels across the board.

While recent price action has produced short-term oversold conditions and we can perhaps anticipate some pause as well as some price relief in the days ahead, we must remember that oversold conditions can and often do, become more oversold just as overbought conditions can often lead to further price appreciation beyond what many investors/traders expect/anticipate.

Thus, while we certainly suspect that both investors/traders within the crypto sphere will be treated to some pause and or short-term price relief in the days ahead, we must always defer our opinions and biases to the action of the market as Price is the only thing that Pays.

That being said, let’s take a look at the charts to see what may be in store moving forward as well as some levels to monitor in order to navigate the landscape without detonating the triplines that litter the field.

After touching down at the 7K level a couple of weeks ago and subsequently grinding higher, Bitcoin (BTC) was unable to clear our previously noted 7730 level and ‘stick’. Once that became apparent, and it was rather quite obvious as BTC attempted to clear the hurdle on multiple occasions only to fail, such was the signal that the likelihood of lower prices were in the offing, which has now played-out.

Moving forward, both investors/traders may want to monitor the following levels for further clues/evidence with respect to direction.

If, at any time in the days ahead, BTC can go top-side of the 7040-7060 zone and perhaps, more importantly, can clear the noted 7260 figure (former support now turned resistance), such development/s, should they materialize, would release some short-term pressure. On the opposite side of the ledger, potential short-term support can be found at the 6425 level and should such level ‘give-way’ at any time in the days/weeks ahead, a date with the February lows at 6K would certainly be in the cards.

Much like BTC, Ethereum (ETH) found itself having trouble with our noted 615-630 zone and was unable to jump the creek, which promptly turned the tables southbound as we can witness from the Chart below:

As we can observe above, despite several attempts at clearing the 615-630 zone and incapable of holding, proved too much for ETH as it promptly reversed course for lower depths.

Moving forward, short-term potential resistance can be found at the 538 as well as the 575-600 zone, while potential support resides at 480-500 area. Should the 480-500 area ‘give-way’ at any point in the days/weeks ahead, the probability of a move into the 350-400 zone becomes a viable possibility.

Moving on to LiteCoin, despite its short-term oversold posture, LTC remains extremely vulnerable as it has violated all of its potential short-term support levels and is hanging by a thread. While a bounce may be forthcoming in the days ahead, it appears that a date with the 80-85 zone is indeed its ultimate destination down the road.

As we can witness above, LTC has taken-out our noted 109-112 zone and now finds itself with little support or net beneath its feet. While a bounce into the 115-120 zone may relieve some short-term pressure, we suspect that the 80-85 zone may provide its best line of defense (potential support) moving forward.

Last but not least, let’s take a look at Bitcoin Cash below to see what it may have in store for both investors/traders moving forward.

As we can observe from the chart above, while the recent move lower in BCH was sharp and deep accompanied with volume, it did not hit nor violate the May lows located at the 868-870 level.

Thus, moving forward, both investors/traders may want to pay particular attention to the 840-870 zone as well as the February low 750 area for potential support, while the 1000-1035, as well as the 1075-1085 zone, provide likely headwinds/resistance above.

While market participants may enjoy some price relief from short-term oversold conditions in the days ahead, we must remember that bear market conditions persist throughout the entire cryptocurrency universe and as investors/traders, we have to leave our opinions/biases at the door and take our cues from the action.

If one is trading this environment, be sure to keep positions on a tight leash and honor Your Stops as risk management is priority number one, as always. For those longer-term investors, patience and discipline are in order and you may want to continue to monitor your favorites for suitable entry and or adding to existing positions.

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

Basic Guide on How to Spend Bitcoin and Other Cryptocurrencies

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In recent years, Bitcoin and other cryptocurrencies have entered more into the mainstream. Most people walking down the street have at least heard of Bitcoin. While a lot of people got involved in the buying and selling of cryptocurrencies to try and make a quick buck, most people who are enthusiastic about the world of blockchain are in it for the long haul. 

These are usually the people who are going to be more likely to actually use their Bitcoin and other cryptocurrencies as a payment tool and not just as a storage of wealth or a trading tool. This guide looks at a few different ways in which you can use your Bitcoin in spending capacity. 

Crypto Debit Cards

Perhaps the easiest way for you to spend your cryptocurrency is by linking up your holdings to a debit card. 

These days, many of the leading card providers such as MasterCard and Visa have these types of crypto-linking debit cards. These cards can be used just like you would a normal debit card that is linked to your fiat currency bank account. 

Naturally, the most popular type of crypto debit card is going to be for Bitcoin, but there are other cryptocurrencies catered for also. 

Prepaid Cards

There…

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Hybrid Bitcoin Casinos or Bitcoin-Only Casinos – Which Are Better?

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The rise of cryptocurrencies over recent years has had an impact on several industries. Gambling is one such industry, and many of the best online casinos offer Bitcoin as a payment method

Some of these casinos work exclusively with cryptocurrencies, while some are more traditional gambling sites that simply have integrated crypto on top of their fiat options.

This post will take a look at the advantages of joining a Bitcoin-exclusive casino on the web versus picking a hybrid one.

Advantages of Hybrid Bitcoin Casinos

Let’s start with the hybrid Bitcoin casinos. Usually, those are traditional gambling platforms that have been around for a long period of time. 

They offer classic payment methods such as Visa, PayPal, Skrill, and similar. At some point, they decided to add Bitcoin and potentially other cryptocurrencies to their portfolio. 

If you decide to join an online casino of this type, you will be able to enjoy the following benefits.

Lower Risks

Such online casinos often have a strong reputation and are licensed by respected gambling commissions such as the UK Gambling Commission, the Malta Gaming Authority, and similar regulators.

They are known for protecting the customers and monitoring all actions…

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Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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