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Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Bitcoin Cash (BCH) Technical Analysis – Relief At Last

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It’s been a difficult and challenging environment throughout the cryptocurrency universe these past 5-6 months after a stellar 2017 trading campaign as selling pressure has dominated the action and in the process, inflicted meaningful technical damage across the board.

While the recent downside pricing pressure has left none unscathed and wrecked havoc from a technical perspective, whereby numerous names find themselves in a poor technical posture trading below their 50 and 200 day moving averages, we’ve been noting in recent reports that we suspected that some short-term relief would likely be in store and bring to a halt some of the recent bleed lower for the time being.

For example, just a few short days ago, we noted in our report of Monero (XMR) that, “while we certainly suspect some short-term price relief in the days/weeks ahead, the technical damage inflicted during the past several weeks throughout the entire cryptocurrency universe requires time and repair”, which remains the case today.

Nonetheless, both investors and traders alike are now finding that long-awaited relief at last as the slippery slope south has seemingly subsided where we are now being treated to some upside action as can be witnessed from the Charts of BTC; ETH; LTC and BCH below:

As we can see from the daily Chart of Bitcoin (BTC) above, BTC is once again forming a potential mini inverted H&S formation and attempting to move up-and-out. Although BTC remains well below its 50 (blue line) and 200 (red line) day moving averages, the short-term action is somewhat encouraging.

While the inverted H&S formation requires further work, both investors/traders may want to utilize the following levels as a guide in order to garner further clues/evidence with respect to direction.

If, at any point in the days ahead, BTC can go top-side of the 7730 figure and ‘stick’ and perhaps more importantly, clear the 8020 level, such development/s, should they materialize, would certainly be a welcome relief and begin to repair some of the recent technical damage despite still trading below both its 50 and 200DMA’s.

On the flip-side, if BTC is unable to overcome the 7730 level and ‘stick’ and subsequently ‘takes-out’ the 7260 level at any time in the days/weeks ahead, such would likely suggest that the potential inverted H&S formation would once again be a failure and would also more than likely precipitate additional selling pressure.

Thus, while the recent short-term action is encouraging as well as providing some much-needed relief, further work remains before we can declare that BTC is out of the woods and in the clear.

Moving on to Ethereum (ETH), we can see from the Chart below that, much like BTC, Ethereum is also forming a potential mini inverted H&S formation and attempting to move up-and-out.

While Ethereum also finds itself trading below both its 50 and 200DMA’s, representing a poor technical posture as we can observe above, ETH is not nearly as far beneath its moving averages as that of BTC.

Moving forward, if, at any time in the days ahead, ETH is capable of clearing the hurdle located at the 650 level and can ‘stick’, which coincidentally is where we find the 50-day moving average, such development, should it occur, would certainly be a positive development. On the other side of the ledger, should ETH breach the 538 figure, such occurrence would likely render the inverted H&S formation null-and-void.

Looking at the Chart of Litecoin (LTC) below, much like both BTC as well as ETH, Litecoin finds itself in a similar position attempting to move up-and-out of its mini potential inverted H&S formation as well as trading well below both its 50 and 200-day moving averages.

When viewing the action of LTC above, it’s apparent that it finds itself in a similar technical posture as that of both BTC and ETH.

Thus, moving forward, both investors/traders may want to monitor the following levels for additional clues/evidence with regards to direction.

If, at any point in the days ahead, LTC is capable of going top-side of the 129.30 level and perhaps more importantly, the 141 figure, such development, should it occur, would surely be a positive step for LTC. Whereas, if LTC should happen to breach the 114.25 level at any time in the days ahead, such development, should it occur, would suggest that its potential inverted H&S formation would be a failure.

Last, but certainly not least, we take a look at Bitcoin Cash below, as BCH may just find itself in a better position presently than the aforementioned above.

As we can observe from the action above, BCH, like BTC; ETH and LTC also find itself in the process of forming its very own potential inverted H&S formation.

However, unlike BTC; ETH as well as LTC, which have yet to clear their respective initial hurdles and ‘stick’ – thus far, BCH has indeed cleared and is holding its initial hurdle located at the 1153 level.

Moving forward, if BCH can continue to hold the 1153 figure and perhaps of more importance, can clear its 50DMA, presently located at the 1244 level, such would certainly go a long way in repairing some of the short-term technical damage that has been inflicted over the past several weeks. On the flip-side of the coin, should BCH lose the 941 level at any point in the days ahead, such would more than likely suggest that lower prices are in the offing.

Thus, of the four names we’ve focused on in this report, BCH presently finds itself leading the way, while BTC; ETH as well as LTC have further work in order to complete their potential inverted head-and-shoulders formations.

While the present overall climate finds itself reaping some welcome short-term relief in the absence of storm clouds, as we have suspected, further work remains before we can declare the coast is clear.

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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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