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Bitcoin (BTC); Ethereum (ETH); Litecoin (LTC) Technical Analysis – In The Zone

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While many of our readers of Global Coin Report focus their interests on the numerous Altcoins (and for good reason) for both informative and technical perspectives with regards to what is transpiring throughout the vast and diverse cryptocurrency universe, there are times when it appears that the entire crypto landscape is awaiting direction from the ‘Big 3’ as to which way, either North or South, the winds may blow.

As a technician, whom monitors/watches the tics and flicks of the tape with a close eye, there are times when it certainly seems apparent that the entire marketplace is awaiting the directional moves of a limited/small, yet very important select group of names for further revealing of the cards from the deck in order to garner an edge.

Such market conditions appear to be taking shape at present with both investors/traders keeping a close eye on the action of a few of the larger market-cap names as all three (3) continue to trade at or near key inflection points, while flirting with important potential support levels.

With that said, let’s take a look at the technical picture of those three (3) names, BTC; ETH and LTC, whom we feel are causing/creating the indecision with present marketplace conditions as all three (3) find themselves in the zone dancing at their potential support levels.

As we can observe above, in 1Q18 BTC attempted and failed to come out of its inverted H&S pattern as it was rejected at the neckline (dark blue horizontal line) and subsequently proceeded to lower depths.

Fast forward to today, and we once again have witnessed BTC attempting to come up and out of yet another inverted H&S pattern and while the move was rejected yet again at the neckline (purple horizontal line) on its first attempt, BTC now finds itself dancing with important support at the 8200 level.

While the recent move ‘appears’ to be yet another failure, we believe that it’s premature to declare such outcome as of now.

Thus, both investors traders may want to pay close attention to the action in BTC in the days ahead.

If BTC is unable to recapture the 8200 level and stick, and perhaps more importantly, provide ‘Follow-Through’, we may witness additional slippage to the next area of potential support found at the 7800 level.

Therefore, while BTC continues to flirt with its potential support, both investors/traders may want to utilize the 8200 and 7800 levels as reference points moving forward.

Looking at the daily chart of Ethereum (ETH) above, we can observe that ETH presently finds itself trading within a triangle pattern (shaded area) awaiting resolution.

In addition, ETH, like BTC, is also flirting with important potential support located at the 660 level. Should the 660 level ‘give way’ the next area of potential support can be found at the 575-600 zone.

As time (days) passes, the action within the triangle pattern tightens, whereby its resolution will render a verdict.

Therefore, both investors/traders may want to pay particular attention to the action in ETH moving forward, as we suspect that a move, either North or South out of the pattern, is imminent.

Much like BTC, Litecoin (above) found itself developing an inverted H&S pattern and while LTC was able to go ‘top-side’ of its neckline (dark purple horizontal line), it was unable to hold and quickly retraced beneath and has since found itself sliding the slippery slope south over the course of the past two (2) weeks.

As a result, LTC has taken-out support at the 140-142 zone and now finds itself fighting to stay above its next level of potential support at the 124 figure.

Thus, moving forward, both investors/traders may want to utilize the 124 potential support level for further clues should LTC make its way there. On the flip-side, should LTC be capable of recapturing the 140-142 zone (former support) and perhaps, more importantly, the 153 figure, such development, should it materialize, would go a long way in righting the ship.

Nonetheless, the overall cryptocurrency universe remains in indecision with respect to direction and it is our contention that the marketplace is awaiting resolution of the ‘Big 3’ to play-out before the remainder of the space follows their lead.

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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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