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.
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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
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
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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.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
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