Bitcoin (BTC); Ethereum (ETH); Litecoin (LTC) Technical Analysis - In The Zone - Global Coin Report
Connect with us

Blogs

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

Published

on

LTC

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!!

For the latest cryptocurrency news, join our Telegram!

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

Blogs

How Can Foreigners Get Loans in Singapore

Published

on

loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

Continue Reading

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

Continue Reading

Press Release