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Bitcoin (BTC) Ethereum (ETH) Price Analysis: A Series of Clues

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Bitcoin
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As a technician, I tend to pay a lot of attention when a chart starts to reaffirm some signals underneath the surface of the action. In other words, a chart is a record of clues. But to fully trust those clues, you need to see additional signposts suggesting that your interpretation is flowing down the right track.

In the case of the cryptocurrency complex over the past month, we have seen a series of important clues and confirmation signals that are very suggestive of the possibility that an important change in the overall tone of this market has already come into place.

As we take a closer look at Bitcoin (BTC) and Ethereum (ETH) today, we will discuss these clues along with some of the signals of confirmation.

Bitcoin (BTC)

Price Analysis

  • High: $8216.7
  • Low: $8135.7
  • Major Resistance Level: $8600
  • Hourly MACD: Continuation Momentum

Chart courtesy of tradingview.com

There is no question that Bitcoin (BTC) has been well out in front and truly set the tone for the bounce that we have seen dominating the cryptocurrency complex over the past several weeks.

However, one interesting thing that we haven’t seen – interestingly enough – is a test of the 200-day simple moving average in Bitcoin (BTC). This is despite the fact that we have seen the 14-day RSI measure hit fully overbought levels.

Given the composition of this chart pattern, that’s interesting and somewhat unexpected.

However, what we have seen is a massive breakout above the 50-day simple moving average on enough volume to turn heads. In addition, we are already beginning to see the slope of that key moving average start to curl and turn to the upside as the volume grows.

This is an important signal and suggests the possibility that a pullback from here may well find support at that rising average setting the terms for a reinforcement of a new direction of the trend in the framework of a series of higher highs and higher lows.

Ethereum (ETH)

Price Analysis

  • High: $471.39
  • Low: $468.07
  • Major Resistance Level: $500
  • Hourly MACD: Lateral Consolidation Coming to a Head

Chart courtesy of tradingview.com

As we have noted, Ethereum (ETH) has been lagging, particularly when compared to Bitcoin (BTC). However, it has still done some important things.

To continue to represent the upside potential that longs in this market hope to see, the most important factor will be for ETH to continue to hold its rising trendline formed on the basis of the lows seen in late June, mid-July, and last week.

This will be critical as the coin presses against several important resistance levels, the most important of which clearly is the $500 level.

We will continue to track Ethereum (ETH) and look for all of these signals in coming days. Given that it represents such an important aspect of the cryptocurrency complex – becoming something of a proxy for the “smart contract disruption” facet – we would feel more confident in the larger cryptocurrency theme as a rejuvenated bull market coming to fruition if we saw some leadership begin to emerge on the charts in Ethereum (ETH).

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

Is Bex500 an alternative to BitMEX?

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Bex500
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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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Bitcoin

How Bitcoin Has Changed Online Gaming

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online gaming
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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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blockchain
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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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