Bitcoin (BTC) Ethereum (ETH) Price Analysis: A Series of Clues - Global Coin Report
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Bitcoin (BTC) Ethereum (ETH) Price Analysis: A Series of Clues

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Bitcoin

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

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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CoinFlip

Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans for the future.

Partnership with Monarch Wallet

On May 5th, CoinFlip…

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Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on regulated exchanges. 

Most of the leading exchanges adhere to…

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