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

Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Bitcoin

The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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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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