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Bitcoin (BTC) Ethereum (ETH) Price Analysis – Is This a Giftwrapped Pullback?

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Bitcoin

In the context of the recent rally across the cryptocurrency complex, we have seen sustained inflows and strength for a number of large market cap coins, chief among them clearly being Bitcoin.

However, yesterday evening, we saw news related to regulators once again stepping up to deny the existence of a Bitcoin ETF. As technicians, whenever we see robust trending action, and that action is interrupted by a new headline-driven input, we often salivate about the potential opportunity.

You see, headlines never change trends.

Today, we’re going to take a close look at the charts for Bitcoin (BTC) and Ethereum (ETH) with that in mind.

Bitcoin (BTC)

Price Analysis:

  • High: $7932.00
  • Low: $7852.10
  • Major Resistance Level: $8633
  • Hourly MACD: Sudden Pullback in Play

Chart courtesy of tradingview.com

As noted above, Bitcoin (BTC) has been in fine form of late, ramping higher by over 30% – and over $40 billion in market cap – in just over the last couple weeks.

Key resistance at the coin’s 200-day simple moving average certainly represents a key stumbling block, but that’s not our focus here today.

Instead, we’re taking a look at the fact that the market is pulling back sharply in reaction to headlines that one may see as somewhat predictable given the bearing of the SEC thus far on the concept of the Bitcoin ETF.

When you see a technically strong market reacting against that new trend in response to headlines that come likely as something other than a true surprise, you have to ask yourself just exactly why the universe is acting so generous.

All we have to say is: get ready to back up the truck.

Ethereum (ETH)

Price Analysis:

  • High: $465.08
  • Low: $461.47
  • Major Resistance Level: $500
  • Hourly MACD: Emerging Upward Momentum

Chart courtesy of tradingview.com

As we have noted in our coverage, Ethereum (ETH) has clearly lagged Bitcoin (BTC) in terms of its performance during the recent run higher in the cryptocurrency complex.

This is an issue not so much just for gauging the potential upside for Ethereum (ETH), but for gauging when the real bullish spirit has returned to the space.

In many ways, Ethereum (ETH) represents the future as far as a disruptive vehicle far more than Bitcoin (BTC), and therefore we would far rather see Ethereum (ETH) leading a rally like this.

In any case, the rally that we have seen in Ethereum (ETH) is nothing to sneeze at. The coin has made a steady flow of higher lows and has come into contact with key resistance.

A break above the $500 level would go a long ways toward convincing us that it was ready to play some serious catch up on the chart.

Not only would that move us back above the 50-day SMA, but it would also likely turn that average into an upward sloped measure as the coin got into gear above long-standing resistance. It is precisely this type of shift that can rejuvenate a bullish tone in a market like this.

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 Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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