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

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Bitcoin
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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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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