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Bitcoin (BTC) Ethereum (ETH) Price Analysis: Judgment Day

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Ethereum
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As the reader will likely be no doubt aware, the broad cryptocurrency complex has been up and down the hill and valley characterizing a potential bottom or a potential bear market bounce of dubious meaning over the past month.

Now, we have come to a critical moment of judgment.

Today, we will take a close look at the charts for Bitcoin (BTC) and Ethereum (ETH), gauging their relative position in the course of this adventure from the standpoint of an objective technical analyst. Our goal, as always, is to provide an unbiased and empirical analytic edge to augment your perspective.

Bitcoin (BTC)

Price Analysis

  • High: $7143.6
  • Low: $6938.9
  • 24-Hour Volume: $3.71B
  • 7-day Percent Change: -12.5%

Chart courtesy of tradingview.com

Bitcoin (BTC) has no doubt been the leader for the large market cap coins during the past month of significantly more promising action for those with exposure to that space.

However, over the weekend, we saw a clear dive to shake out the weak hands involved in the bounce, and trigger some very important tests of support. Chief among these tests, we currently see a very live and very current battle for the crucial 50-day simple moving average.

At this point, while support has been holding – and support that includes the $7000 level – we’re hardly out of the woods yet.

First off, the hourly MACD is already rising above the bullish inflection threshold with a histogram reading in “full bull mode”. However, this is a divergence, as Bitcoin (BTC) has barely bounced at all. Generally speaking, this is a bit of a warning sign, though not a conclusive one. In fact, we would prefer to see a bounce like this still registering somewhat oversold levels on oscillators.

In other words, the oscillators can function as something like a turbo boost for the bounce. However, with the bounce just in its infancy, we already have that turbo boost engaged. It would be better if that boost were still in the chart’s “pocket”, as it were.

The first important test on the upside will be at the $7250 level, which could come up on us pretty quickly.

Ethereum (ETH)

Price Analysis

  • High: $413.4
  • Low: $406.09
  • 24-Hour Volume: $1.38B
  • 7-day Percent Change: -10.89%

Chart courtesy of tradingview.com

As we noted in our recent analysis, Ethereum (ETH) has been sharply underperforming many of the other large market cap coins in recent action, at least relative to its positioning on the charts in late June.

In fact, Ethereum (ETH) is already undercutting the June lows, despite Bitcoin (BTC) remaining well above those same relative levels on the charts.

Classically, for the space as a whole, we would far prefer to see the leading edge technology solution – and frankly we see that as Ethereum (ETH) rather than Bitcoin (BTC) – leading the way over the course of the bounce that longs certainly hope represents a more important bullish inflection in the overall cyclical ebb and flow on the charts.

At this point, Ethereum (ETH) is finding strong support at the $400 level, and it could be interesting from an oscillator standpoint. First off, if we were to move higher from here, we would have in place a clear and almost striking bullish divergence where the 14-day RSI measure is concerned.

In addition, as the bounce is progressing, we are seeing not only an affirmation of support levels but a strong bullish signal from the hourly MACD indicator as well. This one will bear close watching.

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

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Blogs

Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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Blogs

TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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