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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

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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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