As should be clear to most participants in the cryptocurrency trading game, it would appear as though the recent countertrend rally has begun to reveal itself as increasingly vulnerable. That’s the easy part of the analysis.
The hard part is trying to determine whether or not this is a viable pullback in the context of a continuing bounce or new upward trend.
As we examine the action in Bitcoin (BTC) and Ethereum (ETH), we will focus on the technicals at hand and attempt to make just such a determination.
- High: $7753.2
- Low: $7473.4
- Major Resistance Level: $8,000
- Hourly MACD: Deep Oversold
As we noted clearly in our recent work, the failure for Bitcoin (BTC) to push up to and possibly through its declining 200-day simple moving average – a clear point of resistance looming above its recent bounce – threw some cautionary cold water on the excitement surrounding this move higher.
Now, the big question is about where support levels lie. It is not only important to identify where the opportunities may be but to know where the failures are if indeed they are happening.
In other words, key support levels are useful not only because we can predict support may come in, but because, if we don’t see that support, it gives us further information about the stability of that market.
In this case, everyone will be watching for how the market responds to $7500, but the more important level to us is actually at $7225, where the last key pivot was when Bitcoin (BTC) found support and took off to the upside. That was on July 20.
Beneath that, we have a rising 50-day simple moving average that will begin to touch confluence with the $7000 level likely within the next few days.
- High: $434.43
- Low: $412.17
- Major Resistance Level: $500
- Hourly MACD: Deep Oversold
Of all of the dynamics that worried us during the recent bullish move in the cryptocurrency complex, we noted in our recent writing that the failure of Ethereum (ETH) to take a leadership role was probably the most striking and troubling.
After all, Ethereum (ETH) is really the spirit of the future of the complex in terms of the blossoming of the blockchain and cryptocurrency concepts in society as a smart contract disruption mechanism for all of the trappings of contract law. This is the broad “phase three coin” thesis that has so much money pouring into newly established cryptocurrency hedge funds every day.
This is the quote-unquote big idea at this point. Hence, one imagines that a new inflection into the green shoots of a true bull market context for cryptocurrencies will likely be led by Ethereum (ETH).
However, this is far from what we have seen during this bounce, and that picture is worsening at this point dramatically.
The key level to watch here is clearly at $400.
For the latest cryptocurrency news, join our Telegram!
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
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…