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Bitcoin (BTC) Ethereum (ETH) Price Analysis: The Ride and the Shaft

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Bitcoin
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The process that we have witnessed defining the action across the broad cryptocurrency space over the past two months has been a bit of a roller coaster ride for some coins, while it has been an elevator shaft for others.

As we take a close look at the charts for Bitcoin (BTC) and Ethereum (ETH), we are really looking at one roller coaster ride and one elevator shaft. But it’s important to not only understand the tone of recent action but to use the tools of technical analysis to lay out a landscape of projections for what comes next.

Bitcoin (BTC)

Price Analysis

  • High: $6524.1
  • Low: $6306.5
  • 24-Hour Volume: $5.70B
  • 7-day Percent Change: -9.82%

The action in Bitcoin (BTC) has been a miniature Christmas tree since the middle of July, with a rocket to the upside from the $6000 support level to test a declining 200-day simple moving average. That then rolled over and led to a move right back down to retest the $6000 level.

Easy come easy go.

Naturally, this is all about possibly carving out a base of support around this $6000 level – an idea that’s being put to the test now in an official capacity.

With the recent decline, we are beginning to roll the 50-day simple moving average back over into a downward slope, but Bitcoin (BTC) is still fighting to hold support and rebound.

For Bitcoin (BTC) HODLers, right now we’re seeing a fistfight that is expressing itself on the chart as a bit of asymmetric triangle pattern beginning to take shape on the hourly chart. Look for a resolution to this triangle early this week to give an indication as to where this coin heads next.

Ethereum (ETH)

Price Analysis

  • High: $321.22
  • Low: $313.82
  • 24-Hour Volume: $1.69B
  • 7-day Percent Change: -21.67%

The action in Ethereum (ETH) has been much more directional and much more bearish over the past month, with the July bounce manifesting itself only as a bearish flag pattern that eventually found form in a trigger release to the downside following a rub against its 50-day simple moving average.

Over the last 72 hours, we have seen Ethereum (ETH) break underneath its March lows to score new year to date lows for the 2018 campaign.

Oscillators are beginning to show severely oversold readings, with the 14-day RSI measure testing a 20 print.

The question now is more about whether or not we are approaching seller exhaustion than anything else. Support on a further extension to the downside in ETH comes into play on a price level basis at $275.

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

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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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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