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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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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DEXes
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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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