Connect with us

Blogs

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

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

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~

To trade cryptocurrencies, sign up with Binance!

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

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Elite