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Bitcoin (BTC) Technical Analysis – 2nd Time A Charm?

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Back in 1Q18 in the January-through-March period, all eyes (including yours truly) were focused on the developing inverted Head-and-Shoulders (H&S) pattern forming with Bitcoin (BTC).

While reminiscing back in time, we couldn’t help wondering at that time, whether there were far too many eyes looking at and anticipating a break into higher ground out of the developing inverted H&S pattern. As the pattern played out, the end result was a failure and down the slippery slope did BTC find itself before ultimately bottoming-out at the 6.4K level.

Well, as it turns out, we’re once again in a similar position with BTC forming yet another potential inverted H&S pattern and we ask ourselves the same question today as we did just a couple of Months ago, “Are there far too many eyes (ourselves included) witnessing another replay of the same scene, albeit, just a different time?”

With that said, let’s take a look at the technical picture and try to determine whether this time around is any different and whether both investors/traders may be treated to a better result.

As we can see from the daily chart above, BTC was forming the noted inverted H&S pattern back in 1Q18. We can also witness that the pattern failed at the Neckline via the dark blue line despite BTC trading above all of its important moving averages (20/50/200DMA’s) and subsequently, was treated to a rather harsh sell-off down to the 6.4K level.

Fast forward to today, and here we are once again with BTC forming yet another inverted H&S pattern below its 200DMA yet, trading above both its 20 and 50DMA’s with the Neckline offered via the purple horizontal line.

Thus, are we setting up for yet another disappointment or, will the second time around be a charm for BTC?

While it’s far too premature to declare, moving forward, both investors/traders may want to focus their attention on the following levels for further evidence and clues.

If at any time moving forward, BTC can clear the 9768; 9900 and perhaps more importantly, the 10,112 level/s and capable of holding such figures, the probability for a positive outcome for the developing pattern will certainly provide clues/evidence that the second go-around may just be a success.

If, on the other hand, BTC is unable to clear the 10,112 level and hold, or, perhaps more importantly, witness upside ‘Follow-Through’, BTC may just find itself on the receiving end of a similar result as we witnessed back in 1Q18.

Nevertheless, the inverted H&S continues to develop. We await the verdict. While it was six times – 6X a charm for Vinny in the film “My Cousin Vinny”, perhaps BTC will fair better in its second attempt at delivering the goods, producing a happy ending.

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 Matt Wolynski via Flickr

Chart courtesy of tradingview.com

Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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