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Bitcoin (BTC) Technical Analysis: Bear Continues To Wreck Havoc

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After a solid countertrend rally in July, which we anticipated and readied readers attention to of Global Coin Report, where Bitcoin generated a nearly 50% return for those whom participated in the move as well as reaching our noted measured move price objective in the 7800-8000 zone, BTC has since found the footing slippery and as a result, has now recently violated its former break-out point located at the 6900 level, which has precipitated further decline.

In our last missive,”Is The Countertrend Rally Over? “, we noted the following, “Moving forward, in order for BTC to ‘get going’ once again and resume its northern trajectory, both investors and traders may want to pay close attention to the 200 day SMA located at the 8440ish level as well as the 8510 and 9020 figures as potential overhead resistance levels to be cleared,” which did not not materialize and was a signal that the recent move may have exhausted.

We also went on to state, “Therefore, while BTC has and remains in ‘better’ technical shape than many of its brethren, and we’re not ready to officially declare that the forecasted countertrend rally is ‘Over’ just yet, we’re beginning to witness some signs that both  investors/traders may need to ‘tighten’ things up and keep their positions on a tight leash”, which has since proven prescient.

With that behind us, let’s take a look at the Chart of Bitcoin to see what may be in store as we move forward.

As we can observe from the daily chart above, Bitcoin is short-term oversold and due for some price relief with BTC registering eleven (11) down days out of the past twelve (12) sessions, constituting severe oversold conditions.

Additionally, we can also see that the primary trend, which is lower, remains in effect as BTC continues to trade below all of its important moving averages (20/50/200 SMA), which portrays and unfavorable technical posture.

However, and perhaps most importantly, with Bitcoin recently having violated the 6900 level on the downside, which acted as the neckline (resistance) on its most recent inverted H&S pattern, which then turned to critical support, such level will now act as formidable resistance once again.

Moving forward, both investors/traders may want to utilize the following levels as a guide in navigating the landscape ahead.

If BTC can get itself going to the upside, which we suspect will occur in the days ahead in order to work-off the oversold conditions, the 6900 level should prove formidable short-term resistance. On the flip-side of the coin, potential short-term support resides at the 6200-6300 zone with minor support at the round 6000 figure as well as the 5700 figure providing more meaningful support.

Nonetheless, the July countertrend rally is officially over and after some short-term price relief, we suspect that Bitcoin and the entire cryptocurrency landscape is in for further downside action before this bear runs its course. In essence, the bear continues to wreck havoc throughout the tape.

We remain in a primary downtrend whereby risk management is imperative, particularly for those whom are trading the short-term blips.

~iBC

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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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

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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…

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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