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Bitcoin (BTC) Technical Analysis – Three Times Is Indeed A Charm – Countertrend Rally Underway

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After two (2) prior unsuccessful attempts at completing inverse Head-and-Shoulders (H&S) formations which prevented Bitcoin (BTC) from breaking out of its long downward malaise over the past six months, BTC was finally able to go top-side of its recent neckline (6900 level), with conviction, in yesterday’s trade and in the process, completing its most recent H&S pattern as well as kicking-off the counter-trend rally that we had been anticipating as well as preparing our readers, for such a potential turn of events.

While six-times a charm was the ticket for Vinny (Joe Pesci), the character in the Film  “My Cousin Vinny”, three-times a charm it was for Bitcoin.

In addition to the successful completion of the inverted H&S pattern and perhaps more importantly, we are now experiencing the large counter-trend rally that we have noted/referenced in several (HERE and HERE)) of our recent writings when we stated, “While the daily time-frames continue to portray potential for lower levels, not everything is bleak. When zooming-out to both the Weekly and perhaps more specifically, the Monthly time-frame/s, we’re nearing an important inflection point from which we suspect that the bleed lower subsides/pauses and in turn, results in a massive counter-trend rally that may begin as early as the next 2-3 weeks. Nonetheless, we’ll cross that bridge when we arrive and in the meantime, continue to keep readers of Global Coin Report apprised of the technical landscape and what may be in store ahead. 6/27/18″

Now that we’re off and running and the party has commenced, let’s take a look at the Charts to see what may be in store as we move forward.

As we can observe from the Daily chart above, we can see that BTC has gone top-side of the neckline (white horizontal line) located at the 6900 level, a level that we have attempted to direct readers attention to for some time as being a potentially critical inflection point.

In addition, we can also see that BTC not only cleared the 6900 level but did so with ease and conviction. Furthermore, BTC now finds itself trading above both its 20 (yellow line) as well as its 50 (blue line) day moving averages, which portrays a favorable technical posture from both a short and intermediate-term duration. Although BTC remains well below its 200 SMA (red line) on the daily time-frame and requires further work, such business is for another day.

Nevertheless, both the short and intermediate-term time-frames are both constructive and encouraging from a technical standpoint.

Moving out to the Weekly time-frame below, we can witness that BTC is presently trading beneath both its 4WK (yellow line) as well as its 10WK (blue line) moving averages, yet appears set to test its 4WK moving average in the not too distant future. Whether it is able to clear and recapture the hurdle, requires further monitoring.

Needless to say, the recent action of BTC, as well as the entire cryptocurrency space, has been a welcome relief and while we’re not certain as to whether the recent lows (5700) prove to be “A Bottom” or “The Bottom” is rather premature to declare just yet.

With that in mind, both investors/traders may want to utilize the following levels as a guide as well as evidence/clues with respect to direction moving forward.

Based purely on the inverted H&S pattern, the measured move for BTC suggests a price objective in the 7800-8000 zone. While the move can certainly overshoot or come-up a tad light, we’ll have to await further cards from the deck to be revealed.

Nonetheless, if, at any time in the days ahead, BTC can clear the large volume red bar high of 6/10/18 located at the 7500 figure, such accomplishment, should it materialize, would likely trigger the next move into higher ground into the noted 7800-8000 zone. On the flip-side of the coin, previous resistance at the 6800-6900 zone should now provide for durable support.

While both investors/traders patience and perseverance have certainly been put through the test throughout this long arduous bear market of the past 6-7 months, embrace the present rally as it’s been well overdue and deserving for those who have endured.

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

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.

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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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.

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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.

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