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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

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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