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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

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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Bitcoin

How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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