Bitcoin (BTC) Technical Analysis - Under Pressure And Seeking Some Relief - Global Coin Report
Connect with us

Bitcoin

Bitcoin (BTC) Technical Analysis – Under Pressure And Seeking Some Relief

Published

on

Bitcoin (BTC)
READ LATER - DOWNLOAD THIS POST AS PDF

There’s no doubt that the past 36 hours have provided for a tumultuous period across the board within the cryptocurrency sphere as the entire space has been littered a shade of crimson with numerous names violating short-term support levels and wreaking havoc in the process from a technical standpoint.

While we suspected that something was not right these past several days based on the action as well as the numerous names that we have recently profiled in these Technical reports displaying both vulnerable as well as slippery technical characteristics, the market has rendered its verdict via a harsh downdraft throughout the entire landscape leaving none unscathed.

With that said, a tremendous amount of technical damage has been inflicted and it will take time to repair the damage done. Let’s take a look at the Chart of Bitcoin (BTC) to see what may be in store moving forward.

As we can observe above, Bitcoin (BTC) has officially failed with its second attempt out of an inverted H&S formation and in the process, has now breached both our previously noted 8200 as well as the 7800 potential short-term support levels.

In addition, we can also see that BTC now resides beneath all of its important moving averages (20/50/200), which from a technical perspective, remains in an unfavorable posture.

Moving forward, both investors/traders may want to pay particular attention to the following levels for further clues/evidence with respect to direction.

If, at any time in the days ahead, BTC is capable of recapturing both the 7800 as well as the 8200 levels, which were acting as potential support and will now serve as short-term resistance, such development/s, should they materialize, would be a start in repairing the technical damage inflicted.

On the flip-side of the coin, both the 7240 as well as the 6880 levels may offer/provide short-term support. Should both levels ‘give way’ at any point in the days/weeks ahead, the probability suggests that a re-test of the February low located at the 6K level is likely.

Needless to say, the entire cryptocurrency universe remains under pressure and while we fully suspect that both investors/traders will be treated to some relief in the days ahead, a tremendous amount of technical damage has been levied and will take time in order to repair.

For those trading this tape, be sure to keep things on a tight leash and to honor Your Stops. Risk management is both priority number one and paramount, as always!

Happy Trading!!

For the latest cryptocurrency news, join our Telegram!

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

As Global Tensions Grow, Bitcoin Price May Go Higher

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

Continue Reading

Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

Continue Reading

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving
READ LATER - DOWNLOAD THIS POST AS PDF

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

Continue Reading

Press Release