Connect with us

Bitcoin

Bitcoin and Ethereum: A Look At The Week Ahead

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

It was a pretty uneventful weekend for crypto traders. While we saw a decent bounce off the lows for Bitcoin, Ethereum and alts, many crypto traders are still on the sidelines trying to make sense of what the heck happened. Stories of moon, lambo and riches have instead turned to depression, anxiety, and fear.

As a student of the markets and coming from traditional finance, we admit that it’s very difficult to put a true valuation on Bitcoin, Etheruem or alts. Cryptos are only worth what the market is willing to pay and the price action is dictated more by human emotions than anything else.

That’s what frustrates us the most about so-called experts like Tom Lee from Fundstrat, John McAfee, or “BK” Brian Kelly on CNBC. All they do is throw out predictions to keep the public interested in crypto. We all remember how “BK” ran the tutorial on CNBC on how to buy Ripple XRP. He did so at the very top and that segment has resulted in billions of dollars of losses.

But our favorite schiller is John McAfee. Who can forget “if Bitcoin does not get to $1 million, I will eat my d@#k.” His self-promotion only helped John McAfee get tons of airtime and attention. The sad part is that it got many nobs buying Bitcoin at higher prices looking to cash in one day on $1 million.

Bitcoin

Bitcoin traded sideways for most of the weekend. We had an attempted breakout above 6600 that failed pretty quickly. The market is now consolidating in the 6200 to 6500 region.

Chart courtesy of tradingview.com

We don’t think the play here is to be short. There is a ton of support between 5800 and 6200. Every time Bitcoin has tested that region, the dip buyers have come in. We believe that the next $1000 move in Bitcoin will be to the upside. To do so, Bitcoin needs to breakout above 6620, 6640 and 6650. A break above 6650 will get the shorts covering and add some gasoline to the rally. There is still a heavy Bitcoin short position.

Chart courtesy of tradingview.com

Ethereum

Ethereum has gotten crushed this year. Most have said that the cause of last week’s selloff was ICOs rushing to sell the ETH they raised at $1000 or higher. While there is some truth to it and some ICOs did indeed do that, we don’t believe they panic sold at these levels. ICOs had plenty of time this year to sell. Matter of fact, we believe that many of the scam ICOs have been dumping all along and the founders using the proceeds to fly first class, buy lambos, and enjoy a jet-set lifestyle off their investor’s ETH.

We argue that the ability for more investors to go short has had the devastating impact on the market. Like we saw last year with Bitcoin futures, the ability to bet against cryptos was too enticing for deep-pocketed Wall Street investors to sell into. It is far too coincidental that Bitcoin topped out right around the time Bitcoin futures were introduced by the CBOE and the CME.

For many crypto traders, the ability to go short is easily done on BitMex. Have a look at the ETHUSD daily chart on BitMex. What does it tell you?

Chart courtesy of tradingview.com

The selling pressure has been relentless and driven the price down. Judging by this chart, we believe a strong bounce is bound to occur and send ETH to the $360 to $380 by just using simple Fibonacci retracements.

Bottom Line

We are big believers in price action. Without any proper valuation tools, that’s all crypto traders can really go in. While we see many chartists using complex theories, we prefer KISS – Keep Things Simple Stupid. Use basic support and resistance levels and remember that cryptos are all about momentum. Buy high, sell higher. Sell lower and buy lower.

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. This author is long Bitcoin and Ethereum.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Continue Reading
Click to comment

Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

Continue Reading

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

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

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite