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Bitcoin and Ethereum: A Look At The Week Ahead

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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~

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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. This author is long Bitcoin and Ethereum.

Image courtesy of Pexels

Charts courtesy of tradingview.com

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Basic Guide on How to Spend Bitcoin and Other Cryptocurrencies

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In recent years, Bitcoin and other cryptocurrencies have entered more into the mainstream. Most people walking down the street have at least heard of Bitcoin. While a lot of people got involved in the buying and selling of cryptocurrencies to try and make a quick buck, most people who are enthusiastic about the world of blockchain are in it for the long haul. 

These are usually the people who are going to be more likely to actually use their Bitcoin and other cryptocurrencies as a payment tool and not just as a storage of wealth or a trading tool. This guide looks at a few different ways in which you can use your Bitcoin in spending capacity. 

Crypto Debit Cards

Perhaps the easiest way for you to spend your cryptocurrency is by linking up your holdings to a debit card. 

These days, many of the leading card providers such as MasterCard and Visa have these types of crypto-linking debit cards. These cards can be used just like you would a normal debit card that is linked to your fiat currency bank account. 

Naturally, the most popular type of crypto debit card is going to be for Bitcoin, but there are other cryptocurrencies catered for also. 

Prepaid Cards

There…

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Hybrid Bitcoin Casinos or Bitcoin-Only Casinos – Which Are Better?

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The rise of cryptocurrencies over recent years has had an impact on several industries. Gambling is one such industry, and many of the best online casinos offer Bitcoin as a payment method

Some of these casinos work exclusively with cryptocurrencies, while some are more traditional gambling sites that simply have integrated crypto on top of their fiat options.

This post will take a look at the advantages of joining a Bitcoin-exclusive casino on the web versus picking a hybrid one.

Advantages of Hybrid Bitcoin Casinos

Let’s start with the hybrid Bitcoin casinos. Usually, those are traditional gambling platforms that have been around for a long period of time. 

They offer classic payment methods such as Visa, PayPal, Skrill, and similar. At some point, they decided to add Bitcoin and potentially other cryptocurrencies to their portfolio. 

If you decide to join an online casino of this type, you will be able to enjoy the following benefits.

Lower Risks

Such online casinos often have a strong reputation and are licensed by respected gambling commissions such as the UK Gambling Commission, the Malta Gaming Authority, and similar regulators.

They are known for protecting the customers and monitoring all actions…

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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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