Connect with us


Bitcoin and Ethereum: A Look At The Week Ahead




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 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

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


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

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

Continue Reading
Click to comment


Blockchain technology outshines Bitcoin and Gold during global pandemic



As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

Continue Reading


Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC




The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

Continue Reading


XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange



Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited ( ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub ( ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Press Release