Connect with us

Bitcoin

Bitcoin Price Analysis – Three Times A Charm?

Published

on

Bitcoin price

After finding its footing last week at the 5700 level, Bitcoin price has since started to exhibit some momentum/mojo and has begun to show some life in the past week of trade. While the overall trend remains lower, which both investors/traders need to be cognizant of such conditions, as well as further work required in order for BTC to right the ship and repair the technical damage inflicted over the past six months, nonetheless, the recent action is a start and certainly welcome for those longer-term HODL’ers.

While Bitcoin Cash (BCH); Ethereum (ETH) and LiteCoin (LTC) continue to struggle with their 20 day moving average and have been unable to overcome the hurdle thus far, BTC has not only managed to recapture its 20 SMA but, has now been capable of four consecutive closes above its 20 SMA and is presently working on its fifth if it can complete the job in today’s session, which from a short-term technical perspective, would be a favorable development.

Furthermore, when observing the daily Chart of BTC below, we can see that it appears that Bitcoin is once again in the process of forming a potential inverted Head-and-Shoulders (H&S) formation. Although additional work is required in the development process, it is something that both investors/traders may want to monitor in the days ahead for further clues.

As we can witness from the daily chart above, not only is BTC in the process of yet another potential inverted H&S formation, yet we can also see that on two (2) prior occasions in both 1Q as well as 2Q, where on both attempts at completing the formation, BTC was rejected (dark blue and light blue horizontal lines) and subsequently rode the slippery slope to lower depths.

Thus, will this recent formation for BTC be three times a charm via its completion?

With the jury remaining in deliberations and having yet to deliver its verdict, both investors/traders may want to pay particular attention to the following levels moving forward as a guide as well as providing additional evidence/clues with regards to short-term direction.

If, at any time in the days/weeks ahead, BTC can go ‘top-side’ of the 6900 level and ‘stick’, such development, should it materialize, would likely set the stage for greener pastures with a potential objective from the measured move of 7800-8000 zone.

On the flip-side, the 20 SMA (yellow line), presently located at 6388 as of this writing, provides potential short-term support and perhaps more importantly, the 6190 level. Should 6190 ‘give way’ at any point in the not too distant future, such would likely suggest another failure and void the developing inverted H&S formation currently in progress.

Needless to say, risk management remains priority number one, as always, while we await further cards from the deck to be revealed.

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

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

Published

on

Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

Continue Reading

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

Published

on

Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

Continue Reading

Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

Published

on

Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

Continue Reading

Press Release