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Bitcoin Price Analysis – Three Times A Charm?

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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!!

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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.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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