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BitShares (BTS) – Technical Analysis – BTS Consolidating Before Its Next Thrust?

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BitShares
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BitShares (BTS) is an open-source, public blockchain-based, real-time financial platform. It provides a decentralized asset exchange similar to the NYSE, but for cryptocurrencies and without the need to trust a central authority to handle all the funds that facilitate trading using an international network of computers, in which anyone can take part.

According to the developers, the platform is capable of processing 100,000 transactions per second (tps) and even more with minimal optimization. For comparison, Visa (NYSE: V), one of the largest financial providers in the world, handles, on average, 2,000 tps with a maximum capacity of 24,000 tps.

BTS allows its users to trade on the built-in fully decentralized exchange (DEX). While traditional cryptocurrency exchanges rely on their own private servers to store, handle and control all the funds, they also have a history of theft, being hacked, or closed down.

The idea of a DEX is to have no access to its users’ private keys, which are the cryptographic equivalent of a strong password to a regular Internet account, and to operate on a distributed computer network. This way traders remain in full control of their money and the trading platform itself is more resistant to attacks.

With that behind us, let’s take a look at BTS from a technical perspective and what may be in store moving forward.

For the past several Months (February-April) BTS found itself in a basing pattern and has just moved out of its Stage I base (short-term) on large volume as can be viewed above.

At present, we can also observe that BTS is trading above all of its important moving averages –  20/50 and 200DMA’s, which from a technical viewpoint, is a positive.

In addition, we can also see that BTS is currently digesting/consolidating the recent thrust on lower volume, while doing so in a Pennant formation, also very constructive and as well, a favorable technical posture.

Moving forward, both investors/traders may want to pay close attention to the action in BTS. More specifically, should BTS ‘pop’ top-side out of its Pennant and perhaps more importantly, be capable of clearing the $.42 level, such development, should it materialize, may just set the stage for another thrust into higher ground with a potential target zone of $.55 – $.60 in the days/weeks ahead,

On the flip-side, the $.32 level should provide decent short-term support, while for those longer-term investors, the $.23 figure provides another level of potential support.

Nevertheless, both investors/traders may want to put BTS front-and-center on their radars, monitoring the action closely in the days ahead as we suspect that another thrust ‘Top-Side’ may be imminent.

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 vxla via Flickr

Chart courtesy of tradingview.com

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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