Cryptocurrency Universe Technical Analysis - Nvidia (NVDA) Unleashes A Sea-Of-Red - Global Coin Report
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Cryptocurrency Universe Technical Analysis – Nvidia (NVDA) Unleashes A Sea-Of-Red

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Nvidia

Mid-yesterday afternoon, the entire cryptocurrency universe found itself under selling pressure with rumors that large blocks of Bitcoin (BTC) were being unloaded once again by the Mt. Gox custodian, which forced prices lower across the board, yet soon thereafter, prices started to stabilize.

However, after stabilizing throughout afternoon trade, a second wave of selling hit the entire cryptocurrency landscape when Nvidia (NVDA) announced their quarterly results after the 4PM bell and disclosed that while quarterly sales had topped expectations, it was also revealed that a greater portion of their demand for its powerful graphic processors (GPU) were derived from the cryptocurrency space (non news event in our view as such has been known for quite some time).

Nevertheless, it appears that what NVDA had to say next is more than likely what triggered the sharp selling pressure, which persists as we presently stroke the words on the keyboard.

The company (NVDA) stated, that while it generated $289M (excellent number) in sales to Miners during its quarter, CFO Colette Kress also noted that the company expects cryptocurrency related sales to fall 65% to roughly $100M in its next quarter, which lit the wick for yet the second wave of selling, which continues to act as a drag on the entire space.

Whether both (Mt. Gox suspicions or Nvidia news) events are worthy and or justifiable reasons/contributors for the resulting sea of red throughout the cryptocurrency universe, it appears nonetheless, that both investors/traders have responded via activation of the sell button as we can observe via the charts below:

As we can observe from the action in Bitcoin (BTC) above, BTC now finds itself flirting with important short-term support located at the 8650-8750 zone. This area of potential support will more than likely need to hold/sustain in order to corral any additional selling.

Looking at the chart of Ethereum (ETH) above, while ETH presently finds itself in a favorable technical posture – for now, we can also witness that ETH is finding its way back to its 200DMA (red line) located at roughly the 660 level where both investors/traders may want to monitor closely for signs of potential support.

The current selling pressure has taken its toll on IOTA (IOT) as we can observe above, whereby IOT was shaping-up and acting as a recent leader from a technical perspective and now finds itself violating its 200DMA (red line). Additional meaningful potential support resides in the 1.60-1.70 zone.

BitShares (BTS) has broken beneath its triangle pattern as well as its 200DMA (red line) as can be observed above and now finds itself flirting with critical potential support at the .238-.24 level and will need to hold in order to stem the tide.

Taking a glance at Litecoin (LTC), we can observe that LTC is now resting on its 50DMA (blue line) and testing its potential support zone in the 138-142 local. This level will need to hold or, LTC may just find the slope slippery down to its next potential level of support located at the 124 level.

Observing the chart above of Tron (TRX), we can see that TRX has violated its triangle pattern to the downside and as many of the previously noted names, it too also finds itself flirting with meaningful potential support located in the .062-.065 range.

Needless to say, the past eighteen hours have wrecked havoc throughout the entire cryptocurrency universe from both a price and technical perspective whereby, we now find many names and or technical levels at a critical juncture from a short-term perspective. Let’s see if a bid materializes throughout and puts a halt to the sea of red or if we’re to treated to additional pressure moving forward.

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 Marco Verch via Flickr

Chart courtesy of tradingview.com

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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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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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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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