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

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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

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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IE Option – 91% Profit on BTC Fluctuations in Every 60s

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On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

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Bitcoin

4 things you should know about bitcoin casinos

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Bitcoin casinos
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Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

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