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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

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

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The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

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