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EOS/BTC and NEO/BTC Price Analysis: Canary in the Coal Mine?

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EOS/BTC
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While many of the coins that we follow most closely have been mired in a bearish trend for the past month, that trend is also well exemplified by pairs denominated with the Bitcoin base.

For example, as we take a look at EOS/BTC and NEO/BTC, we can see this relative weakness, which is well characterized by the concept of demoralization as non-fiat wallets suffer flight to the relative safety of Bitcoin.

While this demonstrates the internal structure of a new leg of the overall bear market among cryptocurrencies, it may also represent the type of action that we may come to see as a bear market reaching old age, which suggests the possibility of a bullish inflection in the space around the next corner.

EOS/BTC

Price Analysis

  • High: 0.00077533
  • Low: 0.00074088
  • 24-Hour Volume: 190.15K
  • MACD Signal: Sell

The chart for the EOS/BTC pair demonstrates this shift toward demoralization quite clearly given that EOS was a clear point of relative strength in the complex up until its highs in early May.

The EOS/BTC pair broke beneath both its 50-day and 200-day simple moving averages in step, with the so-called “death cross” appearing earlier this month. Both of these major moving averages are now downward sloped for this pair.

That said, at this point, the chart for this pair has also recently triggered extremely oversold levels on the 14-day RSI. But a closer examination through drilling down to the hourly chart shows a possible inflection in play signaled by a bullish divergence on the hourly MACD followed by a bullish breakout in the histogram for that same indicator last night.

Integrating all of these ideas, the EOS/BTC pair may be a canary in the coal mine for bears on the cryptocurrency space given the oversold levels on the daily chart, the importance of this pairing as a signal about demoralization of animal spirits, and the technical inflection possibly starting to take shape on the hourly chart.

NEO/BTC

Price Analysis

  • High: 0.002738
  • Low: 0.002562
  • 24-Hour Volume: 11.787K
  • MACD Signal: Sell

The NEO/BTC chart is one of the most directional bearish charts that we see for 2018 as a whole, with very little relief for anyone long this pair from the excitement and fervor characterizing the action in January.

At this point, NEO/BTC is trading well beneath its major moving averages and trending lower in what appears to be an accelerating decline. There is chart level support that traces back to the pivot lows formed in December, which lie just below its current levels.

However, with this type of acceleration often comes the prospect of capitulation and the possibility of a snapback bounce. This idea is demonstrated well by the action on the 14-day RSI, which has printed as low as 15 on the raw indicator score over the past 24 hours for NEO/BTC.

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

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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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.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

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

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Bitcoin
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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.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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altcoins
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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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