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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

Why Chinese New Year Affects Bitcoin (BTC)

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Bitcoin
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Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.

The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.

The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?

China and Bitcoin

Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…

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Bitcoin

EO.Finance Launches Highest Paying Crypto Referral Program of 2019

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The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.

 

Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.

 

The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.

 

Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…

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Bitcoin

Is Bitcoin (BTC) Ready for Another Surge?

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Bitcoin
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It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.

Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.

Projects that could have sparked the next rally

As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.

One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…

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