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

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EOS/BTC

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

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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