While the cryptocurrency landscape has witnessed some short-term reprieve over the course of the past several days and many have enjoyed a nice bounce higher from lower depths, there are some that have yet to partake in the festivities and continue to lag.
In particular, we have been scouting the entire cryptocurrency universe in search of actionable technical set-up’s that may be displaying both favorable as well as perhaps vulnerable characteristics from a technical perspective and after scanning numerous (hundreds) names, there are two (2) that have caught our eye and that we believe require your close attention, at least from a short-term time-frame.
While we harbor no biases when conducting our scans and or analysis, it is our job as Technicians to merely seek out the very best potential risk/reward opportunities from a probability standpoint and to monitor the action of such for potential action, whether that be entry on the buy-side or perhaps closing-out and existing position and preserving capital. In essence, always engaging in risk management assessment.
With that said, after combing through our scans, both EOS (EOS), as well as Digibyte (DGB), have caught our eye and feel as though both investors/traders would be wise in the close monitoring of the action in the days ahead.
Let’s take a look at the charts of both to see what may be in store moving forward.
As we can observe from the daily chart above, EOS presently trades below both its 20 (yellow line) and 50 (blue line) day moving averages, while resting on its 200DMA (red line).
In addition, EOS appears to be building-out a potential bear Flag formation that both investors/traders may want to continue to monitor in the days ahead for resolution.
Nevertheless, EOS, while certainly not broken from a technical perspective, surely finds itself in a potentially vulnerable position should the pattern materialize to the down-side.
Thus, if at any time in the days ahead EOS were to violate the 9.00 level, such development, should it materialize, would most likely signal and perhaps trigger a move to its next potential support area located at the 7.80 figure.
If however, EOS is capable of bouncing off its 200DMA and perhaps more importantly, capable of clearing the 11.65 level, such action would be a positive development.
Therefore, both investors, as well as traders, may want to focus their attention on the action should either the 9.00 or 11.65 levels come into play in the days ahead.
When viewing the action of DGB above, we can see that Digibyte is trading below all of its important moving averages 20/50 as well as its 200DMA’s, respectively.
Additionally, much like EOS, DGB also appears to be building-out a potential bear Flag formation and requires close attention with respect to its development in the days ahead.
Therefore, both investors/traders may want to pay particular attention to the following levels for further evidence/clues with respect to direction in the days forthcoming.
If, at any time in the days ahead DGB can clear the .03 hurdle and sustain, such development, should it materialize, would be a positive. On the flip-side of the coin, should DGB violate the .023 figure, lower prices are likely in the offing.
Nonetheless, both EOS as well as DGB find themselves in a potentially vulnerable technical posture at present and require close attention moving forward.
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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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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