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EOS Litecoin (LTC) Price Analysis: Sheer Magnetism

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EOS
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Some people seem to believe that technical analysis somehow doesn’t apply fully to the cryptocurrency complex. Such a theory betrays a lack of understanding of the point of technical analysis. The idea here is not simply about using tools that other people use as a way of getting ahead of those people using those tools.

In fact, the art of technical analysis is centered on the notion that there is more information betrayed by the collective behavior and decision-making of a group of people than simply the behavior of those people.

In other words, patterns of decisions made by groups of people tend to hold consistency through time, leading to the potential that one can begin to make projections to those patterns given that they all represent the same thing: a bunch of people.

This is just as true for cryptocurrencies as it is for stocks or fiat currencies or commodities or any other market. Consider this as we examine the charts today for EOS and Litecoin (LTC).

EOS

Price Analysis

  • High: $8.4451
  • Low: $8.2748
  • Major Resistance Level: $9.00
  • Hourly MACD: Tight Consolidation

Chart courtesy of tradingview.com

When looking at a chart of EOS, one may see a trading range. That’s a perfectly valid interpretive stance at this point, particularly when considering the past 4 to 6 weeks.

EOS has in fact been trading in a range roughly defined by support at the $7 level and resistance at the $9 level.

However, one may also see the relatively flat top to this pattern and the recent trend of rising lows. That suggests that we have the possibility of coming into a place of a bullish ascending triangle pattern in EOS.

If so, that could immediately bring into play – upon triggering of the bullish trigger level – a breakout to test the 200-day simple moving average, which would also occur in confluence with the psych $10 round number resistance level. That area could well act as a “price magnet” above the current market.

Given all these factors together, that appears to be a relatively predictable flow of events if we do in fact see the initial bullish trigger to this setup.

Litecoin (LTC)

Price Analysis

  • High: $84.904
  • Low: $83.968
  • Major Resistance Level: $100

Chart courtesy of tradingview.com

Litecoin (LTC) exhibits many characteristics that are similar to EOS, as described above. However, one of the most striking differences is that Litecoin (LTC) does not have a flat top to its recent pattern beginning with its pivot at the lows in late June.

Instead, Litecoin (LTC) has something that we would have to see, on a closing basis, as a series of rising highs and lows that will either resolve itself as the beginning of an upward trend or as a bearish pattern formed as a rising wedge in a downward trend.

One factor leaning our interpretation of the pattern slightly in the bullish direction is the fact that one can see – on a closing basis – the rough outlines of a double bottom in late June and early July that also includes a very clear bullish divergence on the 14-day RSI oscillator.

Conveniently, for traders wishing to play along with this thesis, we can easily set risk as a break of the sloped support defined by the low pivots we have seen come into place over the course of this month.

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

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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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.

Mission Statement

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,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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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…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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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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