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Ethereum (ETH) Bitcoin Cash (BCH) Price Analysis – Scoping Out a Capitulatory Opportunity

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Ethereum
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Given the indisputable bear cycle that we have witnessed in the crypto complex for essentially the entirety of 2018, and given the relatively sparse options that traders have at hand to take advantage of short side strategies in this asset class, generally speaking, the game that most everyone is playing here has something to do with market timing around a bottom-picking strategy.

Bear markets make bottoms by exhausting a supply of sellers. It’s a process that is about gauging the “lean” of the marketplace across a number of time frames. For both Ethereum (ETH) and Bitcoin Cash (BCH), we see this process as potentially nearing that golden inflection point. As such, our goal today is to examine the charts for these two coins with the objective of scenario-building based on years of experience across many different assets given the technical picture often involved in defining major turning points.

Ethereum (ETH)

Price Analysis:

  • High: $445.98
  • Low: $429.00
  • Major Resistance Level: $500
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

 Ethereum (ETH) continues to evidence the modal character of a downward trending market on multiple time frames. But, over the course of the trend from the early May highs to its present position probing support near the 400 level, we can begin to understand some of the ways in which this market might play out a type of capitulatory purge that may well represent the impetus for a consensus lean necessary to mark out conditions consistent with a cycle low scenario.

The idea here is about constructing a reasonable hypothesis about a broad psychological “give up” point. In other words, what would this market have to do to make current “fast money” longs jump ship and give up?

It may well be that this is exactly what is necessary to exacerbate the downside enough to mark out a capitulatory low that could be highly valuable as an entry point for prospective bulls waiting in the wings.

Based on the image above, we can see a trend line that connects the lows from 2017 during the summer with the lows logged in late March and early April. The simultaneous break below this trend line, that would no doubt also represent a break underneath the critical $400 level, might well force current holders of this coin to capitulate and throw in the towel, thus exacerbating the downside movement to a point beyond its natural inflection level.

If we see such a market event, and if it comes on above-average volume over the course of several days, one should be watching this coin closely for an immediate snapback or rebound that suggests that the overshooting dynamic has blossomed and played out, thus creating the potential for a patiently earned low-risk speculative entry point with a fixed point of risk at the lows of the capitulatory spike.

Bitcoin Cash (BCH)

Price Analysis:

  • High: $706
  • Low: $673.8
  • Major Resistance Level: $1000
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

Bitcoin Cash (BCH) is actually in a very similar technical posture to Ethereum (ETH). In this case, with BCH, the key level to watch is at $600.

Here as well, we see a recent and persistent downward trend from late April and early May that has led to a retest of lows logged right around the end of the first fiscal quarter. To further highlight the similarities, there is an important trend line in play here as well, but this one has already been broken, suggesting this decline is in a more advanced phase.

While the correlations between the two, and between both of these and the larger cryptocurrency complex, are clearly dramatic and profound, the fundamental precepts of technical analysis suggest that that’s no excuse for diligent study of the action on the chart.

We often see dynamics that may be explained away by larger asset class phenomena, but that also contain important nuances. And in the case of these coins, the inherent volatility within their localized patterns is great enough that any edge can produce enormous and even game-changing differences for traders positioning themselves here.

However, with Bitcoin Cash (BCH) – as with Ethereum (ETH) – the trend remains to the downside suggesting the importance of an opportunistic and patient approach. This implies the importance of watching for overly dramatic movement to assign some degree of probability to an opportunity to play countertrend.

In this case, one may be wise to wait for a new all-time lows print on oscillators such as the 14-day RSI, confirming the sense that the extremes of selling represent an aberration from typical statistical assumptions.

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

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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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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