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Ethereum Price Analysis: Ripe For The Picking With Room For Additional Upside

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Ethereum Price
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While overall market conditions remain strained and in their prolonged downtrend, we’re beginning to witness a bit of life across the board after numerous names, particularly Altcoins, appear to have technically ‘washed-out’ on 8/14 and have since put in a nice bounce into higher ground.

In addition, while the Altcoins were plumbing lower depths earlier this week (Tuesday), Bitcoin (BTC) did not break below the 6K level and perhaps more importantly, did not approach more meaningful support located at the 5750-5780 zone.

Furthermore, while things took a nasty turn over the past two (2) weeks, we can’t help but notice that Short Interest in Bitcoin remains elevated and at extremely high levels despite present short-term oversold conditions. Thus, present conditions coupled with elevated open Short Interest may just be the spark that ignites the fuse for a potential short squeeze in BTC that may overflow throughout the entire tape/landscape.

With Bitcoin presently trading in the 6500 area, we suspect that BTC has the potential for further upside and may find itself working its way back into the 6900 level (and perhaps a tad higher 7200-7300), which just so happens to coincide with its 20 and 50 day moving averages, as well as present potential short-term resistance and not to mention, the former neckline level from its inverted head-and-shoulders pattern developed throughout the June-July period, which was ultimately ‘taken-out’ and sparked the counter-trend rally that we had been anticipating as well as directing our readers attention to such a potential scenario.

Thus, while we suspect BTC has further room to run before encountering potential resistance at the 6900 figure, we also want to direct readers attention to what may be in the cards for the Ethereum price (ETH) moving forward via the Chart below:

As we can observe from the daily chart above, ETH remains in its downtrend trading below all of its important moving averages (20/50/200 SMA), which continues to suggest an unfavorable technical posture.

However, we can also witness that on Tuesday 8/14, ETH put in a nasty bar, touching down just beneath the 250 level (249.93) on meaningful volume, which from our perch, may have signaled short-term capitulation and as a result, has since started to find its legs underneath itself and has begun the process of moving in a northern trajectory.

Thus, while the technical picture from a longer-term outlook remains suspect as well as unfavorable, the short-term prognosis is starting to display some healing with regards to both price and direction.

Moving forward, both investors/traders may want to utilize the following levels for further clues/evidence with respect to direction and to perhaps take advantage of what may be setting up as a nice short-term thrust in ETH.

If at any time in the days ahead, ETH can go ‘top-side’ of the 333 level, we suspect that such development, should it materialize, may just set the stage for an advance into the 365-380 zone (and perhaps higher), representing a quick 20-30% move with the 275-280 area providing short-term support.

Nonetheless, for those investors/traders seeking a quick scalp/move in ETH, we believe that present conditions are ripe for the picking with room for additional upside.

As always, risk management is a priority. Therefore, be sure to adhere to your Stops and not overstay your welcome as longer-term conditions remain tenuous.

iBC

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

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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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