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IOTA and EOS Present Technical Factors of Major Near-Term Interest - Global Coin Report
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IOTA and EOS Present Technical Factors of Major Near-Term Interest

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IOTA
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As technicians, we approach markets of any kind armed with the insight that, at the most basic level, any market is merely a crowd of people.

As history shows quite clearly – and as an insight that forms the very foundation of the field of statistics – while individuals are impossible to predict with any large sample accuracy, a crowd of people is a very predictable object over time.

This is, in fact, the most basic insight that drives the field of technical analysis.

As the crypto complex progresses in its evolution toward being perhaps the world’s next big asset class, trading volumes and liquidity levels continue to rise, and charts for many different coins continue to build out in terms of a history littered with formations, patterns, and levels that grow over time in significance as they are reinforced, repeated, or broken. This process suggests a growing importance for traditional hard-core technical analysis as a market tool and a source of edge for crypto traders going forward.

With that in mind, we will be taking a close look at two charts today, each of which carries very interesting features, particularly when it comes to casting and reading the tea leaves over the near future.

IOTA (MIOTA)

Chart courtesy of tradingview.com

The IOTA chart is powerfully defined by the one dollar level. As you can see in the image above, this level was key resistance last year, defining a couple of important highs before releasing into a massive acceleration higher in late November and early December at the height of the bubble blow-off stage for Bitcoin.

With the bursting of the Bitcoin mania, the crypto complex as a whole has been mired in a bear market context during the first half of 2018.

However, we are increasingly seeing signs of potential key support begin to come into play for many coins, IOTA being another excellent example.

IOTA formed an initial pivot low at the $1 level in early April and has just recently retested that level in late June trading.

Sentiment in the cryptocurrency complex has become extremely sour, suggesting that many charts such as this one could potentially be washed out at this point.

Traders focused on IOTA for the prospect of near-term gains should look for this key support level at the $1 area to hold firm and lead to an eventual breakout back above the 50-day simple moving average shown here.

If that type of pattern manifests itself, it could lead to a very quick range test of the highs that we’ve seen over the last several months, providing for a technical target of triple-digit percentage possibilities for IOTA bulls.

But the first order of business is to continue to see key support hold and signal that a sustainable base has been constructed by deeper pockets moving into this coin.

EOS (EOS)

Chart courtesy of tradingview.com

For traders focused on EOS, there is a lot to be gained by a critical focus on the pattern we see defining this chart over the past eight months.

As should be visible in the chart above, EOS is playing out a clear bullish trend with higher highs and higher lows, defined primarily by the trendline shown in the image as the dotted line.

This trend was initially defined by the pivot low formed in mid-March of this year through a minor violation of support at the $5 level. That pivot low was marked most significantly by an oversold print in the 14 day RSI measure – the first such print seen in EOS this year. In other words, this pullback (which also happened to resolve at a key Fibonacci level) came within the context of an upwardly biased tape over recent months and formed a higher low with a major oversold reading in a key oscillator.

In point of fact, this is a textbook rhythm for an upwardly trending market. From that point, EOS quadrupled in price in just about a month with an aggressive move in April.

Since that pivot high topped, we have seen a sharp correction right back to that key defining upward trend line, culminating in another clear oversold RSI print, this time at the $7.50 level – the only oversold RSI print that we’ve seen since the pivot low scored in mid-March.

Once again, we have a textbook pattern defining an upwardly trending market. This suggests the possibility that the next wave higher is setting up to get started soon. One can easily measure risk on a strategy to take advantage of this by simply being willing to hold onto a position here until or unless that key trendline is broken to the downside.

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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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Top 3 Crypto Trends That Might Go Big in Q2 2019

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crypto trends
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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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