The goal of a technical analyst during periods of dramatic weakness, as the bear stands up on its hind legs and roars with fury, is to leave emotion out of the game and focus on potential support levels and severely oversold levels in major oscillators. This will be our goal today as we examine the action in NEO and Ethereum (ETH).
Both of these coins have been recently underperforming, but both charts contain some very interesting features that deserve close attention.
- High: $25.102
- Low: $22.997
- 24-Hour Volume: $61.72M
- 7-day Percent Change: -17.58%
As we have noted in our recent analysis, NEO has been badly underperforming the cryptocurrency complex for the majority of the past six months.
In some ways, it appears as though the bear market for NEO is actually more advanced in terms of its overall technical form, having performed a complete round-trip – or “Christmas tree pattern” – relative to the powerful surge higher we saw in December and January.
At this point, we are already triggering severely oversold levels in the 14-day RSI measure, which is also showing a potential bullish divergence relative to its readings seen during the pivot formed toward the end of June.
One key support level that may come into play for NEO if this action persists is the pivot low formed at the very beginning of November 2017 at around the $22.50 level.
- High: $380.15
- Low: $365.74
- 24-Hour Volume: $1.90B
- 7-day Percent Change: -10.87%
Ethereum (ETH) is in some ways very different from NEO but in other ways very similar.
Ethereum (ETH) has already badly broken below its late June lows, as well as key support at the $400 level. However, it remains well above the pivot formed in early April down near the $350 level. This is the clear target that we see in play during current action, as it also lines up confluence with the minor pivot high scored on the charts in the middle of October 2017.
This is an extraordinarily important level for Ethereum (ETH), and a break below it could put into play the range lows formed around the $275 area during early November of last year.
However, with a bearish trend in place, and assuming no new fundamental catalysts, one has to assume that any bounce – if we are in a persisting downward trend at the moment – should encounter very difficult resistance in the zone defined roughly as a tight range from $395 and $405.
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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
ISW Holdings Negotiating Purchase of Additional 300 to 900 Cryptocurrency Miners in Preparation for Phase 3 Expansion in Mining Operations
LAS VEGAS, February 11, 2021 (GLOBE NEWSWIRE) – ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company with commercial operations in Telehealth and Cryptocurrency Mining, is pleased to announce that the Company is currently in negotiations toward the purchase of an additional large number of miners (between 300 and 900) in preparation for its coming Phase 3 expansion in mining volume.
The Company previously announced that it is currently launching its initial Pod5 Cryptocurrency Mining Pod, a fully self-contained high-PUE mining solution designed, assembled, and installed in partnership with Bit5ive, LLC, (“Bit5ive”) at the Bit5ive 100 MW renewable energy cryptocurrency mining facility in Pennsylvania.
Expansion involves assembling, equipping, and powering up additional Pod5 units, each of which houses 300 miners and is capable of driving roughly $2.9 million in annualized revenues at current cryptocurrency market pricing. Management is targeting the acquisition of 900 new miners capable of equipping three (3) new Pod5 units, which would lead to an additional $8.64 million in annualized revenues from mining activities at current market prices.
As noted in prior Company communications, the Company began a four-phase process last year.
- Phase 1 (completed) was about integrating leading design solutions and establishing a supply chain to bring in industry-leading parts and equipment for the Pod5 mining solution.
- Phase 2 (completed) was about assembling and shipping its initial Pod5 unit.
- Phase 3 (underway) is the mining launch – targeting…
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…