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Bitcoin, Ethereum, Litecoin Technical Analysis: Comeback Trail

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Bitcoin

Bitcoin, Ethereum, and Litecoin are showing signs of price stability. After a strong retracement that commenced in mid-December following the strong run-up of the entire cryptocurrency market which saw Bitcoin hit its all-time high near $20,000 on December 17, 2017, the market seems to have finally found its bottom. The retracement has resulted in the entire market giving back most of the of the gains made during the run-up. Bitcoin, Ethereum, and Litecoin have been trading similarly up over the last 10-days, and the technical on all three are beginning to look promising for a reversal to the upside.

Bitcoin (BTCUSD)

On February 6th Bitcoin hit its local low of $6000.00 approaching a very critical support level of $5806.90. It has since been making higher highs on the daily chart almost every day since then, as can be seen in Chart #1 below.

Chart#1 Bitcoin Daily

Bitcoin has broken above the downtrend line that has formed since its reversal at the all-time high, as seen in purple in Chart #1. Another notable technical indicator is the fact that Bitcoin is now trading above the 9-day moving average with all 4 data points of the daily bar above the moving average. Furthermore, the 9-day moving average is now on an upward trajectory. The next downward price swing will “tell the tail.” If the next downswing stays above $6000 before price turns upward, then a reversal may very well be in progress.

Ethereum (ETHUSD):

As can be seen in Chart #2 below, the price action for Ethereum is almost an exact image of Bitcoin. Ethereum traded to a local low of $565.54, also on February 6, 2018. And just like Bitcoin, it has been trading up almost every day since. It also has broken through its downtrend line and is also trading above a positively sloped 9-day moving average.

Chart#2 Ethereum Daily

One thing that did occur with Ethereum is that it did break through its major support level $679.98. This support level is significant because it is the last price dip the Ethereum made on December 30, 2017,  before its price run-up to its all-time high $1424.30 on January 13th. The daily chart shows that price broke below the support level on two occasions (February 5th and 6th), but closed at the end of the trading day above the support level, with strong volume on both days. This is characteristic of a reversal point. As is with Bitcoin, the next downward price swing will confirm if Ethereum has hit bottom and has turned upward.

Litecoin (LTCUSD):

Of the three cryptocurrencies analyzed in this article, Litecoin is showing the strongest indication of a reversal. As can be seen in Chart #3 below, in addition to displaying all the same technical characteristics as Bitcoin and Ethereum, Litecoin has made a strong upward move in the last two days which has broken through its last meaningful upward price swing on January 28, 2018. The next price dip for Litecoin may be a very good long entry point.

Chart#3 Litecoin Daily

The fact that multiple cryptocurrencies are showing indication the crypto market is turning around gives some credence to the conclusion based on technical analysis that a reversal to the upside for the entire market seems likely. But lately, “we have seen this movie before.” For those investors that don’t want to miss the next potential bullish move by the cryptocurrency market, this would be a good time to consider entering the market. However, keep the stops tight.

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.

Image courtesy of coinmarketcap.com

Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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