Technical Analysis February 28, 2018: Bitcoin, Ethereum, Litecoin
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Technical Analysis February 28, 2018: Bitcoin, Ethereum, Litecoin

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Bitcoin Recovery

It seems as though the cryptocurrency market has somewhat stabilized. Many of the cryptocurrencies have hit the bottom of their slide, and are now bouncing back. The daily extreme price fluctuations have tapered down, and the frenzied media that constantly beat the “catastrophe” drum has somewhat attenuated. In spite of the wild and crazy ride over the last few months, the cryptocurrency market is still here and is stronger than ever.

Bitcoin (BTCUSD)

Bitcoin has bounced off the recent low of $6,000.00 it hit on February 06, 2018 which ended its slide. It has since made a strong upward price swing to a local high of $11,788 signaling a potential reversal from the massive downtrend it has been on since mid-December.

Chart#1 Bitcoin Daily

Bitcoin is in the midst of completing an inverted head-and-shoulders price pattern, as can be clearly seen in the daily chart above (Chart #1). Bitcoin just completed a price dip that formed the right shoulder of the pattern four days ago on February 25th. Since then Bitcoin has bounced and is now trading approximately mid-range between the right shoulder price point of $9,359.90, labeled as the key support level, and an $11,788 resistance level at the high point of the prior upward price swing coming from the head of the pattern (labeled key resistance level). Breaking the resistance would complete the inverted head-and-shoulders price pattern, and confirms a reversal. If however, price dips below the right shoulder price point, or worse to the head of the pattern, the potential for a further slide of Bitcoin becomes highly probable.

 Ethereum (ETHUSD):

Ethereum also found its bottom of $565.54 on February 6, 2018, after its massive slide. The bottom was also followed by a strong upward move to a local high of $979.00.

Chart#2 Ethereum Daily

Ethereum is about to complete an asymmetric triangle price pattern, as can be seen in chart #2 above. This type of pattern is indicative of an upcoming breakout. However, as a general rule, it does not indicate the direction of the breakout. 

Litecoin (LTCUSD):

Litecoin is exhibiting price action that is very similar Bitcoin. February 6, 2018, was also the day Litecoin completed its slide to a low of $106.52. And almost in perfect tandem with Bitcoin, it made a strong upward move to a high of $252.86, also on February 20th, then dipping to form the right shoulder of an inverted head-and-shoulders price pattern. Litecoin is also trading within the neckline and the key resistance level of the pattern, as noted in Chart #3 Below.

Chart#3 Litecoin Daily

The mere fact that two of the top three cryptocurrencies are exhibiting very strong indication or a reversal to the upside is a very good sign for the cryptocurrency market as a whole. For those traders and investors who missed the wild price swings of the last few months, or worse, those that got on the wrong side, this is not the time to be discouraged. The is the point whereby six months or a year from now people will be saying “I should have pulled the trigger.” While there is still risk in the cryptocurrency market, the upside potential is better now than it was when all the cryptocurrencies were making new all-time highs on an almost daily basis.

We will be updating our subscribers as soon as we know more. For the latest updates on BTC, ETH, and LTC, sign up below!

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.

Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Bitcoin

The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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