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Daily Technical Analysis: Bitcoin, Ethereum, Litecoin

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Bitcoin, Ethereum, and Litecoin are currently the three of the most heavily traded coins traded in the cryptocurrency market. They are collectively considered by many market participants as a sort of “bellwether”  for the rest of the cryptocurrency market, especially Bitcoin. As bitcoin goes, so does the rest of the crypto market. So it comes as no surprise that the price action of the three seems to move in tandem. For traders, this is a good thing. It serves to give an alert when a potential move is coming and to confirm the mood and sentiment of the market. Keeping a close watch on all three is a good market analysis technique.

 Bitcoin (BTCUSD)

Bitcoin continues to consolidate around the $11,100.00 level. Bitcoin’s price action is showing signs of uncertainty as asymmetric triangle price patterns are manifesting themselves in the price charts indicating indecision by traders and investors. The Daily chart below shows the asymmetric triangle price patterns in purple. The chart also shows the 9-day average that has been flat for the lasts 4-days, further indicating that the direction of the bitcoin market is currently in flux as traders are wavering on whether to get back in on the long side and catch the next upward move, or avoid the downside risk of Bitcoin dropping even further.

Chart#1 Bitcoin Daily

It goes without saying that there are a great many traders/investors that missed the first runup of Bitcoin to its all-time high near $20,000, and don’t want to miss the next runup (if there is one). However, at a price of $11,100.00, there is a substantial amount of downside risk. In this case, timing is of the essence. The savvy trader will be patient and wait for the price to break above the triangle pattern, for the 9-day moving average to turn upward, and for volume to begin to surge.

Ethereum (ETHUSD):

Ethereum is exhibiting much of the same type of price action as Bitcoin. The chart below for Ethereum shows the 15-minute intraday price action. The asymmetric triangle price pattern is even more pronounced in the intraday chart as price action reaches the apex of the pattern. Volume patterns are also beginning to show signs of shifting to a more bullish sentiment as upward price movements are accompanied by volume surges.

Chart#2 Ethereum 15-minute

The triangle price pattern will be completed in the next few days. The savvy trader will wait to see which way price breaks out of the pattern and react accordingly. All indications are that Ethereum will break—out to the upside.

Litecoin (LTCUSD):

Just like Bitcoin and Ethereum, Litecoin is experiencing similar downward pressure. It is also exhibiting a triangle price pattern on the daily price chart, but unlike Bitcoin’s and Ethereum’s pattern, this pattern is a descending triangle, indicating a tendency for downward price movement.

Chart#3 Litecoin 15-minute

The horizontal lower line for the triangle pattern at $180.94 is holding strong, and volume and daily range have been very weak over the past 5-days, as shown in the 15-minute chart above. Although Litecoin is displaying a downward bias from a technical perspective, the potential for an upside move is just as likely when considering the price action for Bitcoin and Ethereum for which Litecoin trades in tandem with. The triangle pattern has reached its apex, however, an upward breakout move will not be confirmed until price exceeds the resistance level at $209.67.

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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.

Image courtesy of coinmarketcap.com

Bitcoin

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitcoin

Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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