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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

How Casinos Are Embracing Cryptocurrency

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Digital currencies and blockchain technology have had an immense impact on several industries across the globe. One of the areas where this impact has been very profound is in the gambling sector – which has also been known for embracing the latest technologies. Gaming operators have always been at the frontlines when it comes to trying out new and innovative technologies all in a bid to keep their customers happy and interested.

That said, it was only a matter of time before cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin among many others made their mark in the gambling industry. All of the features that these digital currencies promise are, without a doubt, very desirable features for gamblers across the world.

The result is a mutually beneficial arrangement where digital currencies get the necessary boost to go mainstream while the gaming operators get a front-row seat as the world ushers in the new age of next-generation digital payments. Naturally, there has to be a framework for this and thankfully its already being implemented in both land-based casinos and in online gambling platforms. 

Crypto in Land-Based Casinos

Cryptocurrencies, since their conception, have always been digitized forms of payment. However, nearly everything is digitized nowadays. Still, brick-and-mortar casinos rely greatly on existing systems all…

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Reaching true Bitcoin anonymity through the use of mixers

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There used to be a time when Bitcoin transactions were considered fully-anonymous. Back then, cryptos were only getting started, and Bitcoin was pretty much the only one that was used, apart from a handful of the first altcoins that followed. However, as the crypto industry continued to develop, current blockchain analyzers were created, and it became clear that Bitcoin’s transparency also includes tracking the coins’ movement, even when you are simply withdrawing them from your exchange to your wallet.

This is why it became necessary to use Bitcoin mixers, also known as Bitcoin blenders or Bitcoin tumblers, such as BitMix.biz, in order to reach true anonymity.

What are Bitcoin mixers, and why do you need them?

Bitcoin mixers, as the name suggests, are online services that mix Bitcoins in order to disrupt their traceability.

Let’s say that you have a certain amount of BTC in your wallet on your crypto exchange of choice. With all the exchanges having to follow KYC/AML procedures, that means that you need to verify your identity, so that the exchange — and therefore, the authorities — will know exactly who you are and how much money you earned through trading and investing.

Once you withdraw those coins to your wallet, blockchain analyzers can track the transaction, and so your wallet…

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The Bitcoin Meltdown is Chance to Double Your Bitcoin

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Most of the cryptocurrency holders have never felt a day so bad.

After a blustering day of trading which saw Bitcoin price drop from $7,950 to $3,800, the massacre caused the worst sell-off to set a new 2020 low which not seen since April 2019.

The history of bitcoin only has a day in 2013 to compare a 40% fall, at that time bitcoin once dropped from $266 to $50, that was also a day when despair defeated the belief of bitcoin and almost no one could foresee bitcoin can recover and prices will reach $10,000 in a few years.

“Be fearful when others are greedy and greedy when others are fearful.” This is what Warren Buffett said about stock market and you can see the stock market never dies, it is just rise and fall happen in a different order at different times.

So it is with bitcoin. The bitcoin meltdown is a chance for a few bitcoin traders while the others are running away.

One typical way is to short bitcoin. Futures trading allows traders to make profits out of the future price difference of the derivatives. However, when during horizontal movement of prices, futures trading may gain you fewer profits to cover the possible loss of the margin.

Is there…

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