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XRP Bitcoin (BTC) Price Analysis: The Jigsaw Puzzle

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XRP
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While the action across the cryptocurrency complex has been pervasive to the downside over the past 10 days, the picture that has been created on the charts varies powerfully from coin to coin in terms of where this leg of the trend fits into the jigsaw puzzle of the larger pattern characterizing the bear market underway so far in 2018.

This nuance is profoundly exemplified by a comparison between the charts for XRP and Bitcoin (BTC), as we shall see below.

XRP

Price Analysis

  • High: $0.3574
  • Low: $0.33081
  • 24-Hour Volume: $355.75M
  • 7-day Percent Change: -23.08%

XRP has been perhaps the poster boy for the brutality of the downside we have seen over the past week, with this move representing a vicious break of support leading to a great waterfall decline.

The downside was triggered for XRP when it broke a support level formed over the course of six weeks of persistent last-ditch holds at the $0.43 level. When that level finally gave way amid selling across the complex, positions that had been built up by accumulation at that level began to be thrown overboard without care for cost basis or execution price.

The support level we picked out as most obvious several days ago was at the $0.30 level. While we haven’t seen this level tested yet, it would take only a slight extension of the downward move to trigger that test and put this critical level into play.

For now, we must consider this trend in place and respect that view until we see technical signals in XRP that demonstrate either a more severe capitulation or the presence of stronger handed buyers sitting on the bid.

Bitcoin (BTC)

Price Analysis

  • High: $6378.6
  • Low: $6239.9
  • 24-Hour Volume: $4.93B
  • 7-day Percent Change: -17.02%

By contrast to the action in XRP, Bitcoin (BTC) remains solidly above its recent bear market lows established at a pivot formed toward the end of June.

The key level in play here at this point is the one we picked out over recent days at the $6100 level.

At this point, Bitcoin (BTC) has clearly broken key support levels along the way, such as a rising 50-day simple moving average now back above at the $6800 level.

That said, we have also seen the triggering of clear oversold levels in many different oscillators, including the 14-day RSI on the daily chart and to the MACD indicator on the hourly chart.

Given that these oversold oscillator readings are coming in confluence with the key $6100 support level, traders looking for a speculative bounce position may already have their signals in place for a move back up to test the $6550 level just above.

Should we see downside momentum reassert itself in BTC, then all eyes will be on the $5750 level as the only thing standing between this chart and new 2018 lows.

Happy Trading~

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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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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