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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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