Bitcoin (BTC) Price Analysis: Sometimes, It’s Best to Do Nothing
The price of bitcoin (BTC) fell off a cliff early Sunday morning — but don’t say . () Now, is the best play to do nothing?
Daily Chart
bitcoin tanked almost instantly from above $4100 to the 50-day exponential moving average (EMA), where it immediately found support. This has provoked some savvy traders to take out a long position, but such a bold gamble is not without risk.
Taking a long position in a bear market can certainly be profitable, but it is akin to swimming upstream. When the macro trend is down, buying or longing bitcoin is to go against the overall trend of the market — which has been firmly down over the last 14 months.
Indeed, a convincing and profitable bounce off of the 50-day EMA is possible, but only traders willing to stomach a large amount of risk should take such a bet and stop losses should be set. In a market as volatile as this, bitcoin could easily dump straight down to the 200-week moving average — if not take it out altogether.
Stochastic RSI
bitcoin’s one-day Stochastic Relative Strength Index also clearly shows more room to fall in the immediate future. The popular indicator should reach oversold territory in the coming days, barring a sharp and sudden reversal in the market leader’s price tomorrow.
While it is never the sexiest opinion, doing nothing in the immediate term for bitcoin may be the wisest play.
There is a significant risk when going long at this moment, but shorting inherently puts you in a dangerous position. If one does decide to play the market, he or she should make sure they have properly set their stop losses and is prepared to lose their entire investment.
What do you think about the price of bitcoin (BTC)? Let us know your thoughts in the comments below!
The views and opinions of the writer should not be misconstrued as financial advice. For disclosure, the writer holds bitcoin at the time of writing.
Belgrade, Serbia — , a Blockchain company driving innovation in the games industry, today announced the company has signed a deal with , creator of the world’s most popular creation engine, that will bring the benefits of blockchain to more than 3 billion devices and millions of game developers worldwide.
[Note: This is a press release.]
Unity Technologies has proven once again that it’s got its finger on the pulse of the gaming industry by throwing its weight behind blockchain. The world’s largest game-development software provider has powered up its ‘engine’ by teaming up with GNation and its digital asset, GameCredits, to usher in a new era of gaming.
Recognized by Unity as having the world’s strongest gaming digital asset, is now in the company of other Unity partners, like Facebook, Google, Microsoft, Intel, Samsung, and Sony.
“Unity is known for aggressively adopting new technologies that democratize game development, solve hard problems and enable success for developers. With GameCredits, we intend to bring about a paradigm shift in the gaming industry. Blockchain solutions will help disintermediate game publishing and give better returns to creators,” said Hubert Larenaudie, President Asia Pacific, Unity Technologies.
“Our partnership with Unity Technologies is a major step forward for both the gaming industry and the blockchain world. With GPlay and our eSport platform, we are bringing the benefits of blockchain and digital assets to the largest global audience yet, enabling true mainstream adoption of these technologies for the first time,” said Sergey Sholom, GameCredits CEO and GPlay President.
You don’t have to be a genius to work out that the backing of a company that influences 80% of the mobile and 50% of the desktop gaming market is huge news for the digital asset market. For a company that has previously broken records with its MobileGo crowdsale in early 2017, it’s just another step towards a bright future.
Despite the fact that this partnership will boost their digital asset’s market value, the founders of GNation consider this as a matter of secondary importance. As ex-professional gamers, eSports organizers and game developers they have met and dealt with industry problems on all possible levels. Now they want to solve them using the power of blockchain.
Everything GNation has achieved so far is just a fraction of the company’s overall ambitions. Over the next two months, the company will announce new alliances and a host of new blockchain products to revolutionize the gaming and digital asset worlds.
Although the collaboration with Unity marks a big day for the world’s youngest nation, it seems that it is only one step in their swift rise to the top. In September this year, GNation joined Hyperledger – becoming the first digital asset firm to team up with the consortium – and has promised to announce a partnership with another established tech giant at the end of this month.
Perhaps one of these companies will get a safe pass to future, while the other will benefit from walking the bridge of tradition. We will only know after the partnership is officially announced.
For now, at least one thing is clear: GNation is much more than just another gaming community.
About GameCredits
GameCredits is an international, multicultural company striving to transform the gaming industry with its GameCredits digital currency (GAME) and a suite of other blockchain-based products. Founded in 2016 in Belgrade, Serbia, GameCredits now employs a team of more than 100 people across 10 offices in five countries. For more information, visit .
About Unity Technologies
Unity Technologies is the creator of a flexible and high-performance end-to-end development platform used to create rich interactive 2D, 3D, VR and AR experiences. Unity’s powerful graphics engine and full-featured editor serve as the foundation to develop beautiful games or apps and easily bring them to multiple platforms: mobile devices, home entertainment systems, personal computers, and embedded systems. Unity also offers solutions and services for creating games, boosting productivity, and connecting with audiences including Unity Ads, Unity Analytics, Unity Asset Store, Unity Cloud Build, Unity Collaborate, Unity Connect and Unity Certification. Unity Technologies serves millions of registered developers including large publishers, indie studios, students and hobbyists around the globe. For more information, visit www.unity3d.com and to see the latest games and experiences created in Unity, go to .
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