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Cryptocurrency Market Analysis: Bitcoin Cash (BCH) Breaking the Barriers, Skyrockets Over 10% on Thursday

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The crypto market is bullish on Thursday morning with most of the coins recovering the losses that had occurred during the trading session on Wednesday. However, among the top twenty cryptocurrencies by market capitalization, IOTA (MIOTA) price is the only asset in the red with a downside correction of 1.92% in the last 24 hours. MIOTA/USD was shining despite the bearish wave in the market yesterday, but it appears that the bears have finally caught up with the buyers and are now seeking further downside equilibrium.

Market Overview

The cryptocurrency market is currently recovering after a major selloff that took place in the first quarter of 2018. Various aspects led to the digital currencies’ downslide with some cryptos shedding off more than 50% of their value traded between December 2017 and January 2018. Bitcoin Gold lost more than 90% of its value from trading above $400 to hitting rock bottom below $40. The total market capitalization also plunged from over $700 billion down to approximately $250 billion. The market is, however, on a recovery phase, similarly, the global market capitalization stands at $436 billion at the time of writing. It is slightly up from Yesterday’s $435. The trading volume is at $21 billion today, which is a slight drop from yesterday’s $22 billion.

Top Ten Cryptocurrency Roundup

The virtual currencies are correcting higher and investors looking at the charts today can afford a smile, although the recovery journey is not over. Bitcoin Cash (BCH) is leading other assets with a 10.16% surge while it is taking up 6.48% of the total global trading volume. Ethereum (ETH) is in second place up 5.52%, at the same time it takes up 17.28% of the trading volumes. Ripple (XRP) takes up 7.22% of the market trading volumes while it is up today by 3.59%. EOS, Litecoin (LTC), Cardano (ADA) and Stellar (XLM) are all up between 3 – 4%. Tron (TRX) closes the list of the gainers with a 1.66% increase in price. Last but not least, IOTA (MIOTA) is the only currency in the top ten list indicating losses of 1.27% in the last 24 hours.

Bitcoin Cash Price analysis

Bitcoin Cash (BCH) is the biggest gainer among the top twenty cryptocurrencies. The buyers are relentless in their quest to break the barriers. The crypto declined during the trading yesterday and traded below $1,500, however, it was supported by the 61.8% Fib retracement level with the previous swing high of $1,831 and a low of $1,259. BCH/USD bounced as it retraced its steps breaching key resistance areas at $1,550 and $1,600 respectively.

Bitcoin Cash (BCH) exchanged hands above $1,800 on May 6, similarly, the bulls are eyeing to revisit this level, but they must overcome the resistance at $1,700. The 23.6% Fibo is a significant barrier to the price as it attempts to correct higher. A break above this level could allow BCH/USD to gain momentum to attack the psychological $1,800.
At the moment, Bitcoin Cash (BCH) price is flirting with $1,657, a short-term support has been formed at $1,630. If it fails to hold the price, the moving averages will provide support below $1,600. However, the next major support target for BCH/USD is at $1,500.

Bitcoin Cash

BTC/USD Technical Analysis: Potential upside breakout on the cards

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  • Bitcoin is consolidating after hitting 8K earlier in the session.
  • There is a triangle type pattern forming on the hourly chart.

BTC/USD Hourly Chart

Bitcoin has based out today and there is a chart pattern forming that has broken higher.

The triangle was broken earlier in the session and now the top of the pattern is acting as support which is often the case.

A confirmation of the move higher will only occur if 8,150 is broken to the upside.

This is the consolidation high and new pattern top.

The MACD indicator is also showing positive signs as the histogram is above zero. 

The next thing to look out for is the two MA lines moving over the zero level. 

Bitcoin Analysis

Additional Levels

BTC/USD

OVERVIEW
Today last price8110.19
Today Daily Change-12.32
Today Daily Change %-0.15
Today daily open8122.51
TRENDS
Daily SMA208912.04
Daily SMA508513.96
Daily SMA1009344.93
Daily SMA2009294.97
LEVELS
Previous Daily High8196.38
Previous Daily Low7990.61
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8069.22
Daily Fibonacci 61.8%8117.78
Daily Pivot Point S18009.96
Daily Pivot Point S27897.4
Daily Pivot Point S37804.19
Daily Pivot Point R18215.73
Daily Pivot Point R28308.94
Daily Pivot Point R38421.49

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:.fxstreet

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Roger Ver to launch a $200 million fund to develop Bitcoin Cash ecosystem

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  • Roger Ver creates a fund to support BCH developers.
  • Ver also noted that he supports the projects focused on economic freedom.

Well-known entrepreneur Roger Ver announced the creation of a new fund worth $200 million to support projects working on the development of the Bitcoin Cash cryptocurrency ecosystem. This was announced during a meeting in London on Tuesday by the co-founder of Blockchain, Nicholas Carey.

Information on the structure of the fund is still unknown, but it is expected that it will be based on Bitcoin.com infrastructure in 2020.

“I promoted bitcoin. Today I am promoting Bitcoin Cash. Tomorrow I will promote something else if it surpasses Bitcoin Cash in terms of the spreading economic freedom in the world,” Ver said at a meeting in London.

It is noteworthy that, judging by a recent publication on Bitcoin.com, the company’s business model is now leaning toward the use of smart contracts, intending to compete with Ethereum and other similar platforms.

Although the authors acknowledge that initially Bitcoin Cash was not conceived as a smart contract platform and does not have many features that can be found on Ethereum, they note that many companies do not need such features. For example, the Simple Ledger protocol tied to the Bitcoin Cash blockchain can handle simple issuance of tokens.

Notably, in the early days of bitcoin, Roger Ver was one of the main evangelists of the first cryptocurrency. Later, however, joined the supporters of Bitcoin Cash. He played an important role in the hard fork implemented in 2017 that gave birth to BCH.

Roger Ver was also one of Blockchain’s early investors. In August this year, he resigned as CEO of Bitcoin.com, taking the position of executive chairman of the company.

At the time of writing, BCH/USD is changing hands at $239.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:fxstreet

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Bitcoin Cash

Bitcoin Cash (BCH) Finally Kicks Starts a High Stride; Market Bears May Take a Break

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  • BCH coin has recently initiated a rebound as it found support below $240
  • Bitcoin Cash has formed a support level at $235; price level above $250 is to watch for
  • The rising channel has been breached recently, which shows a pause in the uptrend
  • Technical indicators are ready to set the mood for the bullish market

The tables have been turned for Bitcoin Cash as the coin has started an upward movement after declining for the tenth straight day.

After managing a price rebound above $244, the coin is currently consolidating at $241.17 at 06:00:31 UTC.

Bitcoin Cash Price Analysis

BCH price has traced a low swing near $235 as it broken below major support levels and bounced back with a rebound.

The BCH coin was trading above $247 when it opened yesterday, and with a steady price drop, it saw bottom at $235 as it breached support levels at $245, $243 and $240.

The price level of $235 has acted as decent support, and it propelled the coin for a price recovery. Tracing a rising channel, Bitcoin Cash price has increased by more than 3.84%.

At the plunge near $235, buying the security can fetch returns of 6.13%, when the target price is $250, while the stop-loss price is at $232.53.

Bitcoin Cash
BCH Chart By TradingView

Technical indicators for the BCH coin are bullish at the moment as the short term SMA line (50-days) is above the long term SMA line (200-days). Meanwhile, the MACD chart is heading towards the bullish zone with its MACD line on the upside.

Bitcoin Cash is likely to see resistance at $253.28, $262.14, and $270.37 while its support levels stand at $236.19, $227.96, and $219.1.

Source: cryptonewsz

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