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Bitcoin Cash [BCH] Price Analysis: Long-term bears loom as mid-week bulls carry token

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The market cap of the collective cryptocurrency market was stable at $135 billion, riding high from an early-week low of $131 billion.

At press time, the coin had gained marginally against the US dollar by 1.29 percent, and was trading at $133.10. The price of Bitcoin Cash [BCH] had petered out after spiking to $135.71, following which the price began to peter out.  Bitcoin Cash posted a market cap of $2.36 billion, with a surging Binance Coin [BNB] behind by just $220 million.

LBank dominates the BCH market, accounting for 13.05 percent of the global BCH volume via the trading pair BCH/BTC. Other exchanges which posted high Bitcoin Cash trading volumes were P2PB2B, HitBTC, and BiteBTC.

1-hour

Source: Trading View

The mid-week uptrend pushed the price from $128.37 to $133.46, and was followed by a market correction which pulled the price from $133.57 to $129.25. Following this roller coaster-like movement, the coin was stable around the $132 mark.

Bitcoin Cash showed an immediate resistance level of 133.46, which the coin touched earlier this week. The immediate support level of the coin stood at $127.15.

The Bollinger Bands showed a massive increase in volatility as the coin’s price shot up, before dropping down within a two-day window. The Moving Average line showed a bullish market.

The Chaikin Money Flow tool pointed to an increase in the money inflow into BCH tokens, as the CMF line was above 0.

The Awesome Oscillator indicated a rise in short term momentum. However, since the concluding bars were red, a bearish phase for the coin was expected.

1-day

Source: Trading View

Barring one solitary long-term uptrend in February which raised the price from $128.03 to $152.76, the coin was stuck between two downtrends. Prior to the uptrend, the coin’s price dropped from $196.72 to $119.01, following which the coin’s price fell from $150.85 to $130.02.

The coin’s immediate support stood at $118.42, while the immediate resistance for the coin was found at $153.

The Parabolic SAR indicated a bearish market.

The MACD showed a mildly bearish market as the Signal Line was just above the MACD line.

The Relative Strength Index pointed to a drop in the coin’s investor interest as the RSI had dropped from 69.21 to 52.81, since February.

Conclusion

Bitcoin Cash was buoyed by mid-week bulls and managed to sustain its high, with the coin pushing above the $130 mark. In the short-term, the coin was trading on a high as the CMF line pointed to an increase in money inflow and short term momentum looked to rise. In the long-term however, the coin was struggling to get free from the bears’ grasp.

Source .ambcrypto

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Bitcoin Cash (BCH/USD) forecast and analysis on May 23, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 417. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Bitcoin Cash (BCH/USD) forecast and analysis on May 23, 2019

As part of the Bitcoin Cash forecast, a test of level 405 is expected. Where should we expect an attempt to continue the growth of BCH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 475. The conservative area for buying of Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at a level of 380.

Bitcoin Cash (BCH/USD) forecast and analysis on May 23, 2019

Cancellation of the option to continue the growth rate of Bitcoin Cash will be the breakdown of the area of ​​the lower border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of quotations of the pair below the area of ​​360. This will indicate a change in the current trend in favor of a bearish for BCH/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on May 23, 2019implies a test level of 405. Further growth is expected to continue to the area above the level of 475. The conservative area for buying Bitcoin Cash is located area of 380. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 360. In this case, we should expect a further fall.

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Bitcoin (BTC) Price Bubbles are Essential to Cryptos

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CEO of ShapeShift Erik Voorhees in an interview, expressed his views that bitcoin and crypto price bubbles are a definite part of their chronology. There have been crypto bubbles of immense magnitude in the past, and they have amused crypto analysts who have tried to dig out the importance of these incidents.

The past price bubbles of bitcoin also show us that prices do not matter unless the crypto is strong enough to maintain them. Now that bitcoin has reached up to a recent high of $8,000, Voorhees is anticipating another bitcoin bubble.

There have to be bubbles in crypto because crypto is taking over the world, and it’s not going to just advance 5% a month without end. If it did that, people would start buying it up and frontrunning it and turning it into a bubble. So there’s no way to go from a zero dollar asset to one that is worth trillions without massive speculation and massive volatility and cyclical bubbles.

Voorhees is of the view that the crypto market is not always bullish in a regular pattern, lets say increasing by 5% on a monthly basis. He said that there are bearish trends as well which is why bubbles happen after a certain time. Bubbles appear when people buy bitcoins, reserve them and then sell them, creating a rush of people who want to buy them.

READ ALSO: After $10k Bitcoin (BTC) Price, ‘FOMO’ Will Make it the Biggest ‘Crypto Bull Run’

The bubble logic means that bitcoin shoots up for a rather short period of time and then turns dormant again as the prices fall down. The host of Crypto Trader, Ran NeuNer, has previously stated that if the bitcoin was a bubble, we wouldn’t have seen its resurgence at all. While this seems to be closer to truth, several critics have jumped in claiming that the bubble logic fits when we take several intervals out of bitcoin price chronology.

The critics calling bitcoin just a bubble in their publications do not hold water at all and I don’t have any respect for this opinion. Let’s say bitcoin WAS a bubble, it couldn’t have popped twice.

NeuNer, a bitcoin maximalist, claims that bitcoin is a healthy market and is worth investing in. He further clarified that we have seen bitcoin emerge from the darkest of times, witnessed a bear market and then booming to the strongest of bullish behavior. This is not what a bubble refers to at all, as per NeuNer. The reason behind NeuNer backed bitcoin is that even after the longest bear market of recent times, bitcoin is now shooting up. The cryptocurrency has reached to recent highs of a little over $8,000 with speculations that there is another bull run on the way.

READ ALSO: ‘Millennials Love Bitcoin’ But They Should Learn About Gold ‘Love Trade’

There have been four bubbles in bitcoin’s history till now, according to Barry Silbert, founder and chief executive officer for the Digital Currency Group. The first can be tracked back to 2011 when the bitcoin price surged to $31 and then fell down to a low of $2. The second bitcoin bull run witnessed bitcoin jump to $259 and fall down to $45. The third bitcoin bull run saw the crypto’s price surge to $1,141 and collapse to $152. The last bull run happened in the fourth quarter of 2017 when bitcoin sent the whole world into a frenzy by reaching $20,000 price point, but later struck to a low of $4,050. If we look closely at the crypto bubble pattern, we can notice that the high point in price keeps getting considerably greater, which is a good sign for traders.

READ ALSO: 3 Reasons Why 2019 Bitcoin (BTC) Bull Run Will be Longer

Bubbles benefit several entities ranging from investors to a normal user. Whenever a bubble appears, it is the best time for investors and public to invest and jump into the crypto market. However, bubbles also happen to appear when a crypto is either weak or is facing scandals or scams. Bitcoin bubbles happened mostly because crypto reforms are still undecided, with people wondering about the future of bitcoin. Nevertheless, bubbles also bring newer heights as they allow cryptos to find a new direction and attain stability, weeding out the weak points.

READ ALSO: Bitcoin (BTC) Comeback to $8000 Signals a Crypto Bull Run

Bitcoin has reached the highs of $8,000 recently, sparking speculations that another bubble is on its way. The next few weeks are going to be very interesting for the crypto world as it might just set a new direction for bitcoin.

 

source: blockpublisher

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3 Reasons Why 2019 Bitcoin (BTC) Bull Run Will be Longer

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Bitcoin went through the greatest bear market of all time last year but recent trends show that this hiatus has been good for the crypto. The past year gave way to bitcoin to improve its infrastructure and lead to the recent stable bullish trend.

Barry Silbert, founder and chief executive officer for the Digital Currency Group, is of the view that this ‘price rally’ of bitcoin is different than the previous ones. He explained that bitcoin has grown its infrastructure progressively and has stood the test of both time and the greatest bear market ever. Furthermore, the investors are now more willing to invest in bitcoin rather than sticking to gold, which is the best thing to happen to bitcoin.

Backing this up, Anthony Pompliano, co-founder and partner at Morgan Creek Digital, produced extraordinary humour out of the situation. He hit back on to the critics who thought bitcoin will not make it out of the bear market at all.

RIP to those who said Bitcoin was going to $0 in the bear market.

People Like to Stick with Improved Bitcoin Infrastructure 

Silbert mainly talked about underlying factors that have made this bitcoin bull run distinct. First off, he pointed out that the most recent bubble is different from the one in 2017 as bitcoin has now evolved so much regarding its infrastructure. Maximized inclusion of the custodians have immensely influenced this bull run. Custodians are the entities that hold user securities preventing any access from third parties.

READ ALSO: Bitcoin Price Will Reach $20K but It’s “Kind of Finished”

In case of cryptos and obviously, bitcoin, these are trading platforms that store securities in digital form. Custodial wallets are trustworthy and separate funds managers from the physical securities, thus creating a protective layer in the system. As Silbert states, this is one of the reasons why bitcoin has become stronger.

READ ALSO: A Central Bank Executive Just Took a Bitcoin U-Turn

Nevertheless, there are several examples of custodial bitcoin wallets like Blockchain.Info and Wallie, from the Dutch bank, ABN AMRO. The later has been pulled off before it could be completed as the bank decided that the crypto market is unregulated and that they do not want to jump aboard such a market. This has been the case with several projects as major institutions keep pulling back just because the crypto market is too much of a risk for them.

Gold No Longer the Prime Valued Asset

The generation that took gold as a major valued asset has now shifted the charge on to the next generation and fortunately for bitcoin, the new generation doesn’t place gold at the top of the list. The boomers were the ones who took shelter under the grand set value of gold but that chain has broken eventually.

READ ALSO: ‘Millennials Love Bitcoin’ But They Should Learn About Gold ‘Love Trade’

The current generation of investors do not hesitate in investing in cryptos and bitcoin is their top priority. Mass adoption would now be easier to trigger too, which has always been considered to be the best deal for the entire crypto market. This is the second reason, as per Silbert, that will carry bitcoin on and on through the ‘rally’.

These days banks are the major entities that buy gold, not the regular investors, indicating the fact that investors are less interested in gold now. Grayscale recently came out with an ad campaign that pondered over dropping gold as the prime asset. The marketing campaign was named ‘Drop Gold‘ and has drawn the attention of many.

READ ALSO: After $10k Bitcoin (BTC) Price, ‘FOMO’ Will Make it the Biggest ‘Crypto Bull Run’

People are starting to realize that government reforms might not be enough to push bitcoin. It needs to stabilize itself through rigorous testing, to a level where such reforms would mean great changes. Silbert believes that the testing has completed and investors might start working on further projects to score government regulations.

The Van-Eck ETF proposal was supposed to get approved soon. Hester Peirce, SEC commissioner, aka the ‘Crypto Mom‘, is of the view that the ETF might just get approved by August this year. Nevertheless, SEC had previously set the date of the verdict to be May 21.

READ ALSO: Reasons Behind May 2019 Bitcoin (BTC) Price Surge

Institutional Investments Keeping Bitcoin Stronger

Institutions have started investing in the bitcoin market. The Grayscale Investment formed a major part of Silbert’s talk with Bloomberg. Statistics show that the Asset Under Management investment has reached to about 1.1 billion USD which is obviously gigantic. This is a great for cryptos as 70% of the investment was institutional, out of which 90% has been for bitcoin.

Silbert stated that there is a solid chance that we are going to see this bitcoin bull run for a much longer time owing to the aforementioned three major reasons. The bitcoin market is stronger now than ever, as per Silbert, and can stand the hits more efficiently and effectively than before. This is a great milestone for bitcoin as a digital asset.

 

source: blockpublisher

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