This weekend came with a shock for many of us in the cryptocurrency community. LocalBitcoins, the online platform that is used widely by traders to buy and sell Bitcoin globally, stopped allowing in-person cash trades sometime around the evening of Saturday. The move came without any announcement in advance, and all pending fiat trades of the users were canceled abruptly. Clearly, the move hasn’t gone down well among traders who like trading locally within their region with the use of fiat currencies, and now many of them are thinking of ditching this platform altogether.
LocalBitcoins is one of the oldest Over-the-Counter (OTC) Bitcoin trading platform in the world. It has helped people trade Bitcoins since the time when there were only a handful of unpopular cryptocurrency exchanges in the world. Its popularity used to come not only from its age but also from its functionality that used to facilitate secure in-person trades being done with cash. There are many people who prefer buying Bitcoin with cash as electronic means of payments are almost always detected by government agencies spying on us. So, by abruptly disabling the feature LocalBitcoins has taken a step against the spirit of Bitcoin in favor of governments. This is something that no one from the crypto community expected from it.
Due to its unprecedented nature, the news spread quickly across all social media platforms. People started looking for alternatives that can be used for in-person trades, and Paxful – another P2P exchange platform – started receiving a large number of new registrations overnight. This was confirmed by none other than Paxful CEO Ray Youseff himself. Ray also exclaimed that he won’t let people down like LocalBitcoins. You can see his tweet below:
LocalBitcoins is now Remote Bitcoins. They took down all their cash offers and the refugees are flooding to @paxful VIP support for all Cash vendors! We won’t let you down. Cash is still king in the emerging world!
— Ray Youssef (@raypaxful) June 1, 2019
Interestingly, the move has come after the recent enforcement of more stringent KYC guidelines on LocalBitcoins. The company had introduced new guidelines in February, and it also stopped serving Iranians recently. It seems that all these steps are being taken according to the directives issued by the US government. Whether it’s right or wrong is a subject of debate, but it’s now clear that if you want to trade Bitcoins in-person then LocalBitcoins is not going to help you anymore.
Bitcoin Cash price analysis: BCH/USD consolidating in a flag after dropping from double top formation
- Following two straight bearish days, BCH/USD is currently trending around $307.65.
- Moving average convergence/divergence (MACD) and Elliot oscillator both shows bearish tendency.
BCH/USD dropped from $309.25 to $307.85 in the early hours of Saturday. This Friday, the price went down from $314.25 to $309. The hourly price breakdown shows us that the bears took the price down to $304.25, where it found support. The price bounced up a bit and has pretty much trended horizontally since then. The daily chart shows that the bulls got rejected twice at the $347.45 resistance level, charting a double top pattern. Since then, the price plummeted and is trending in a flag formation.
BCH/USD daily chart
The daily price chart is trending above the 200-day simple moving average (SMA 200) curve and below the SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows two straight bearish sessions. The Elliot oscillator has had two bearish sessions following five consecutive bullish sessions.
Bitcoin Cash (BCH) Reflect Moderate Movement, Ethereum (ETH) & Ripple (XRP) Suffer From Heavy Loss
Ethereum (ETH/USD) Price Analysis:
Ethereum is the second-largest coin in the world. The coin opened with a downtrend. The coin recently experienced a heavy pullback in price due to the market pressure. The currency was trying to improve, but once again, the coin fell. Let’s have a look at the week-long chart.
Looking at the above ETH price chart, the coin started the week with a downtrend. On 10thAugust, the coin changed places from $214.5 to $206.7 by 3.23%. On 11th August, the coin jumped from $206.77 to $216.51. On 12th August, the coin slipped from $216 to $211 by 2.34%. The downtrend continued from $211 to $209 by 0.90% on 13th August. On 14thAugust, the coin slipped from $209 to $187 by 10.35%. Yesterday, the coin maintained a subtle trend and kept around $188. Today, the coin again opened with a downtrend. The coin is presently dealing around $183.
The coin is expected to rise in the coming time. The traders are recommended to hold their investment for some time until the upsurge embarks in the market.
Ripple (XRP/USD) Price Analysis:
Ripple (XRP) is the third-largest coin in the market. The coin has great potential, and the same has been witnessed in the last couple of weeks. The coin experienced a heavy drop this week. The coin started dealing around $0.297. The coin escalated to $299 by 0.91% on 10th August. On 11th August, the coin jumped from $299 to $303 by 1.27%. The coin started moving down from 12th August. The price counters changed from $0.303 to $0.300 by 0.72%. On 13th August, the coin slipped from $0.300 to $0.298 by 1.62%. The coin kept falling from $0.298 to $0.261 by 12.40%. Yesterday, the coin jumped from $0.261 to $0.265 by 1.52%.
Ripple (XRP) needs some time to come out of the market drop. The traders should keep faith in the coin and hold the investment for some time.
Bitcoin Cash (BCH/USD) Price Analysis:
Bitcoin Cash (BCH) is the fourth largest coin in the crypto market. The market cap stands around USD 5,495,156,187 at 6:42 UTC. The currency has suffered in the latest fall but holds great potential. We are quite positive about the future upsurge.
Looking at the BCH price chart, the coin is reflecting moderate movement in the coin. Starting from 10th August, the coin escalated from $320 and went up to $337 by 5.23%. On 11th August, the coin slipped from $337 to $328 by 2.51%. The coin again climbed on 13thAugust from $328 to $347 by 5.93%. On 14th August, the price slipped from $347.9 to $314 by 9.67%. Yesterday, the coin experienced a pull-back but closed near the opening price. Today, the coin is currently dealing at $310.
Bitcoin Cash (BCH) is recommended for the long term traders. The given period would help the traders to earn colossal profit from the investment.
Bitcoin Cash (BCH/USD) forecast and analysis on August 16, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 309. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCH/USD) forecast and analysis on August 16, 2019
As part of the Bitcoin Cash forecast, a test of level 317 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 288. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 355.
The cancellation of the option to continue the depreciation of Bitcoin Cash will be a breakdown of the area of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of 360. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on August 16, 2019 implies a test level of 317. Further, it is expected to continue falling to the area below the level of 288. The conservative area for selling Bitcoin Cash is located area of 355. Canceling the option of falling cryptocurrency will be a breakdown of the level of 360. In this case, we can expect continuation growth.