- Bitcoin (BTC) expands, up 7.4 percent
- Capital flight from Italy could end up in Bitcoin
By zeroing in and targeting personal saving accounts, Matteo Salvini, the Deputy Prime Minister of Italy, is inadvertently advertising Bitcoin. Resilient and thriving with an unpopular decision, BTC bulls are back. Ending the week strongly, prices are up 7.4 percent from last week’s close.
Bitcoin Price Analysis
Generally, Bitcoin is a machine, a juggernaut whose benefits is enough to promote the first successful digital asset. Withstanding the test of time, shaking off critics-and governments attempts to stunt its growth, Bitcoin is on overdrive thanks to the Network effect.
Law enforcement and the FBI were successful in dismantling the founders of Silk Road and punishing Ulbricht, but Bitcoin shook off the Fear, Uncertainty and Doubt (FUD). Before the great financial crisis, there had been attempts. However, none were successful.
Leveraging the power of the masses, the elusive Satoshi created a self-lubricating robot propped by everyday people fed up by banks. So BTC is back full circle to the early days of Bitcoin. The Italian government is pushing citizens to the wall .
Keen on raising more revenue, Matteo Salvini is going after personal saving held in private bank vaults. As a result of this controversial decision, a Twitter user, Giacamo Zucco, is elated. Saying the move is a direct endorsement of Bitcoin, he sarcastically lauds the government saying:
“Never been more proud than these last few days of Italy’s role in promoting Bitcoin! This is just one of many tweets of the same kind! They say that Bitcoin, unlike scam coin, has not a marketing department. Not true: its marketing department is the socialist Nation States.”
Currently, BTC is trading within a bullish breakout pattern. Adding 3.1 percent and 7.4 percent in the last day and week respectively, bulls are back. However, in line with the previous BTC/USD trade plan, the best approach going forward is to be cautiously optimistic going forward.
Because of this stance, there is an opportunity for aggressive traders to accumulate in smaller time frames as they aim at $8,500 or $9,100. On the reverse side, a definite close above $9,100 complete with high trading volumes will set the ball rolling for $10,000 or better.
From the daily chart, May 30th candlestick has superior participation, albeit being bearish. As such, it props this trade plan. Any close above $$8,500 or May highs should ideally be with better trading volumes exceeding 31k or 47k of May 14th.
Bitcoin Cash market overview: BCH/USD lethargic bullish momentum stalls at 61.8% Fib level
- Bitcoin Cash remains bulls despite the confrontation at $330 resistance.
- Several support areas are ready to prevent declines from paralyzing the bulls.
Bitcoin Cash failure to break above $360 during the trading sessions last week. This left a gap that the bears wasted no time exploring. BCH/USD bearish action trimmed the gains first below the moving averages. The tentative support around the 38.2% Fib retracement level taken between the last drop from a high of $358.16 to a low of $267.35 close to $300.
The negative volatility surged sending Bitcoin Cash briefly under $270. A low established at $267.35 allowed the rebound above $300. The battle to break the resistance at $330 is yet to be won. Instead, Bitcoin Cash is trading sideways in a narrow range between the confluence created by the 50% Fib level and the 50 Simple Moving Average (SMA) and $330 hurdle.
Several support areas are ready to prevent declines from paralyzing the bulls. They start from the above-mentioned confluence, $310, $300 and $290.
The trend is still inclined to the positive despite the inability to break above $330. The full stochastic oscillator brushed shoulders with 70. However, a possible retreat is likely to signal a reversal.
BCH/USD 1-hour chart
Bitcoin Cash Price Analysis: BCH Records 9% Downtrend in 7 days Trading Below $310
- BCH may go bullish to climb upto $350 again in the next 2 weeks
- BCH may close today at $310 or above
The last 7 days have been a bumpy ride for the BCH token holders especially when the coin slumped steeply from $357 to $276. But, this may change soon and it may rise upto $350 again in the next 2 weeks of this month. The current market statistics also indicate a surging trend ahead when the coin may also cross $350 value for a brief moment.
BCH to USD Price Statistics:
In the last 7 days, BCH token has recorded a downtrend of over 9% dipping from $336.42 to its current value at $306.08 as on August 18, 2019, at 08:27:09 UTC. The coin started climbing up in the beginning and surged up to $357.49, but then it dropped almost steeply to reach as low as $276.22 around August 15. BCH has picked up some pace since then and may cross $310 soon.
- The price of BCH token is now $306.08 and 0.03015062 BTC
- The market cap has reached $5,495,593,966
- The ROI of the coin stands at -44.94%
- The circulating supply is now 17,953,788 BCH
The lowest recorded value of BCH token yesterday was $301 and it is already much above this value today. The coin seems to be headed in an upward direction and may take its traders on a sudden upward surge by climbing up to $310 soon.
Bitcoin Cash Price Prediction:
The highest recorded value of Bitcoin Cash in the last 90-days was $522 and in the last 30 days, it was $353. The coin may cross $350 by the end of this month and may start trading between $350 and $500 in the next 2 months. It is only a matter of time for BCH token to gain mass adoption, which may further push this crypto towards rising trends.
This can be regarded as a good phase to plan long term bulk investments in the BCH token and save for future benefits.
Bitcoin Cash (BCHUSD) weekly forecast on August 19 — 25, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 317. 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 middle border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCHUSD) weekly forecast on August 19 — 25, 2019
As part of the Bitcoin Cash forecast, a test of level 345 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 220. 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 420. 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 (BCHUSD) weekly forecast on August 19 — 25, 2019 implies a test level of 345. Further, it is expected to continue falling to the area below the level of 220. 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 420. In this case, we can expect continuation growth.