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Bitcoin Cash Analysis: BCH Remains At Risk Of More Downsides

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  • Bitcoin cash price declined heavily and broke the $350 support level against the US Dollar.
  • The price traded towards the $310 level and it is currently consolidating losses.
  • There is a major bearish trend line forming with resistance near $385 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses if there is a break below the $320 and $310 supports.

Bitcoin cash price is trading in a bearish zone below $350 and $380 against the US Dollar. BCH could correct higher, but upsides are likely to be capped near $360 or $380.

Bitcoin Cash Price Analysis

Recently, there was a strong decline in bitcoin cash price after it broke the $385 and $380 supports against the US Dollar. The BCH/USD pair even broke the $350 support and settled well below the 55 simple moving average (4-hours). Moreover, the pair traded close to the $300 handle and a new monthly low was formed near $311 level. The price is currently correcting higher above the $325 level.

It broke the 23.6% Fib retracement level of the recent decline from the $428 high to $311 swing low. At the moment, the price is trading inside a short term channel with support near $335. On the upside, there is a decent resistance forming near $360. If there is an upside break above $360, the price may test $370. It coincides with the 50% Fib retracement level of the recent decline from the $428 high to $311 swing low.

The main resistance is near the $380 and $385 levels. Moreover, there is a major bearish trend line forming with resistance near $385 on the 4-hours chart of the BCH/USD pair. Therefore, if there is an upside correction, the price is likely to face a strong selling interestnear the $370 or $380 level. A successful close above $385 and the 55 simple moving average (4-hours) is needed for more gains.

On the downside, an immediate support is near the $320 level. If there are more losses, the price could even break the $311 swing low in the near term. In the mentioned case, the price is likely to accelerate below the $300 handle.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly in a strong bearish zone below the $470 and $480 resistance levels. In the short term, there might be an upside correction, but the bulls could struggle near $470.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently recovering towards the 40 level.

Key Support Levels – $320 and $300.

Key Resistance Levels – $370 and $385.

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Bitcoin Cash (BCH/USD) forecast and analysis on October 18, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 216. 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 (BCH/USD) forecast and analysis on October 18, 2019

As part of the Bitcoin Cash forecast, a test of level 225 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 190. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at the level of 230.

Bitcoin Cash (BCH/USD) forecast and analysis on October 18, 2019

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 ​​245. 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 October 18, 2019 implies a test level of 225. Further, it is expected to continue falling to the area below the level of 190. The conservative area for selling Bitcoin Cash is located area of 230. Canceling the option of falling cryptocurrency will be a breakdown of the level of 245. In this case, we can expect continuation growth.

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Bitcoin Cash (BCH/USD) forecast and analysis on October 17, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 224. 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 (BCH/USD) forecast and analysis on October 17, 2019

As part of the Bitcoin Cash forecast, a test of level 232 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 200. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 235.

Bitcoin Cash (BCH/USD) forecast and analysis on October 17, 2019

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 ​​245. 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 October 17, 2019 implies a test level of 232. Further, it is expected to continue falling to the area below the level of 200. The conservative area for selling Bitcoin Cash is located area of 235. Canceling the option of falling cryptocurrency will be a breakdown of the level of 245. In this case, we can expect continuation growth.

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Top 3 price prediction BTC, ETH, XRP: XRP Quotes Upwardly the Value of Ripple Ltd’s Business

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  • The technical structure of the XRP points high, far away.
  • Bitcoin plays a technical trick in a price limit zone.
  • Ethereum feels strong and breaths down King Bitcoin Moon???’s neck.

The cryptocurrencies market continues to contract as it moves towards crucial support levels. Future price scenarios are ambiguous at this time.

In the most favorable scenario for price increases, they would be ready to start before the end of this month. Once Bitcoin reaches the support zone at $7,600-$7,700 and Ethereum at $165-$170, we can expect a few days of psychological play to come out strongly.

In the adverse scenario, the supports mentioned above do not hold, and medium-term base objectives are opened. In the case of Bitcoin, $5,000 would be in sight. For Ethereum, the aim would be in the area of $130-$140.

And what about XRP?

Ripple’s token is a case apart. Technically it is in a different phase than Bitcoin and Ethereum.  The upward trend that began on September 24 has fulfilled the first objective of surpassing the medium-term moving averages. After three days of declines, XRP/USD seems to find support at the SMA100.

It is clear that the market sees XRP in a different light in comparison to Bitcoin or Ethereum. The dream scenario for XRP is to be qualified as equity. That qualification would lead XRP holders to acquire participative rights over the parent company, Ripple Ltd – It’s honey for the bees!

BTC/USD Daily Chart

BTC/USD is currently trading at $8,035 and is in the middle of the current price range between primary support at $7,700 and the $8,800 main resistance level.

Above the current price, the first resistance level is at $8,180, then the second at $8,400 and the third one at $8,800.

Below the current price, the first support level is at $7,875, then the second at $7,750 and the third one at $7,700.

The MACD on the daily chart remains crossed up by the low while keeping the bullish slope almost intact. The logical time to start a new uptrend, if it is to occur, would be in the next few hours.

The DMI on the daily chart shows that bears have a clear advantage over bulls. Buyers remain at shallow levels of trend strength, taking the situation to an extreme that may favor a change in price direction.

ETH/USD Daily Chart

The ETH/USD pair is currently trading at the $176.3 marginally painting the chart in green. 

Above the current price, the first resistance level is at $180, then the second at $190 and the third one at $195.

Below the current price, the first support level is at $170, then the second at $160 and the third one at $155.

The MACD on the daily chart shows a bearish cross just below the indicator’s zero levels. The closeness of the bullish zone maintains hope of an upward move.

The DMI on the daily chart shows a minimal advantage for bears over bulls. Also, in this case, the closeness between the two sides of the market would facilitate a possible bullish turn.

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