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Bitcoin Cash (BCH/USD) forecast and analysis on July 16, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 282. 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 bands.

Bitcoin Cash (BCH/USD) forecast and analysis on July 16, 2019

As part of the Bitcoin Cash forecast, a test of the level 310 is expected. Where should we expect an attempt to continue the fall of BCH/USD and further development of the 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 at the level of 370.

Bitcoin Cash (BCH/USD) forecast and analysis on July 16, 2019

Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​380. This will indicate a change in the current trend in favor of bullish for BCH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on July 16, 2019implies a test level of 310. 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 370. Canceling the option of falling cryptocurrency will be a breakdown of the level of 380. In this case, we can expect continuation growth.

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Bitcoin Cash

Bitcoin Cash not capable of attracting investors for now: Report

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Recently, Falcon Private Bank published the latest edition of the Falcon Crypto Monthly report, a publication that addressed Bitcoin and altcoin market movements over the last month and derived insights through technical analysis of the data.

According to the report, the cryptocurrency market failed to consolidate above important support levels in November, trading just below a $200 billion market cap. Bitcoin‘s dominance fell to 66.7% last month, with over $40 billion being erased from the overall market capitalization, according to CoinMarketCap.

The report also noted how a majority of the top 20 cryptocurrencies fell by 20% on average in November, with BCH losing 23% and XRP losing 23.6% of their values. Ethereum was shown to have been unable to stay above the $160 support, despite positive news stemming from the highly anticipated Istanbul hard fork.

“Although the ETH price did not react as much as investors would have wanted, Ethereum is on track

to achieve technologically, what they have planned.”

Having traded above the $0.30 mark in early November, the report pointed out how XRP had touched a new yearly low at $0.207 towards the end of the month, despite Ripple announcing its increase of equity stake in MoneyGram International. Bitcoin Cash was also shown to have followed in the same footsteps as its brethren, having gone through a steady price decline, while eventually finding support above the $200 mark. Despite a successful network protocol upgrade in November, price action around the event was reportedly muted, highlighting that BCH was “apparently not capable [of attracting] more investors for the time being.”

The Falcon report also spoke about how the last quarter of 2019 had been disappointing for cryptocurrency investors, with the total market cap losing 50% compared to 2019’s high which was recorded to be $386 billion. According to the report, the total market cap found some support above the $195 billion mark, going on to predict that it in a worst-case scenario, it will only drop to as low $180 billion.

Subsequently, the report mentioned that the market had experienced a steady decline and loss of interest from investors since July, with cryptocurrencies in 2019 showing less volatility than in previous years. Further, Falcon recommended investors stay cautious as the year-end approaches due to higher volatility and reduced liquidity trends that tend to happen around this time of year. These trends, by themselves, could trigger unpredictable movements, the report added.

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Bitcoin Cash Technical Analysis: BCH/USD sitting on critical weekly support a breach is eyed

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  • Bitcoin Cash price is trading in the green, with gains of 2.10% in the second half of the session.
  • BCH/USD is sitting on critical weekly support at $208, ahead of of psychological $200 mark. 
  • Price action is moving within consolidation mode, vulnerable to further downside risks. 

BCH/USD weekly chart

The price is running at its second consecutive week in the red, trading just above vital support at $208. 

BCH/USD daily chart

Daily trading conditions remain very much narrow, which has been the case since 23 November. An explosive breakout does appear to be imminent. 

Spot rate:                 211.11

Relative change:      +2.10%

High:                          209.10

Low:                      

    206.00

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Bakkt’s BTC Monthly Options record execution of first block trade

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Bakkt has come a long way since its launch on 23 September.

After stuttering initially with low trade volumes, with the exchange recording trades of only 71 BTC on the first day, Bakkt has taken major strides in the market over the past few months.

According to a press release released by Intercontinental Exchange or ICE, Bakkt’s parent company, the first block trade of Bakkt’s BTC Monthly Options that was submitted to ICE Futures U.S has been executed.

The block trade was carried out between Mike Novogratz’s Galaxy Digital Trading and XBTO, an asset management firm.

With this announcement, Bakkt has managed to stay one step ahead of its direct competitor, CME Group. However, the CME Group has its own plans to launch its option contracts early next year on 13 January 2020.

Bakkt’s BTC Monthly Options are also the first CFTC-regulated options on Futures contracts for Bitcoin, and is a development which highlights

the improving institutional involvement in the world’s largest digital asset.

Trabue Bland, President of ICE Futures U.S, stated,

“Based on our benchmark physically delivered bitcoin futures, these options contracts offer our customers a capital-efficient new tool for trading and for managing volatility, price risk, and income generation.”

Josh Lim, Head of Trading Strategy at Galaxy Digital Trading, suggested that the deployment of centrally-cleared Bitcoin options laid the path for a better institutional market, one that would be ingrained with a deeper level of liquidity.

The latest development came on the back of another instrumental announcement as last week, it was reported that Bakkt completed over 1,000 cash-settled Futures contracts in Asia following its launch on 9 December in Singapore.

Two weeks prior, Bakkt reached significant levels in terms of volume after it was reported that the exchange recorded an estimated $38.74 million in trading volume, a figure which was equivalent to almost 5,100 BTC.

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