Connect with us

Bitcoin Cash

Bitcoin Cash technical analysis: BCH/USD selling may not be over just yet

Published

on

  • Bitcoin Cash price is trading in the red, with losses of 5.00% in the second half of the session.
  • BCH/USD price action is consolidating following the fresh heavy selling pressure.
  • Price action moving within another near-term bearish pennant structure.

BCH/USD daily chart

Critical demand zone should be noted at a range of $280 down to $270.

BCH/USD 30-minute chart

Near-term is subject to further potential downside pressure, as price moves within pennant pattern. 

Spot rate:                 290.35

Relative change:      -5.00%

High:                         294.79

Low:                          269.14

.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

Click to comment

Bitcoin Cash

Bitcoin Cash Tests All Major Supports and Is Dipping Even Below; Trades at $264

Published

on

  • Bitcoin Cash falls below $265 and draws a bearish trend line at $264
  • Although, it still trades above the lowest price mark in the past 90 days
  • BCH failed to stay still around the major support levels at $285, $280, $275, and $270.

Unlike Bitcoin, Bitcoin Cash (BCH) rose notably above $305 on November 06, 2019. Unable to sustain, BCH coin started declining and tested support at the lowest levels below $300, Important to note that the current trading price is the lowest in the ongoing month until the time of writing, which was first hit on November 15, 2019. This decline has been quite rapid and swift in comparison to the BTC price that is lingering around the narrow price range of $8,300–$8,700 for quite a long time.

Bitcoin Cash Price Prediction

Bitcoin Cash Price
BCH Chart By TradingView

Analyzing the daily movement of BCH/USD over a period of the past 90 days on the exchange of Kraken, we see that the BCH coin was trading at a high of $358.2. Within a month of trading duration, it slid to trade at $200, recording a 44% decline overall. Until the start of the ongoing month, the price of Bitcoin Cash remained below $300 except once when it hit $306.7 on the last day of the previous month. Today, after a period of fortnight and more the current trading price is declined by over 13% as compared to the latter price mark in the chart.

Bitcoin Cash trades in the ‘selling zone’ with no support from the short-term daily moving averages except the 50-day SMA at $251.51, a price correction to which creates a solid bearish sentiment.

Technical Indicators:

All the moving averages from the short-term to the long-term viz., 9-day, 30-day, 100-day, and 200-day are above the current trading price and, therefore, provide no grounded support.

The MACD of the coin is currently above zero but holds a bearish crossover as the signal line crosses the MACD line from below.

The RSI of the BCH coin is at 46.16 and shows no extremities at present.

ethereumworldnews

Continue Reading

Bitcoin Cash

BTC/USD technical analysis: 8k might be the next support zone

Published

on

  • The general crypto sentiment is still weak as BTC/USD heads to 8k.
  • At the moment the internal trendline support is holding but the volume is still supporting the buy-side.

Bitcoin Daily Chart

BTC/USD has been making a consolidation pattern that has been grinding lower towards 8K.

Right now the price is at the peak of the current distribution area that could potentially provide some support.

The key support level is 7296.44 and if that level breaks it could indicate some more weakness to the downside.

The resistance zone above the price at the moment is holding at 9071.00. This level has been used as support three times on the chart below.

Having said that if the price does manage to break it will be a good bullish signal. 

For now, this is a consolidation phase and volatility is low. There seems to be the need for a catalyst to inspire some volatility in price.

Bitcoin Analysis

Additional Levels

BTC/USD

OVERVIEW
Today last price8430.9
Today Daily Change-69.67
Today Daily Change % -0.82
Today daily open8500.57
TRENDS
Daily SMA209037.82
Daily SMA508513.15
Daily SMA1009421.46
Daily SMA2009265.04
LEVELS
Previous Daily High8633.09
Previous Daily Low8374.39
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8534.27
Daily Fibonacci 61.8%8473.21
Daily Pivot Point S18372.27
Daily Pivot Point S28243.98
Daily Pivot Point S38113.57
Daily Pivot Point R18630.98
Daily Pivot Point R28761.39
Daily Pivot Point R38889.68

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:fxstreet

Continue Reading

Bitcoin Cash

Joe Lubin: Ether and BTC Didn’t Face Regulations Unlike New Projects

Published

on

Ethereum and Bitcoin (BTC) did not have to comply with regulation, admitted Ethereum co-founder Joseph Lubin in an interview with industry news outlet Forkast published on Nov. 18.

During the interview — which took place at the Hong Kong FinTech Week — Lubin noted that new projects need to comply with regulations, and explained the impact of the application of security law to the cryptocurrency space.

You can’t sell a utility token, it’s not one

Lubin said that — to attract investors — any project has to promise that its token will increase in price. Furthermore, given that the appreciation is usually obtained through the work of developers, by definition, an asset that is being sold is a security. Because of this:

“And so securities law is then implicated and now you can’t sell a utility token as it’s not a utility token, it’s a tokenized security. You can’t sell it broadly and equitably.” Ethereum’s first-mover advantage
Overall, Lubin highlighted Ethereum’s first-mover advantage. More precisely, he suggested that Ethereum’s developers had the opportunity to sell their cryptocurrency without complying with securities regulation because it operated in a still largely unregulated industry.
Competing projects, on the other hand, cannot simply claim that what they are selling is a utility token and avoid registering it as a security. 
He noted that, because of regulation, it is possible “but very, very difficult for even a technically very strong project to challenge the early head start and the massive network effect that the Ethereum project has.”
In a recent example of the consequences of the application of securities law to crypto assets, Telegram recently asked the New York Southern District Court to throw out accusations by United States regulators accusing its Grams tokens of being securities.

source:fxstreet
Continue Reading
Open

Close