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Bitcoin, Bitcoin Cash Price Analysis: Marking the Green

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Bitcoin

Bitcoin crossed the $6400 and $6600 resistance levels to move into the Buy zone.

Bitcoin Cash crossed the resistance levels $760 and $780 and continues to move in the green.

Bitcoin

Price Analysis

  • High: $6753.85 USD
  • Low: $6663.51 USD
  • Major Resistance Level: $6800
  • Hourly MACD: Slightly placed in the Buy region.

Image courtesy of tradingview.com

“I don’t believe any client has sought out crypto exposure,” said Larry Fink, CEO of BlackRock.

The BlackRock news had surged the Bitcoin price to a slightly stronger upward movement on Monday (16th July 2018). As observed from the chart, even though Bitcoin price is currently sporting a little red candle, the overall trend so far continues to be bullish. In fact, according to Trading View, the technical analysis bar at the time of writing shows that the crypto coin is placed slightly in the Buy zone. For some time, last week, the BTC/USD pair had been trading below the $6400 level. So, the break of Bitcoin from this situation to the Bullish zone is a welcome news. At the time of writing, the BTC/USD pair is trading at $6709.98 with the moving average (blue line) pointing at 6428.88 approximately.

As can be observed from the chart above, the BTC/USD had a fair share of downtrends rather than uptrends. However, Bitcoin crossing even the $6600 level yesterday has raised hopes again. Now, it is to be seen whether the pair crosses the $6800 resistance level. But, the present slight downward movement may make the situation more challenging.

Bitcoin Cash (BCH/USD)

Price Analysis

  • High: $809.5 USD
  • Low: $781.9 USD
  • Major Resistance Level: $810
  • Hourly MACD: Placed in the Buy zone slightly and likely to maintain it.

Image courtesy of tradingview.com

Yesterday, after Bitcoin Cash (BCH) had once crossed the $760 resistance level, the crypto coin had quite rapidly moved up to the $780 resistance line and crossed it. At the time of writing, as the chart shows, the BCH/USD pair is trading at $800.4. (As of 17th July 2018) The blue line (moving average) at the time of writing shows 725.22, as can be seen on the chart. There is a chance that Bitcoin Cash will continue to see an uptrend if the present situation continues. The BlackRock news also had a positive effect on the Bitcoin Cash market like on many other crypto coins. This had also created a rising pressure among the buyers and moved the pair to the Buy zone. One can expect Bitcoin Cash to strongly move into this region if the current trend continues. There is also a chance that the pair experience a slight upward and downward movement (daily range) before setting above the $800 resistance level.

The Financial Industry Regulatory Authority (FINRA) and the SEC together had given Coinbase the permission to acquire two more companies—Venovate Marketplace Inc. and Digital Wealth LLC. It was reported by Bloomberg. This may also have a positive effect on the overall cryptocurrency market and continue to keep both Bitcoin and Bitcoin Cash as well as other cryptocurrencies in the green zone.

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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