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Bitcoin, Bitcoin Cash Price Analysis: Marking the Green

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Bitcoin
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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

Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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cryptocurrencies
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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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Bitcoin

4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now

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Bitcoin rally
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After more than a year of declining prices, the crypto market is finally seeing a period of serious recovery — one that has already brought digital currencies to heights not seen in over half a year now.

Only days ago, Bitcoin surged past several major resistance levels and managed to exceed its yearly high of over $8,000. Already, many skeptics are predicting the soon end of the bull run, and the possibility of yet another sharp decline. However, there are signs that suggest otherwise — that this bull run is only getting started, and that it will not end anytime soon.

There are four reasons why this is the case, and they are as follows:

1) Bakkt

There is the long-awaited Bitcoin futures exchange, Bakkt, which recently announced that the July test date for Bitcoin futures is soon to be set. Bakkt’s launch was delayed multiple times already, so the announcement came as quite a surprise. However, it appears that it will happen quite soon, after all.

As soon as its arrival becomes a certainty, Bitcoin will likely skyrocket even further, just like gold did when gold ETF appeared in 2013.

2) Bitcoin completely ignored the hacking of Binance

Binance has been the largest crypto exchange by trading volume for a while now, and as such, many expected that, if anything were to happen to it, Bitcoin…

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Bitcoin

The New Rally Has Arrived: Crypto Market Cap Goes up by $24 Billion Within a Day

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crypto market
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The crypto market’s recovery progresses further, and at a rapid pace, at that. Bitcoin has just surpassed the $8,000 mark, which is the first time its price has been that high since July of last year. In addition, the entire crypto market is making billions within hours.

Bitcoin (BTC) sees another serious surge

In the past 24 hours, the total crypto market cap has gone up by around $24 billion. Meanwhile, BTC price has grown by $1,000 within the same period, as the largest coin traded barely above $7,000 on early Monday. At the time of writing, the coin’s price sits at $8.014.31, with a 14% growth in the last 24 hours. Meanwhile, the BTC market cap has gone up to $141.85 billion, and even the coin’s trading volume surged to over $31 billion.

While many are wondering whether this is a return to the massive heights seen back in 2017 or only a temporary surge which will soon see a correction — no signs of an upcoming decline have been noticed as of yet. In fact, new heights were made and then exceeded multiple times in the past week, with a massive 33% gain during that time. And, with Bitcoin’s dominance at 60%, many are expecting that massive altcoin surges are to be expected as well.

The growth of altcoins can already be seen, as Bitcoin

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