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Bitcoin, Bitcoin Cash Price Analysis: Pausing for Direction

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Bitcoin
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Bitcoin, experiencing bull run, moved beyond $7300 USD and shows positive signs.

Bitcoin Cash showed a decline after reaching the $840 level and is correcting its position.

Bitcoin (BTC/USD)

Price Analysis

  • High: $7414.85 USD
  • Low: $7281.42 USD
  • Major Resistance Level: Near $7600
  • Hourly MACD: Placed in the Buy region with a positive attitude.

Chart courtesy of tradingview.com

“I think then you will have something that will end up being somewhere around $20,000-$40,000” Marc Lasry, co-founder of Avenue Capital Group on CNBC regarding Bitcoin price.

The BTC/USD pair is currently in the mood of setting a short-term bullish flag pattern where the support slightly above the $7300 level, as can be observed from the chart. Bitcoin (BTC) has been gradually progressing towards the green from 14th July 2018, and the BlackRock news seems to have strengthened it on 16th July when the price surged upwards to a little above $6730 USD.

At the time of writing on 19th July 2018, the price action of the BTC/USD pair shows an uptrend even while it keeps consolidating the position. At the time of writing, as can be seen from the chart, the price of Bitcoin shows $7380.02 USD. The moving average (blue line) marking at 6695.1433 indicates the price, at least for the time being, is most likely to move upward.

Yesterday, the weak support at the $7400 level had failed to gain strength and had thus required lower corrections. This had made the space a little more volatile with the formation of slight bearish trends today some time. The corrections will most likely continue until the price settles strongly above the major resistance line near the $7400 level. Meanwhile, the hourly MACD shows that the crypto coin is placed slightly in the Buy region.

Bitcoin Cash (BCH/USD)

Price Analysis

  • High: $831.2 USD
  • Low: $803.4 USD
  • Major Resistance Level: $900
  • Hourly MACD: Placed slightly in the Sell region.

Chart courtesy of tradingview.com

Holding onto the green candles till 17th July 2018 from 13th July 2018, the BCH/USD pair had shown bearish signals yesterday. At the time of writing, however, the price of Bitcoin Cash (BCH) shows $824.9 USD and is sporting a small green candle. As of now, it can be said that the pair is testing the $800 support region.

On 17th July, the Bitcoin Cash price had reached above the $850 resistance against the US dollar. A high had formed neared the $890 level with an eye on the $900 resistance level. The chances of continuing in the upwards direction for the BCH/USD pair depends on how it strengthens on the $800 support line, currently.

The moving average (blue line), at the time of writing, marks at 757.2333. This also indicates that the pressure has bordered on the sellers that have placed the crypto coin slightly in the Sell region. If the position strengths then, it will again create a pressure on the buyers.

Both Bitcoin (BTC) and Bitcoin Cash (BCH) are correcting their positions against the US Dollar at the time of writing and is trying to create a stronger support line.

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

Stepping off the rollercoaster: Why I’ve fallen out of love with Bitcoin

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Bitcoin
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The very word Bitcoin has almost become synonymous with that of cryptocurrency. It’s basically just a medium of conducting digital transactions – it’s a virtual currency and one of many. So how has it taken on a definition of its own and asserted itself as a leader in the digital financial ecosystem?

Bitcoin has been crowned king of altcoins, probably because it was one of the earliest and most successful of its kind. The trendsetter has ushered in a wave of cryptocurrencies built on decentralised P2P networks and has inspired a growing number of followers and spinoffs. But is Bitcoin struggling to keep up with the newcomers who have made considerable developments to the stability, security, and usability of the crypto world?

The supporting case for Bitcoin has been a clear one. Its pioneering infrastructure has situated it in a position of dominance in the altcoin realm. Bitcoin has a proven usage case as a store of value. Having existed over 8 years without failure, it has a large lead over most altcoins and has withstood the test of time as younger counterparts join the market. However, it seems to be on a downward slope, or at the very least, not progressing at the speed of the market.

In May this…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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