Bitcoin, Bitcoin Cash Price Analysis: Trading in the Green - Global Coin Report
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Bitcoin, Bitcoin Cash Price Analysis: Trading in the Green

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Bitcoin

Bitcoin is going strong and has crossed the major resistance level of $8000 for the first time since May 2018.

Bitcoin Cash has broken the barriers at $820 and $840 resistance levels and continues to show a stronger uptrend.

Bitcoin (BTC/USD)

Price Analysis

  • High: $8341.83 USD
  • Low: $7695.99 USD
  • Major Resistance Level: Near about $8400
  • Hourly MACD: Placed in the Buy region.

Chart courtesy of tradingview.com

Bitcoin has jumped from yesterday’s high of $7809.00 to a whopping high of $8341.83 against the US Dollar so far today. From 14th July 2018 onwards, the price of Bitcoin (BTC) has been experiencing an uptrend largely with short-term pressure on the sellers. Since almost the beginning of January 2018, Bitcoin and many other cryptocurrencies market had been affected by the drop in prices. So, this surge experienced by the crypto coin today can be expected to bring in more investors and create a stronger pressure on the buyers. This will keep the BTC/USD pair in the green and the pair will then continue with the uptrend.

At the time of writing, the price of Bitcoin (BTC) shows nearly $8340.00 against the US Dollar. (As of 24th July 2018). The moving average (blue line) is currently marking at 7454.7967. This too indicates that the price of the BTC/USD pair has more or less strengthened itself near the $7500 level. It is to be seen whether the BTC/USD price will reach the major resistance level near about $8400. If Bitcoin finds support above $8050 then, it can be expected to provide anchorage in case there is a trend reversal.

Bitcoin Cash (BCH/USD)

Price Analysis

  • High: $876.4 USD
  • Low: $772.0 USD
  • Major Resistance Level: Near about $870
  • Hourly MACD: Placed slightly in the Buy region.

Chart courtesy of tradingview.com

The BCH/USD pair had been featuring a short-term uptrend again from 13th July 2018 and continued till 17th July 2018. After that, as observed from the chart, there has been a pressure on the sellers and Bitcoin Cash had experienced a price drop. On 20th July 2018, the BCH/USD pair had experienced a drop to $760.6 from the previous day’s high of $803.4. On 22nd and 23rd the market was also bearish for Bitcoin Cash.

Today, again the price of BCH has surged so far to $869.8 against the US Dollar. (At the time of writing, as of 24th July 2018) The moving average (blue line) is currently marking at 810.4444. This has created a pressure on the buyers that make the technical analysis from Trading View to place the crypto coin slightly in the Buy region. The market for BCH/USD pair at the time of writing is bullish and a comparatively large green candle has formed beside the past two days’ short bearish red candles. Tomorrow again a pressure may form among the sellers and push the price down a little bit, as of now the uptrend is going quite strong. It may also happen that the price action of BCH/USD continues to feature a stronger uptrend. Let’s wait and see for the moment.

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

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Bitcoin

The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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