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Bitcoin, Bitcoin Cash Price Analysis: Trading in the Green

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Bitcoin
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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

Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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