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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

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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