Bitcoin, Bitcoin Cash Price Analysis: What’s Happening? - Global Coin Report
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Bitcoin, Bitcoin Cash Price Analysis: What’s Happening?

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Bitcoin

Bitcoin (BTC) is travelling below immediate resistance $6,400 (68.2% Fibonacci).

Bitcoin Cash (BCH) price fell below $700 and continues to sport a bearish trend.

Bitcoin (BTC/USD)

Price Analysis

  • High: $6345.3 USD
  • Low: $6286.3 USD
  • Major Resistance Level: $6400
  • Hourly MACD: Placed slightly in the Sell zone.

Chart courtesy of tradingview.com

At the time of writing, Bitcoin (BTC) had already dropped well below the $6400 USD level to $6345.3 USD and the market sentiment is largely bearish. (As of 11th July 2018) The price action of BTC/USD pair, as observed from the chart, shows that it had started falling after a slight upward movement over the weekend, and had dropped yesterday from nearly $6696.06 to almost $6307.64. Comparatively, the cryptocurrency is trying to recover a little bit today with approximately 0.69% (24h) rise at the time of writing.

The price of Bitcoin had dipped below $6000 level by the end of June but, the bulls had taken over at the beginning of July. This had given a little hope to the investors. As can be seen on the chart, it was quite close to the $6800 level but the price movement had trespassed the support areas at $6600 and $6400. Even though the declines seem to have paused above the 50% Fibonacci retracement, there seems to be another rising wedge pattern that may end in more declines in the medium-term.

Bitcoin Cash (BCH/USD)

Price Analysis

  • High: $688.2 USD
  • Low: $84.7 USD
  • Major Resistance Level: $735
  • Hourly MACD: Very slowly moving towards the Bullish zone.

Chart courtesy of tradingview.com

The price of BCH/USD pair is experiencing a major bearish trend and has gone beyond the $700 level. Even if the pair corrects in the short-term it is still unsure whether the price will move to create a major uptrend. Yesterday, the Bitcoin Cash market had experienced a sharp downfall in price, from a little above $750 to nearly $684. The price of Bitcoin Cash at the time of writing shows $688.2 USD while the market tries to recover a little, nearly 0.15% (24h) increase. (As of 11th July 2018)

According to the chart, resistances have formed above the $706 level with $710 (previous support) being a key barrier at the moment. Chances are there that the price of the BCH/USD pair can move beyond the $710 level. The major resistance is formed at the $735 level based on the hourly chart and the same trend line is quite close to the 50% Fibonacci retracement level. As the 100 hourly SMA is positioned near resistance line $735, if the price moves uptrend and reaches the level then it is more likely to face some challenges. The upside is that if the price steadies itself above the $710 level there is a chance of formation of a stronger uptrend. It is also to be seen how the news of the upcoming Bitcoin Cash hard fork in November 2018 (released today) will affect the market.

The Fibonacci retracement levels for both Bitcoin and Bitcoin Cash at the moment shows there is still a chance of recovery for the crypto coins and move into the bullish 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

Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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Altcoins

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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