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Bitcoin, Bitcoin Cash Price Analysis: What’s Happening?

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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.

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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

Why Chinese New Year Affects Bitcoin (BTC)

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Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.

The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.

The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?

China and Bitcoin

Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…

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Bitcoin

EO.Finance Launches Highest Paying Crypto Referral Program of 2019

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The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.

 

Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.

 

The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.

 

Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…

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Is Bitcoin (BTC) Ready for Another Surge?

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It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.

Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.

Projects that could have sparked the next rally

As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.

One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…

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