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Bitcoin, Bitcoin Cash Price Analysis: What’s the Current Condition?

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Bitcoin

The struggle of Bitcoin in this bearish market continues throughout this week as well. Since its major downfall in January (from $20,000 to $8,000), the number one cryptocurrency is yet to find a way to engineer a major trend reversal. On the other hand, its hard fork Bitcoin Cash seems to gain some ground over the past few days and is looking to bring in some potentially good news for the investors. At the time of writing (i.e. 13th July 2018), Bitcoin is holding the number one position with a price equivalent to $6,257.16 and  BCH is holding the fourth position on Coinmarketcap right behind Ripple with a price of $698.74.

Here, you would find comprehensive price analyses of both of these currencies to have some idea about their probable future.

Bitcoin (BTC/USD)

Price Analysis

  • High: $6284.05USD
  • Low: $6243.53 USD
  • Major Resistance Level: $6,600 USD
  • Hourly MACD: Placed slightly in the sell zone with range bound movement predominantly.

Chart courtesy of tradingview.com

Bitcoin is veering around the $6,200 mark at the moment with a steep bearish trend. Trading experts and crypto-connoisseurs have been speculating that the sudden drop of the crypto-market by 10 billion USD over the past two days has invariably caused this major downfall. At one point, Bitcoin’s price dropped to a figure of $6,150. Although the currency has managed to do some damage control since then, the trend is still a bit bearish. Bitcoin is exhibiting an oversold co0ndition with alarmingly low relative strength index (RSI). As long as the value of RSI does not increase, the struggle of BTC to rebound by attempting a corrective rally is likely to continue. According to many speculators, the only feasible way for Bitcoin to commence a rebound is to reach the $6,600 as soon as possible. Fortunately, the market sentiment of such coins change in the blink of an eye and the difference between the moving averages is slowly decreasing. Once BTC reaches the major resistance level, the traders can expect a reversal in the current bearish trend.

Bitcoin Cash (BCH/USD)

Price Analysis

  • High: $706.60 USD
  • Low: $684.60 USD
  • Major Resistance Level: $780 USD
  • Hourly MACD: Placed slightly in the buy zone.

Chart courtesy of tradingview.com

Unlike Bitcoin, its first hard fork BCH is showing some improvements in its price chart over the past few hours. At the moment of writing, the price of Bitcoin Cash is revolving around the $ 700 mark with a bullish trend. Also, over the past week, this coin has managed to place itself in the buy zone. On implementing the Fibonacci Retracement Tool, we would be able to observe that the difference between the moving averages is decreasing thereby bespeaking the fact that this new bullish trend is likely to sustain for the next few days at least. Also, the RSI is on the higher side which also indicates a bullish run.

To sum up, this is looking good for the BCH holders at the moment with its bull run. However, for BTC holders, the scenario is a bit bleak. But as we all are aware of the volatile nature of this market, it is only a matter of time before Bitcoin exhibits a reversal in its current price trend.

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

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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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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