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.
- 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.
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)
- High: $706.60 USD
- Low: $684.60 USD
- Major Resistance Level: $780 USD
- Hourly MACD: Placed slightly in the buy zone.
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.
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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
Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
6 Blockchain Predictions For 2019
As 2018 moves closer towards its end, investors, developers, and tech enthusiasts are starting to turn their gaze towards the future. 2019 is less than two months away, and it promises new breakthroughs and large changes. This is especially true when it comes to blockchain technology.
While 2018 was an important year for this technology’s development, many are wondering what awaits us in the near future. Because of this, we have created a list of 6 predictions regarding the blockchain, as well as what might happen to it in 2019. Let’s begin.
1. Search for new and better business use cases
Blockchain technology is wrongly seen by many as a magical way to resolve all issues that we struggle with today. However, while it is true that blockchain can help with a lot of them, there are still numerous other problems that are better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.
Researchers and developers have recognized this, which is why 2019 will be dedicated to finding specific use cases for blockchain technology. Blockchain will be used in situations where it can have the strongest positive impact. In other words, the goal is not to find places where this tech can fit, but to find places where it is the best fit.
2. Fixing blockchain industry’s image
For a lot of people, blockchain…
TRON DEX Goes Crazy, TRX Founder Asks For More Projects
Less than a week ago, TRON (TRX) community uncovered a new DEX (decentralized exchange) on Tronscan.org. Since TRON community is among the strongest and most supportive communities to ever support a coin, trading activity on this DEX quickly skyrocketed.
So much so, in fact, that TRON’s founder, Justin Sun, felt that he should share this fact on his Twitter account.
— Justin Sun (@justinsuntron) November 13, 2018
TRON DEX sees massive growth in activity
Since Sun shares a lot of traits with TRX community, such as tirelessness and fascination with this project, he was quick to urge the community to come up with additional tokens and projects.
While Sun’s statement that the activity on the DEX is “going crazy” is pretty accurate, many do not realize just how accurate this is. It should be pointed out that the number of tokens on the exchange was 3 on November 10th, when the DEX was originally uncovered. Today, on November 13th, the number of available tokens has doubled.
In addition, 4 out of 6 trading pairs offered on the exchange have experienced significant gains, with the remaining two experiencing only slight drops. The growth was experienced by Dice/TRX (146%), TronWatchMarket/TRX (8.27%), WIN/TRX (89%), and SEED/TRX (1.73%). The drop was experienced…
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