Connect with us

Blogs

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

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

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!!

For the latest cryptocurrency news, join our Telegram!

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

Blogs

Reasons Why You Are Much Safer When Crypto Trading on Dexes

Published

on

DEXes
READ LATER - DOWNLOAD THIS POST AS PDF

While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

Continue Reading

Blogs

Crypto Billionaire Predicts Massive Price Growth by 2021

Published

on

crypto billionaire
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

Continue Reading

Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

Published

on

TokenRoll
READ LATER - DOWNLOAD THIS POST AS PDF

Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

Continue Reading

Elite