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Bitcoin Cash (BCH) Technical Analysis – Nothing Good Happens Below The 200 Day Moving Average

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After bottoming out in early April at the 600 level, Bitcoin Cash (BCH) put in a spectacular run for the roses appreciating three-fold topping out earlier this month at 1849. Yet has since found the going challenging and once again trading below its 20 (yellow line) and 200 (red line) day moving averages, while BCH attempts to hold the line at its 50DMA (blue line) as we can witness in the Chart below:

As we can observe from the daily chart above, BCH finds itself trading beneath its 20 and 200DMA’s and attempting to maintain its 50DMA. In addition, we can also see that BCH presently resides in a former congestion zone from the February through early March time-frame within the shaded area acting as potential support.

While BCH has yet to violate short-term support located at the 1128 level, when weighing all of the evidence taking place, such as trading below both its 20 and 200DMA’s as well as the overall market climate, the likelihood of BCH breaching its 50DMA and testing the 1128 figure remains a viable possibility and probability particularly with cryptocurrency conditions as slippery as they are at present.

When zooming-out to the Weekly Chart above, we can also observe that BCH is trading within a triangle formation and perhaps more importantly, just how critical the 1128 potential support level is as it dates back to the week of 11/20/17.

Taking all of the above into consideration, both the action on the daily and weekly time-frames (charts), both investors and traders alike may want to pay close attention to the action in BCH moving forward.

With that said, let’s take a closer look at specific levels that may provide further clues/evidence in order to ascertain which direction BCH may have in store in the forthcoming days/weeks ahead.

If, at any time in the days ahead BCH is unable to hold its 50DMA, which as of this writing, finds itself ticking slightly below, the probability of a test at the aforementioned potential support level of 1128 would certainly come into ‘play’.

Should the 1128 level ‘give way’ at any time in the days/weeks ahead, such development, should it materialize, would be extremely concerning as that would likely set the stage for a possible move into Tier II support, which can be found at the 950-1000 zone.

However, should BCH be capable of holding both its 50DMA (1162) and staving off a test of the 1128 level as well and can turn the tides north, a move that clears the 1313 and perhaps more importantly, the 1357 figure, would surely be an encouraging step from a short-term perspective, in righting the ship.

Nevertheless, BCH presently finds itself, as do many in the cryptocurrency universe, at a key inflection point attempting to stem the bleed lower. As the saying goes, “Nothing good happens below the 200-day moving average”, and that’s precisely where we find numerous names presently residing.

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

What is Bitcoin IRA and Which Ones to Consider Using in 2019

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As Bitcoin, and cryptocurrencies in general, continue to advance in the world of modern finances, many are finding new use cases for this form of money. Although cryptocurrencies still have limited use cases, many of them are finding new ways to be useful, which will give them an advantage and secure their long-term survival.

Bitcoin, for example, already has numerous use cases, including purchases of goods and services, crypto trading, loans, savings, and more. Another of its use cases includes individual retirement accounts or IRAs. Simply put, this represents an account that individuals can open at a number of financial institutions, and use it to save money for their retirement.

Many choose to open these accounts due to lower taxes, which allow them to save up more. IRA comes in several types, including traditional IRA, rollover IRA, and Roth IRA. Traditional IRA is as simple as it sounds — users simply open an account and start adding money that they can afford to deduct from their income.

Rollover IRA includes “rolling the money over” from the qualified retirement plan to the IRA, while Roth IRA allows users to deposit after-tax money which can then grow completely tax-free

Bitcoin IRAs work pretty much in the same way, except you deposit Bitcoin instead of traditional currencies. While some of the older, traditional IRAs have decided to expand their businesses in…

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Why BlocPal Is the Easiest Way to Accept Cryptocurrency

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The face of the retail industry is always changing.

E-commerce is one of the fastest growing trends worldwide, and for good reasons.

It’s convenient, secure, and is effective at connecting merchants with interested shoppers from across the world.

For this reason, it’s no surprise that online shipping is expected to overtake brick-and-mortar stores globally by 2021, making it the world’s largest medium for retail. As the industry changes, it’s important for retailers to keep up with the latest technology so they’re able to accommodate more customers at once. This is where BlocPal comes in.

BlocPal offers business owners an easier way to process payments

BlocPal understands that not every business owner adapts to technology at the same rate. As such, BlocPal has been designed to optimize transactions for both online and brick-and-mortar companies so that every retailer can enjoy the benefits that come with the world’s first true multi-currency payment solution.

With BlocPal, business owners can enjoy the following benefits:

    • The ability to process payments in fiat (USD and CAD) currency as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, and Ethereum. Expect more currencies to be added as BlocPal…
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Bitcoin Grows Beyond $4,000

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Bitcoin grows beyond $4000
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Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.

At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.

Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.

The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.

Bitcoin’s behavior in the new year has mostly been positive, which is a trend that originally started on December 17th, 2018. After a month and a half of constant losses, which have brought…

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