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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

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The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

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The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

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