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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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Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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