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Ripple (XRP) Bitcoin Cash (BCH) Price Analysis – An Unfamiliar Problem

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Ripple

Cryptocurrency traders have an interesting problem in recent action: at long last, needing to make the adjustment from bearish assumptions to bullish assumptions as far as near-term technical action is concerned.

This can actually be a bigger problem than it sounds. Our minds get trained to extrapolate our recent experiences. This is called a “recency bias”. And it can be a major hurdle for those seeking to profit from tried and true technical setups such as the ones we will look at below.

Today, we’re going to take a look at the recent action and longer-term patterns for Ripple (XRP) and Bitcoin Cash (BCH) with an eye on determining near-term potential.

Ripple (XRP)

Price Analysis:

  • High: $0.46364
  • Low: $0.45829
  • Major Resistance Level: $0.50
  • Hourly MACD: Emerging Upside Momentum Potential

Chart courtesy of tradingview.com

As we take a look at the chart for Ripple (XRP), the most salient factor is unquestionably the broad supportive pattern along the $0.45 level.

The other key factor to note here is the upside potential if we are to see this coin break through the $0.50 level from here.

Support has been well-established between $0.42 and $0.45. We have a variety of different indicators supporting that hypothesis, including oscillator divergences and candlestick patterns – just take a look at the chart above and note all of the long-tailed doji’s sticking to the downside at support in both April and over the past month.

At this point, Ripple (XRP) is in a face-off with the $0.50 level, where it has strong pattern resistance as well as a declining 50 day simple moving average at chart confluence.

If we see a punch above this level, it may well be off to the races for Ripple (XRP).

Bitcoin Cash (BCH)

Price Analysis:

  • High: $842.10
  • Low: $831.10
  • Major Resistance Level: $875
  • Hourly MACD: Emerging Upside Momentum

Chart courtesy of tradingview.com

Bitcoin Cash (BCH) is clearly tagged along with recent strength in Bitcoin – its older brother. The most notable recent development for Bitcoin Cash (BCH) is the punch above the key 50-day simple moving average in confluence with the all-important $800 level.

The move above this level and above the moving average constitutes a potential pattern break that pushes this chart into a new bullish context.

It will be critical to see Bitcoin Cash (BCH) maintain this new tone and not slide back under the $775 level, where sloped support could bring about a flush of newly minted long side traders.

If this is a trading range in play in 2018, then the potential here is extraordinary, with the next level resistance miles above at the $1200 level.

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

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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