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XRP Bitcoin Cash (BCH) Price Analysis  — Fourth Time’s a Charm?

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XRP
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As the narrative of recent action continues to plot itself out across the cryptocurrency market landscape, we see a number of coins intensifying their dramas where critical price levels are concerned.

Our focus today will be to look at two coins – XRP and Bitcoin Cash (BCH) – that represent very poignant examples of this technical phenomenon on the charts.

XRP

Price Analysis

  • High: $0.448
  • Low: $0.43228
  • Major Resistance Level: $0.45
  • Hourly MACD: Rolling Over

A close examination of the chart for XRP will reveal the critical nature of support at the $0.43 level. Since late June, we have tested this level four distinct times, with the coin finding a renewed bid of support in every instance.

For technicians, this is actually a relatively rare concept: as a rule of thumb, one does not anticipate the potential of a quadruple bottom. Generally speaking, the fourth time is generally a very unlikely bet for support.

However, XRP managed to find that support once again over the past 24 hours, revealing a continued strong supportive bid at the level, and sending the coin sharply back up to test newly established resistance at the $0.45 level.

This suggests the possibility that accumulation at this level is from deep pockets with a strong resolve to continue collecting reserves of XRP based on some level of conviction that higher prices loom on the horizon.

That said, no matter how strong the support level may be, XRP HODLers will no doubt be hoping they don’t need to weather a fifth test of the level.

Bitcoin Cash (BCH)

Price Analysis

  • High: $772.82
  • Low: $746.07
  • Major Resistance Level: $770
  • Hourly MACD: Rolling Over

Bitcoin Cash (BCH) has been an example of relative strength during the course of the action over the past month, with a sharp 30% rise in the middle of July, and what appears to be relatively strong support now in place between $735 and $750.

A move back above $780 would represent a breakout to retake the 50-day simple moving average and get the $900 level back in the sites for those exposed to Bitcoin Cash (BCH).

If we do see a break back to the downside, all eyes will be on the $650 level, where we saw a double bottom from between the June lows and the July lows in a move that leveraged a bullish divergence in the 14-day RSI oscillator in BCH.

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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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