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XRP Bitcoin Cash (BCH) Price Analysis – Some New and Interesting Signals

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XRP
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For technical analysts, especially those that one might call “purists”, the process of evaluating the market does not even include recognition of what that market is. A market is a market – it’s an emotional crowd of people.

Hence, the goal is to factor out that which is consistent across time and across assets: people are people. We do in fact see recurring patterns of behavior exhibited in markets time and time again. And that’s the very value at the heart of technical analysis. For traders heavily involved in the cryptocurrency complex, this tool may be more valuable than ever at this point. Volatility is high, emotion is high, and market efficiency is low. That’s almost the very definition of opportunity in trading.

Today, we take a closer look at XRP and Bitcoin Cash (BCH) once again in search of clues creeping into the action that may give us a sense of edge in predicting what these charts may look like around the next corner.

XRP

Price Analysis:

  • High: $0.46190
  • Low: $0.44799
  • Major Resistance Level: $0.50
  • Hourly MACD: Emerging Upside Momentum Potential

Chart courtesy of tradingview.com

In XRP, we are beginning to see some interesting new signals. First off, it would appear as though key support held over the prior weekend action at the $0.42 level, which was followed by a key technical breakout to the upside.

This is an encouraging sign provided it continues to hold as the action moves forward.

As we have noted with this coin, the real breakout level that could define a new wave higher would be a move back above the $0.50 level. Such a move was attempted and resulted in a technical failure early on in July and again last week.

The tail left by those bars on the chart now represent the trigger point for a potential major chasing bid should the coin move above that level as we progress through the end of the month.

At this point, bulls in XRP will have to hang their hat on the fact that this coin did manage to hold its key support level when under pressure, further defining the possibility that the $0.42 level represents a key accumulation level where deeper-pocketed players are consistently getting involved.

Bitcoin Cash (BCH)

Price Analysis:

  • High: $833.20
  • Low: $781.20
  • Major Resistance Level: $875
  • Hourly MACD: Emerging Upside Momentum

Chart courtesy of tradingview.com

The action in Bitcoin Cash (BCH) has been relatively encouraging over recent days. The coin has managed to form at least the potential for a higher low relative to its late June dive down to near test the $600 level.

The concept of a higher low being put in place relative to that late June level is extraordinarily important. A move back up to the $800 level has constituted a decisive bullish break of the downward trend line that has defined this coin since its all-time highs logged back in December 2017. You can see this line shown in red in the image above.

If we get this pairing on a sustained basis – a higher low, a break of a downtrend line, and a move that comes in context defined by an extreme oversold state in the 14-day RSI logged back in late June – this would have the makings of a possible inflection point on the chart that could be more important than any that we have seen in a while.

This is by no means a guarantee, but it does represent a signal potentially worth acting upon with defined risk in Bitcoin Cash (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.

Charts courtesy of tradingview.com

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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