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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

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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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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