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XRP Bitcoin Cash (BCH) Price Analysis: Something’s Brewing

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XRP
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All markets are basically cyclical in some sense, in that they have up periods and down periods and that they are tied to other markets in inextricable ways. As we consider the action today in XRP and Bitcoin Cash (BCH), it will be important to keep this in mind.

Here are two very different markets that have both thrived on some level given their status as two of the higher market cap coins in the world. But recent action has demonstrated some very different technical accomplishments and obstacles in play for participants in these markets at the moment.

XRP

Price Analysis

  • High: $0.45638
  • Low: $0.45237
  • Major Resistance Level: $0.50
  • Hourly MACD: Tight Consolidation

Chart courtesy of tradingview.com

XRP has been locked in an incredibly tight range over the past nine days, centering itself around support at the $0.45 level. We have identified this level in the past as absolutely critical for this coin.

For traders with high exposure levels to XRP, a dip lower from here to challenge the $0.42 level once again would likely be a relatively scary ride. It’s something like tiptoeing along the edge of a cliff at this point.

However, we would take heart in the fact that it has tiptoed along this cliff successfully a great deal over the past month. And it is no worse for wear.

In fact, we would argue that there is likely plenty of weak-handed money that has probably already been chased out of positions in XRP during that time, and would, therefore, be highly susceptible to a FOMO rally if XRP begins to break back higher and challenge the $0.50 level anytime soon.

Bitcoin Cash (BCH)

Price Analysis

  • High: $828.22
  • Low: $814.61
  • Major Resistance Level: $900
  • Hourly MACD: Brewing Momentum

Chart courtesy of tradingview.com

As noted above, Bitcoin Cash (BCH) has been a little bit more impressive over recent weeks, stretching itself well above $700 support, breaking above its 50-day simple moving average, and putting into play the potential for a breakout above multi-month range highs around the $900 level.

This is a relatively impressive tactical set up at the moment. It suggests the possibility that a major breakout here could be brewing. However, correlation levels do dominate things for this coin and it must be appreciated that this is not going to likely act all on its own.

That being said, one can’t argue with potent combinations of causal factors appearing on the charts in tandem. Confluence is an important characteristic for technicians, and the factors in play for Bitcoin Cash (BCH) scream of confluence right now.

What we’re seeing here is a clear series of higher lows and the formation of a breakout level that could trigger and suck in a lot of new money looking for some way to get involved in an outperforming asset in a newly performing asset class.

Ultimately, the outside upward target on an initial breakout in BCH could be as high as $1100. Keep an eye on this one.

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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