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XRP Bitcoin Cash (BCH) Price Analysis: The Fork in the Road

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XRP
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Clearly, we are seeing some tidal changes across the cryptocurrency asset class from a bird’s eye view. Right now, we have at hand what must be seen as a defining moment for many different large market cap coins.

In the piece below, we are going to focus closely on XRP and Bitcoin Cash (BCH), not only because they are highly interesting potential opportunities in and of themselves, but because they also exemplify some of the dynamics going on that define the space as a whole.

XRP

Price Analysis

  • High: $0.43655
  • Low: $0.42535
  • 24-Hour Volume: $187.82M
  • 7-day Percent Change: -3.69%

Chart courtesy of tradingview.com

XRP is extremely interesting right now because, more than anything, this coin is showing an almost impossible resiliency in terms of its ability to hold critical support around the $0.43 level.

We have seen seven separate instances of extremely strong support form between the $0.42 and $0.43 levels in XRP over the past five weeks. It has been an extraordinary show of powerful support that clearly marks out a binary outcome with profound implications.

I say there are two possible outcomes here. And only a fool – who, as we know, is easily parted from his money – would suggest anything else. In fact, this is the essence of technical analysis: one must remain empirical and objective, and avoid becoming married to one side or the other of the tape.

While it has been impressive to see the support level hold, if it fails to do so on the eighth attempt, the results could be rather disastrous for those XRP HODLers who have no exit plan at all. Yet, at the same time, for those who gave up on the seventh check of support (or the sixth, fifth, fourth, or third), they may feel equally as bad when they see this back above the $0.50 level.

In other words, as we see these types of repeated proofs of a level, the emotion surrounding one outcome or the other intensifies because the attachment to one’s views of how this will work out intensifies by equal measure.

This will be key to watch.

Bitcoin Cash (BCH)

Price Analysis

  • High: $719.74
  • Low: $691.99
  • 24-Hour Volume: $312.81M
  • 7-day Percent Change: -12.79%

Chart courtesy of tradingview.com

Bitcoin Cash (BCH) has been a very interesting process under development. We have seen this coin lead during certain periods over the past month and lag during others.

At this point, the coin has fallen back solidly below its 50-day simple moving average, but has already triggered an oversold reading on the 14-day RSI – and has done so well above its lows from late June. This could be important as something like a bullish divergence.

At this point, Bitcoin Cash (BCH) is beginning to trigger a possible “buy signal” on the MACD indicator following its hold of support at the $685 level.

This is actually an important level marked by the shoulders of a short timeframe inverted head-and-shoulders pattern that we saw come into construction around the pivot lows toward the middle of July.

As we attempt to mark out the boundaries of a possible bounce in Bitcoin Cash (BCH) over the coming hours and days, we would look for a possibly important challenge of resistance at the $740 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

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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