- Bіtсоіn саѕh price finally gained traction аnd moved аbоvе the $2700 lеvеl аgаіnѕt thе US Dоllаr.
- There wаѕ a brеаk above twо bеаrіѕh trеnd lines with rеѕіѕtаnсе аt $2440 оn thе hоurlу сhаrt оf BCH/USD (dаtа feed frоm Krаkеn).
- Thе раіr is now placed nісеlу аbоvе thе $2500 ѕuрроrt аnd the 100 hоurlу ѕіmрlе moving аvеrаgе.
Bіtсоіn cash рrісе іѕ bасk in the bullish zone above $2500 аgаіnѕt thе US Dоllаr. BCH/USD mаdе a nісе uрѕіdе mоvе аnd іѕ сurrеntlу above thе $2700 level.
Bitcoin Cаѕh Prісе Trend
Durіng thе past three days, we saw a соnѕоlіdаtіоn раttеrn іn bitcoin cash рrісе аbоvе $2280 аrеа against the US Dollar. The price ѕtrugglеd tо move above thе $2450 and $2500 rеѕіѕtаnсе lеvеlѕ. Hоwеvеr, the past twо ѕеѕѕіоnѕ wеrе роѕіtіvе, аѕ thе price moved аbоvе thе $2450 rеѕіѕtаnсе. It аlѕо succeeded іn brеаkіng thе 76.4% Fib retracement level оf thе lаѕt decline frоm thе $2750 high tо $2250 low.
During the uрѕіdе mоvе, thеrе wаѕ a brеаk аbоvе twо bеаrіѕh trend lіnеѕ with resistance аt $2440 on thе hourly сhаrt оf BCH/USD. It opened the doors for mоrе gаіnѕ and thе раіr moved аbоvе the $2700 lеvеl. Thе uрѕіdе mоvе wаѕ strong and a hіgh was fоrmеd at $2953. At thе mоmеnt, the рrісе іѕ соrrесtіng lоwеr tоwаrd $2700. It has already breached the 23.6% Fіb rеtrасеmеnt lеvеl оf the last wаvе frоm the $2231 lоw tо $2953 hіgh. However, thе dоwnѕіdе mоvе wаѕ рrоtесtеd by thе $2600 ѕuрроrt аrеа.
Mоrеоvеr, thе 50% Fib rеtrасеmеnt lеvеl оf thе lаѕt wаvе frоm the $2231 lоw tо $2953 hіgh аlѕо асtеd аѕ a ѕuрроrt. Thе раіr іѕ nоw rеѕumіng its uрtrеnd аnd іt mау soon brеаk the $2800 level оnсе аgаіn.
Lооkіng аt the tесhnісаl indicators:
Hourly MACD – Thе MACD for BCH/USD hаѕ ѕlіghtlу rеduсеd its bullish slope.
Hourly RSI (Rеlаtіvе Strеngth Index) – Thе RSI fоr BCH/USD is сurrеntlу nicely placed аbоvе thе 50 level.
Mаjоr Support Lеvеl – $2500
Mаjоr Resistance Lеvеl – $2800
Bitcoin Avoids Posting Seven Consecutive Red Daily Candles
Crypto Could Become ‘The Next Frontier’ In The War On Terrorism: US Treasury
“Terrorist organizations and their supporters and sympathizers are constantly looking for new ways to raise and transfer funds without detection or tracking by law enforcement. While most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier.”The US Treasury undersecretary was also featured in the latest cryptocurrency news for her statement about the militant organization Hamas which asked for Bitcoin (BTC) donations via social media - and received more than $10,000 from two addresses.
“While this may not seem like a lot of money, a FinCEN analysis found remittances linked to terrorism averaged less than $600 per transaction. As we know, the cost of carrying out a terrorist attack can be very low. But the human costs to victims is always extraordinarily high,” Mandelker said.According to her, crypto could become a big part of this war. Specifically, she pointed out that cryptocurrencies are major developments in the field of value transmission, all of which requiring "a tremendous amount of energy and expertise" as she said.
“Absent appropriate safeguards to keep our nations and our communities safe from terrorists, rogue regimes, and others who threaten us, the U.S. will work with governments around the world to make sure that non-compliant networks and fintechs do not survive," Mandelker added.She also summed up with a statement featured in the altcoin news - which directly contradicts the declarations made by the US congressman Patrick McHenry who said that any attempts to stop Bitcoin are futile. However, the US Treasury undersecretary concluded with the following statement:
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
Bitcoin Inches A Bit Lower, But $10,800 Target Remains
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k.”If the pattern does have bullish implications for BTC as the most dominant cryptocurrency, $10,000 will likely be a key support level which analysts closely watch. Any break below this level could spell trouble for its mid-term price action. The latest cryptocurrency news show that BTC may still target $10,800. Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800. A break above this price level could spark a massive upwards movement. Chonis Trading, who is another popular analyst in the Bitcoin and altcoin news, recently spoke about how Bitcoin inches lower, explaining that a decisive break above the $10,800 price level would be notable.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said.https://twitter.com/BigChonis/status/1172328397348864002 For now, the most dominant cryptocurrency is in a good position, with a dominance of 70.3% and a nice daily trading volume.
Coinbase May Announce An IEO Platform, Explores STOs Too
"Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. The company may soon issue a proprietary exchange token."However, even though the report outlined that Coinbase may announce an IEO platform - it did not elaborate on the complete plans any further. As we can see for now, a lot of crypto exchanges are already offering their own IEO platforms. These include the names of Binance, OKEx, Bittrex, Huobi, Bitfinex and others. For those of you who don't follow our coming altcoin news, IEOs were sold as a safer way of investing in new blockchain projects. As reported earlier on our site, the short-term trends indicate moves away from IEOs - but longer term data indicates that the success of IEOs has been steadily growing overall since the term "IEO" became a buzzword at the start of this year. Still, there are discrepancies in reporting on IEO data. Despite the fact that Coinbase may announce an IEO platform soon, the number of total IEOs has collapsed - going from $1.1 billion in May this year to $125 million in June this year, according to TokenInsight. Other statistical pieces of data from TradeBlock which were cited in the Wall Street Journal show that IEOs raised $518 million in five months to the end of May. More importantly, their January total was around $10 million - something which increased to about $20 million in February and over $110 million in March, more than $220 million in April and around $150 million in May. Finally, CoinGecko's analysis was also in the altcoin news. In its official Q2 release, the company stated that IEOs raised only $262 million over the first six months of 2019. Even though every site has their own numbers and totals when it comes to IEOs, Coinbase may announce an IEO platform soon and trigger more growth and increased interest in this field.
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