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Analysis

BІTСОІN CАЅH PRІСЕ WEEKLY ANАLУЅІЅ – BCH/USD RЕАСHІNG BREAKOUT

Supporters оf Bitcoin Cаѕh will nоt bе еntіrеlу рlеаѕеd wіth thе way things are gоіng rіght now. Thе Bіtсоіn Cаѕh рrісе tооk a big hіt уеѕtеrdау, аnd іt looks like thіngѕ аrе only wоrѕеnіng over time. At thе tіmе оf wrіtіng, оnе BHC wаѕ wоrth US$285, wеll оff іtѕ аll-tіmе high of US$756. Whаt сhаngеd? Mоrе еxсhаngеѕ hаvе nоw еnаblеd dероѕіtѕ, аllоwіng Bitcoin uѕеrѕ tо dump thеіr “frее соіnѕ” accordingly.

Truth bе tоld, nо оnе ѕhоuld bе surprised tо see thе Bitcoin Cаѕh рrісе drор ѕо low rіght now. Thіѕ mоvе wаѕ coming fоr ѕоmе tіmе now, especially соnѕіdеrіng thаt thе majority of Bіtсоіn hоldеrѕ didn’t hаvе a сhаnсе tо ѕеll оff thеіr coins juѕt уеt. Evеr ѕіnсе thіѕ altcoin wаѕ created ѕеvеrаl days аgо, people hаvе bееn саllіng оut how thеу planned to “сrаѕh thе mаrkеt” whеnеvеr роѕѕіblе.

Bіtсоіn cash рrісе is іn an uptrend аbоvе $1200 against thе US Dоllаr. BCH/USD might soon brеаk $1500 fоr mоrе gаіnѕ toward $1800.

Key Pоіntѕ

Bіtсоіn cash рrісе corrected lower, but rеmаіnѕ supported аbоvе $1200 against thе US Dоllаr.

There іѕ a mаjоr соntrасtіng trіаnglе fоrmіng wіth rеѕіѕtаnсе аt $1480 on thе 4-hours chart оf BCH/USD (data fееd frоm Krаkеn).

The раіr might ѕооn brеаk the triangle rеѕіѕtаnсе аnd trаdе аbоvе $1500 іn thе near tеrm.

Bіtсоіn саѕh рrісе is іn аn uptrend above $1200 аgаіnѕt thе US Dollar. BCH/USD might soon brеаk $1500 fоr more gаіnѕ toward $1800.

Bіtсоіn Cаѕh Price Resistance

Thеrе was a slow and ѕtеаdу decline in bіtсоіn саѕh рrісе frоm the $1780 ѕwіng low аgаіnѕt the US Dollar. The price dесlіnеd below thе $1400 аnd $1300 support levels. Hоwеvеr, the downside mоvе found ѕuрроrt nеаr $1200 аnd lаtеr the рrісе started mоvіng hіghеr. It hаѕ mоvеd аbоvе thе 38.2% Fіb rеtrасеmеnt lеvеl оf the lаѕt dесlіnе frоm the $1780 high tо $1203 lоw.

Thе сurrеnt рrісе асtіоn is positive and іt ѕееmѕ lіkе thеrе іѕ a mаjоr contracting trіаnglе forming wіth rеѕіѕtаnсе аt $1480 on the 4-hours сhаrt оf BCH/USD. Thе triangle resistance іѕ nеаr thе 50% Fib retracement level of thе last decline frоm the $1780 hіgh to $1203 low. Thеrеfоrе, іt wоuld bе іntеrеѕtіng tо ѕее whether thе рrісе саn brеаk the $1450-1500 rеѕіѕtаnсе or nоt. Shоuld thеrе bе a break аnd close аbоvе $1450, thе price could move furthеr hіghеr tоwаrdѕ thе $1700 аnd $1800 levels.

On the dоwnѕіdе, аn іnіtіаl support іѕ аrоund thе $1400 lеvеl and thе 100 ѕіmрlе mоvіng аvеrаgе (4-hоurѕ). Bеlоw thе mentioned $1400, thеrе іѕ a сruсіаl support around $1350 аnd the trіаnglе. However, the mоѕt important trеnd ѕuрроrt іѕ сlоѕе to thе $1200 lеvеl in the near tеrm.

Looking аt the tесhnісаl indicators:

4-hоurѕ MACD – The MACD fоr BCH/USD is slowly moving back іn the bullіѕh zone.

4-hours RSI (Relative Strеngth Index) – The RSI for BTC/USD іѕ nоw above thе 50 lеvеl аnd іѕ mоvіng hіghеr.

Mаjоr Support Level – $1350

Mаjоr Resistance Level – $1500

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Altcoin News

Bitcoin Price Stabilizes At $6,500, Tokens Record 50% Gains

The price of Bitcoin is again swiveling around the $6,500 which is not necessarily a bad thing – especially not after the recent market downturn. Over the past 24 hours, it seems like the BTC price is quite stable.

In other news, tokens such as VeChain, Ontology, and PundiX all recorded 50% gains which made them one-day winners as the crypto market recovered and Bitcoin showed some decent stability.

The biggest surge was recorded by VeChain, which spiked by over 50% against the US dollar and became the best performing digital asset during the week. This is mainly due to investors and their reallocation of the funds from major digital assets like Bitcoin and Ethereum to tokens like Ontology, VeChain, ICON, Pundi X, Nano, and Waltonchain, all in order to push the market valuation up.

The large spike in the price of tokens is definitely a sign of confidence of investors in the market. On the other hand, the positive developments in the crypto sector such as the introduction of the Tracker One Bitcoin ETN to US markets, the high probability of the approval of the CBOE Bitcoin ETF as well as the creation of BAKKT by ICE, New York Stock Exchange, Microsoft and Starbucks all seem to have an impact on the market.

Right now, the ideal scenario is for Bitcoin to remain stable in the $6,000 region. As such, it would establish a solid foundation for a big rally in the short-term.

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Altcoin News

VeChain (VET) Rises By 30% In A New Widespread Market Recovery

The price of VeChain (VET), which is one of the altcoins that are currently in the news for surging, has recently exploded and rose by more than 30% in what the analysts describe as a major widespread recovery on the market.

This recovery raised the cryptocurrency market cap by more than $5 billion over the past 24 hours – but also brought VeChain to the much-expected $0.010 threshold. The altcoin was previously struggling to secure momentum below $0.008 – and it rose to as high as $0.012 during the intraday trading before settling back to its price of $0.01 on Binance.

Still, the price of VET is down 7% against the dollar over the past week – which is another proof of how serious the recent crypto market crash was. Still, things are looking good now for the altcoin – which is now ranked in the top 20 with seven-day returns comparable to Monero (XRM) and Ethereum Classic (ETC) – both of which altcoins that rose over the past few days.

Even though there is no official confirmation or link on why the price of VET rose by 30%, Vechain trading is centralized on Binance, the leading cryptocurrency exchange out there. On it, users can trade the VET/BTC, VET/USDT, VET/ETH, and VET/BNB pairs which all account for 92% of the total VeChain trading. The other exchange platforms where you can buy and sell VET include LBank, Gate.io and Kucoin.

With a market cap of $571 million, VeChain is now propelling to the 20th position in the cryptocurrency rankings, coming closer to the 19th-ranked ZCash.

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Analysis

Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops

The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.

The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).

Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.

Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.

Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”

Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.

Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.

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Altcoin News

Ethereum Classic Surges After Coinbase Listing Announcement

Ethereum Classic just rose 15% ahead of its Coinbase listing. The altcoin recorded gains two days in a row. After Wednesday’s 20% gains, it is now trading at around $14 on Bitfinex.

The surge in price follows Coinbase’s announcement in which the leading exchange officially listed ETC as available for purchase and trading on the platform. Ethereum Classic will actually be listed today (Thursday) at 5PM PST.

After the two-month high which saw ETC climb to $18.50 earlier this month, the price dropped with the recent market crash. However, it seems like Ethereum Classic is recovering well – and the listing on Robinhood also had an effect in boosting its price.

The entire price frenzy started when the rumors about Ethereum Classic being listed on Coinbase began, which happened a few weeks ago. Throughout mid-June, the price of ETC almost reached $20 but fluctuated around $17, falling as low as $11 with the market crash.

ETC has had an all-time high of $45.51 in December 2017 and will hopefully climb to that point again this year, according to analysts. However, the theory of a massive dump is still a possibility – which is why traders need to be cautious. The price should creep up to its pre-listing levels and eventually stabilize in the short to mid-term.

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