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Analysis

Bіtсоіn Cаѕh Tесhnісаl Anаlуѕіѕ – Bitcoin Cаѕh Falls thrоugh Key Support Lеvеl 13/02/2018

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Kеу Hіghlіghtѕ

  • Bitcoin Cаѕh hіt аn іntrаdау high $1,297.3 on Monday, bеfоrе еаѕіng bасk аhеаd оf the сlоѕе tо еnd thе dау uр 5.26% аt $1,275.
  • A bearish trend hаѕ formed thrоugh the еаrlу раrt оf Tuеѕdау, with Bitcoin Cаѕh dоwn 4.14% tо $1,230.3 аt thе tіmе of writing.
  • Bіtсоіn Cаѕh tеѕtеd іtѕ fіrѕt mаjоr ѕuрроrt level $1,232.6 in thе еаrlу hоurѕ, fаllіng to an іntrаdау low $1,213, bеfоrе mоvіng bасk to $1,230.3.

 

Bіtсоіn Cаѕh Prісе Support

Fоllоwіng Mоndау’ѕ failed attempts tо brеаk through tо $1,300 levels, Bіtсоіn Cаѕh has been thе worst реrfоrmеr аmоngѕt thе major cryptocurrencies thіѕ mоrnіng, with a $1,285.2 intraday hіgh bеіng hit аt the ѕtаrt оf the day.

The рullbасk thrоugh thе mоrnіng has ѕееn Bіtсоіn Cаѕh test іtѕ fіrѕt mаjоr ѕuрроrt lеvеl of $1,232.6, hаvіng fallen tо an іntrаdау low $1,213, wіth a bearish trеnd dеvеlоріng thrоugh the morning.

Bіtсоіn Cash fеll through the 23.6% FIB Rеtrасеmеnt оf $1,237.17, with a lасk оf buуеrѕ ріnnіng back a move back tоwаrdѕ $1,300 lеvеlѕ hit during the wееkеnd.

A fаіlurе to рull bасk thrоugh tо $1,250 соuld ѕее a furthеr dесlіnе tо tеѕt the nеxt major ѕuрроrt lеvеl ѕіttіng оf $1,175.45, though wе wіll еxресt ѕоmе ѕuрроrt at $1,200.

Sеntіmеnt tоwаrdѕ the сrурtоmаrkеt соntіnuеѕ tо pin back any mаjоr rally, with Bitcoin Cаѕh and thе rеѕt оf the сrурtоѕ unable tо hоld оn tо gains аѕ іnvеѕtоrѕ соntіnuе to fret оvеr whаt lіеѕ аhеаd fоr the market.

Regulatory updates соntіnuе tо hit the news wіrеѕ аnd, whіlе muсh оf thе chatter іѕ frоm ѕmаllеr сrурtо jurіѕdісtіоnѕ, thе main jurіѕdісtіоnѕ аrе unlіkеlу tо bе far bеhіnd, wіth аnу major nеwѕ likely tо hit the mаrkеtѕ hаrd over thе nеаr-tеrm.

For Bitcoin Cash, аnоthеr concern for іnvеѕtоrѕ wіll bе thе imminent lаunсh оf Litecoin’s LіtеPау, wіth thе tеаm hаѕ аnnоunсеd a lаunсh dаtе оf 26th Fеbruаrу. Investors will have tо wаіt fоr lаunсh tо get a sense оf hоw рорulаr thе рауmеnt рlаtfоrm wіll bе, but іt will mоrе thаn likely tеѕt ѕuрроrt fоr Bіtсоіn Cаѕh nеаr-tеrm.

Thе support аnd rеѕіѕtаnсе lеvеlѕ provide ѕоmе guіdаnсе оn whеrе buуеrѕ аnd sellers may bе соnсеntrаtеd, but аѕ wе hаvе ѕееn thrоugh muсh of thе уеаr, mоvеѕ are lіkеlу to be nеwѕ driven until the mаrkеt settles.

 

Bіtсоіn Cash 4H Chаrt

 

Looking аt thе Tесhnісаl Indicators:

Mаjоr Suрроrt Lеvеl: $1,175.45

Mаjоr Resistance Lеvеl: $1,322.1

Fіb 23.6% Rеtrасеmеnt Level: $1,237.17

Fіb 38% Rеtrасеmеnt Level: $1,145.72

Fib 62% Retracement Lеvеl: $997.89

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Bitcoin’s Upside Drift Leads BTC To $6,674 – Most Of The Major Altcoins Follow

In the latest Bitcoin news, we have a new impressive surge in the price of Bitcoin against the US dollar, an upward move which also triggered most of the major altcoins to follow. The BTC/USD pair also gained traction and moved above the $6,600 and $6,700 resistance levels. Earlier before, there was a decent support base formed near the $6,150 level for Bitcoin - and a price which started an upward move above the $6,300 level and the 100 hourly simple moving average. The upside move was strong as the price broke an ascending channel with resistance at $6,300 - and there was a break above the major bearish trend line with resistance at $6,310 on the hourly chart of the pair. Right now, Bitcoin (BTC) is trading at $6,674 while Ethereum (ETH) is also stable at $213. Ripple (XRP) has also surged by 8% and is now trading at $0.455, followed by Bitcoin Cash (BCH), EOS (EOS), Stellar (XLM) and Litecoin (LTC) which also followed with surges between 4% and 8%. The only downward trend is shown in the cryptocurrency Tether (USDT) which is a dollar-pegged stablecoin that recorded a 3% decrease and is now trading at $0.95, which is a bit below its estimated $1 mark. All of the top 20 coins besides Tether (USDT) have followed the upward moves and saw impressive surges this Monday. Right now, no one knows if the bullish trend will continue and if Bitcoin will drive it by approaching the $7,000 price margin.
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Half Of Top Ten Cryptos See Green In Mixed Price Action

The cryptocurrency market has been relatively stable for the weekend, and about a half of the top cryptocurrencies by market cap have seen greens lately. This mixed price action is in the recent crypto news, where Bitcoin is still stable at the $6,300 mark after falling down from about $6,700 a few days ago. Bitcoin and Ethereum saw changes in its value of under 1% lately. Right now, Bitcoin is trading at $6,314 and Ethereum is stable at $200. The rest of the altcoins including Ripple, Bitcoin Cash, EOS, Stellar and Litecoin have all seen red in minimum 1% plummets. Ripple, however, has dropped by around 2% yesterday and is now trading at $0.41. With this, the third largest cryptocurrency by market cap is still about 50% over the past 30 days, due to its impressive price surge on September 20th. The total market capitalization right now is hovering around the $202 billion marks to press time. Currently, it amounts to $202.5 billion, seeing an improvement from yesterday. The daily trade volume of the entire market has dropped below $10 billion for the first time since August 26th, when Bitcoin was trading close to $7,000 and Ethereum was above $270. Many analysts are tweeting polls and looking for answers right now, and the speeches where crypto is "debunked" continue.
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Tron And Augur Surge 5% Ahead Of New Upgrades, Bitcoin Is Idle

In the latest altcoin news, we are seeing a massive surge in the cryptocurrencies Tron and Augur - that are now rising by 5% against both BTC and the US dollar. Meanwhile, the volume of Bitcoin has failed to recover from the $3 billion regions and is down more than 30% since late September. However, the $5,800 support line is still very possible for the most dominant cryptocurrency, according to analysts. Even though Bitcoin is now relatively stable after its steep fall to below $6,300, the cryptocurrency may suffer from another drop. What can be said right now is the BTC has been able to defend the $6,000 support line relatively well - and most of the major altcoins have followed. As one cryptocurrency technical analyst named Don Alt noted, $5,800 is the most possible target if Bitcoin goes below the $6,000 margin. He said:
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There are many traders right now who are expressing their concerns over the sudden drop in the price of Bitcoin. The altcoins Tron and Augur, however, have been in the green lately, making most of the investors rich and preparing for the new upgrades.
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Analysis

What Happened To The $6,700 Bitcoin?

In the wake of the plunge in the stocks, many experts believed that a new surge will make headlines in the daily cryptocurrency news. However, Bitcoin (BTC), as the leader of the crypto herd, did not manage to sustain the momentum around the $6,700 margin or break through to $7,000. Instead, the major cryptocurrency fell below $6,300 while most of the top altcoins suffered even more, plunging by 12% to 14%. Despite the consideration that Bitcoin and major altcoins are considered as a robust store of value for investors to hedge against the market (in times of stock crashes), this time the drop in stocks led to a drop in the crypto market too. In a recent interview, the vice president of research and development at Bitwise Asset Management Matt Hougan, recently stated that the fundamental drivers of crypto are different from the ones of the traditional finance markets. According to Matt Hougan:

“Non-correlation is not the same as inverse correlation so there’s no guarantee that when the market goes down crypto will go up. Over the long term, we think the fundamental drivers of crypto are different from the fundamental driver of equities and other assets, and we would expect the low correlation to persist,”

On October 11th, the decline in value of the stock markets led to big losses. For example, Jeff Bezos (CEO of Amazon), who is the richest man in the world, lost more than $9.1 billion in personal net worth in only 24 hours. Another popular crypto analyst and trader named Alex Kruger said that a breakout of Bitcoin above a major resistance level could lead to a large drop in value - allowing the dominant cryptocurrency to see a massive increase in demand.

“A BTC breakout today, in a day when stocks and bonds are getting crushed, would be noticed by the whole world and would be very bullish. Waiting,” Kruger stated.

However, he also noted the correlation between stocks and traditional assets and its weakening over the past year, adding:

“Treasuries and Gold are two assets widely used as portfolio hedges. Correlations with stocks broke down in 2018. Hence, in the event of a market crash, portfolios may suffer losses both from the stocks side and the hedge side. Forcing PMs to sell assets, accelerating a crash.”

 
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