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Analysis

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

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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Analysis

More Americans Will Turn To Crypto If The Post-2008 Measures Are Relaxed, Analysts Say

According to analysts, there will be more Americans moving away from traditional finance and entering the crypto market if the US Federal Reserve (Fed) relaxes the post-2008 financial regulations. These details come from a study published by Weiss Ratings this May 22nd.

Meanwhile, the Fed is set to meet on May 30th and consider watering down the “Volcker Rule” which will be a major deregulatory move. If this happens, the relaxing of the rule would allow thousands of banks to make high-risk profit-seeking trades with less government oversight.

If all of the plans go ahead for the Fed, there will also be an increased systemic financial risk that will eventually push citizens to conclude that “cryptocurrencies are better as a safe depository” according to the Weiss analysts.

As the studies by Weiss say, banks are lobbying for more freedom to trade speculative assets such as derivatives whose ownership is “extremely centralized”.

“These potentially toxic assets [such as derivatives] are not simply investments and speculations banks make with their own capital,but pose risk to clients’ own deposits in the event of another major system crisis”

Weiss also argues that while the public on average assumes that banks provide them with simple, safe and unencumbered storage for [their] savings, in reality, the traditional monetary system continues to offer banks “rich rewards for excessive risk-taking”.

There are many scandals, failures, and threats present in the US monetary system, turning the public sentiment against the traditional banking system in the past. One report even found that as many as 92% of millennials expressed their distrust of banks.

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Altcoin News

OKEx Exchange Overcomes Binance As World’s Largest, CEO Quits ‘To Start New Life’

There has been a change in rankings for the leading cryptocurrency exchanges. The leader so far, Binance, has just dropped a position and became the second largest cryptocurrency exchange, handing the throne to OKEx.

According to Bloomberg, the Malta-based OKEx overtook the market leader Binance. However, the CEO of OKEx, Chris Lee, did not actually celebrate the news. Instead, he left his position in order to “start a new life”.

Anyways, the OKEx turnover recently reached over $2 billion in trades in the past 24 hours alone, outpacing Binance which has been the world’s largest exchange for around 4 months.

There are many different reactions to both the situation and Lee’s move. Some people are even pointing to fake allegations – coming from OKEx parent operator OkCoin which had previously been embroiled in a scandal over fake trading volume.

Still, Lee’s move does not align with the good news for OKEx and many people think that the entire situation needs further elaboration from his side.

Meanwhile, Binance became more profitable than Deutsche Bank this year- which means that OKEx looks good on the horizon and may even break this record. For now, we only know that the exchange is among the fastest growing online trends.

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Analysis

Bitcoin Hits A Three-Week Low, Breaking Below $8,600

Bitcoin has sunk over the past 24 hours by more than 7%, hitting a three-week low of $8,713 on Bitfinex but recovering over the course of today, Friday, May 11th.

After failing to test the $10,000 mark, the leading cryptocurrency. At the time of writing, Bitcoin is changing hands around $8,700 which is below the 100-day moving average of $8,849 and down 2.42% from the previous day’s close of $9,018.

The 10% decline (in total) from the recent high of $9,990 has weakened the bullish move and boosted the odds of even a deeper drop to the 50-day moving average which is lined up at $8,282.

The Relative Strength Index (RSI) on Bitcoin also dipped below 50.00, confirming a short-term bullish-to-bearish trend change and opening the doors of a potential drop over the next couple of days. The 5-day MA and 10-day MA are also quite negative, witnessing the recent bearish crossover earlier this week.

Over the past 4 hours, though, Bitcoin managed to rise by 0.50% and now holds ground above the $8,500 mark. Experts say that the leading cryptocurrency may revisit the $9,000 mark over the weekend an – with a potential bullish scenario.

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Analysis

Bloomberg Partners With Novogratz To Launch A Crypto Index

As of recently, Bloomberg has launched its own cryptocurrency index in conjunction with Galaxy Digital Capital Management, a digital assets merchant bank ran by Michael Novogratz, the billionaire ex-hedge fund manager.

Named Bloomberg Galaxy Crypto Index (BGCI), this new index will track the “performance of the largest, most liquid portion of the cryptocurrency market” following the leading cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Monero, XRP, zCash, EOS, Litecoin and Dash.

As the announcement outlines, both of the companies said that the index utilizes a “rules-based methodology and data” which derives from sources that both companies have scrutinized. Still, these are the only details revealed by the companies.

Novogratz announced the partnership on Twitter and said:

“The herd is on the move. This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class.”

Meanwhile, Bloomberg is known for operating several other indices which pertain to traditional finance. These include the fixed income index, commodities, and leading global fiat currencies. According to Alan Campbell who is a global product manager for every Bloomberg index:

“The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”

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