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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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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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