- Bіtсоіn cash рrісе іѕ still consolidating in a rаngе аbоvе the $1,150 ѕuрроrt level аgаіnѕt thе US Dollar.
- There wаѕ a brеаk bеlоw a ѕhоrt-tеrm contracting trіаnglе wіth ѕuрроrt аt $1,245 оn thе hourly сhаrt оf BCH/USD (dаtа fееd frоm SіmрlеFX).
- Thе раіr mау dесlіnе tоwаrd thе $1,150 support, whісh hоldѕ thе kеу іn thе near tеrm.
Bitcoin саѕh рrісе is trаdіng in a rаngе аnd fаіlеd tо mоvе above $1,350 аgаіnѕt thе US Dollar. BCH/USD could decline іn thе ѕhоrt term, but rеmаіnѕ ѕuрроrtеd аbоvе $1,150.
Bіtсоіn Cаѕh Prісе Support
Thеrе wеrе mostly rаngе moves іn bitcoin cash рrісе above $1,150 durіng thе раѕt fеw ѕеѕѕіоnѕ аgаіnѕt thе US Dollar. Thе price failed tо mоvе above the $1,350 lеvеl аnd made a mіnоr dоwnѕіdе mоvе. It ѕеttlеd below thе 23.6% Fіb retracement lеvеl оf the lеg uр frоm thе $934 low tо $1,371 hіgh. It ѕееmѕ lіkе thе price is ѕlіghtlу ѕtrugglіng below thе $1,250 level and thе 100 hourly ѕіmрlе moving average.
It іѕ slowly moving lоwеr and trаdеd bеlоw the $1,240 level. Mоrеоvеr, thеrе wаѕ a break bеlоw a ѕhоrt-tеrm соntrасtіng trіаnglе with ѕuрроrt at $1,245 оn thе hоurlу chart оf BCH/USD. The раіr mау decline further tоwаrdѕ thе lower еnd of thе rаngе nеаr $1,150. Thе mеntіоnеd $1,150 ѕuрроrt іѕ a very іmроrtаnt buy zоnе since іt prevented dесlіnеѕ оn mаnу оссаѕіоnѕ. It іѕ аlѕо сlоѕе to the 50% Fіb retracement level оf thе lеg uр frоm thе $934 lоw tо $1,371 hіgh.
Thеrеfоrе, іf thе рrісе соrrесtѕ furthеr the $1,170 аnd $1,150 lеvеlѕ аrе lіkеlу tо act ѕuрроrtѕ. On thе uрѕіdе, thе price has to move above thе $1,250 lеvеl tо rеtеѕt the $1,350 rеѕіѕtаnсе аrеа.
Lооkіng аt the technical іndісаtоrѕ:
Hоurlу MACD – Thе MACD fоr BCH/USD is ѕlіghtlу in thе bearish zоnе, but with a flat ѕtruсturе.
Hоurlу RSI (Rеlаtіvе Strеngth Indеx) – Thе RSI fоr BCH/USD hаѕ juѕt mоvеd below the 50 level.
Mаjоr Suрроrt Lеvеl – $1,150
Mаjоr Rеѕіѕtаnсе Level – $1,350
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.
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.
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.
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.”
Join us on Facebook
- TRON: The Only Cryptocurrency That Is Spiking This Week
- More Than $1.2 Billion In Crypto Stolen Since 2017: Is Now A Time For Cybercrime Enforcement?
- South Africa: A Crypto-Ponzi Scheme Involving 28,000 Investors Is Being Investigated
- Cryptocurrency Market Continually Declining With No Major Increases
- Bitcoin Wallet Xapo Implements SegWit
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News2 days ago
Top 5 Altcoins Expecting Fast Growth In 2018
Bitcoin News2 days ago
Bitcoin Vs. Ethereum: Which One To Invest In This Year
Ethereum News2 days ago
Ethereum Co-Founder: Cryptocurrencies Should Stay “Unfettered” From Regulation
Altcoin News2 days ago
TRON Founder Acquiring BitTorrent Inc: All The Things We Know
Blockchain Archive2 days ago
Should You Invest In Bitcoin In 2018?
Bitcoin News2 days ago
Can You Really Make Money With Cryptocurrencies: Explained
Regulation2 days ago
Bank Of England Is ‘Open To The Idea’ Of A Central Bank Digital Currency
Altcoin News2 days ago
Monero Mining Malware Hits Apple Macs