Bitcoin Cash Price Analysis – BCH/USD May Overtake $900

Bitcoin Cash Price Analysis - BCH/USD May Overtake $900

Bitcoin Cash Price Analysis – BCH/USD May Overtake $900

Key Points

Bitcoin cash price bounced back sharply from the $825 support area against the US Dollar.
Yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently trading just below the $900-910 resistance, and it may soon break it.

Bitcoin cash price is showing positive signs above $850 against the US Dollar. BCH/USD is likely to continue higher above the $900-910 resistance.

Bitcoin Cash Price Trend

There was a test of an important support at $825 by bitcoin cash price recently against the US Dollar. The price found a strong buying interest and started an upside move above the $850 level. There was a break above the 50% Fib retracement level of the last decline from the $908 high to $825 low. It opened the doors for more gains and the price jumped further above $850.

More importantly, yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair. The pair also traded above the $880 level and it almost tested the $900 level. A high was formed at $898 before the price started consolidating gains. An initial support is around the 23.6% Fib retracement level of the last wave from the $826 low to $898 high. There may perhaps be more downsides in the near term, but supports such as $880 and $850 are likely to prevent losses.

Looking at the chart, the pair is placed nicely above the $850 level. Therefore, there are high chances of an upside break above the $900 and $908 resistance levels. The next hurdle above $908 is around the $950 pivot level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed nicely in the overbought zone.

Major Support Level – $850

Major Resistance Level – $908

AAYUSH JINDAL | JUNE 19, 2018 | 4:08 AM

David

Bitcoin Cash Price Weekly Analysis: BCH/USD Recoveries Remain Limited

Key Points

Bitcoin cash price got bid near the $1.130 level and started a recovery against the US Dollar.
There is a crucial bearish trend line forming with resistance near $1,320 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).

The pair may continue to rise in the short term, but it is likely to face sellers near $1,320-40.

Bitcoin cash price is showing positive signs above $1,150 against the US Dollar. However, upsides in BCH/USD are likely to be limited by the $1,320 resistance zone.

Bitcoin Cash Price Upside Hurdle

This past week, there was a sharp increase in selling pressure on bitcoin cash price above $1,400 against the US Dollar. The price started a downside move and traded below the $1,350 and $1,280 support levels. There was even a break below the $1,200 pivot level, which opened the doors for more losses. It traded close to the $1,120 support level and a low was formed at $1,131.

Later, the price started an upside correction and moved above the $1,120 resistance. It also moved above the 23.6% Fib retracement level of the last drop from the $1,506 high to $1,131 low. However, there are many barriers on the upside near $1,300. An initial hurdle is near $1,128, which was a support earlier and it may now prevent gains. There is also a crucial bearish trend line forming with resistance near $1,320 on the 4-hours chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last drop from the $1,506 high to $1,131 low is positioned near $1,318 to act as a hurdle.

Looking at the chart, the price may continue to rise in the near term towards $1,300. However, a break above $1,300 and $1,320 won’t be easy.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is heading towards the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,320

Author: AAYUSH JINDAL | MAY 20, 2018 | 4:08 AM

Posted by David Ogden Entrepreneur

David

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin

Following a rough and tumble week where most major cryptocurrencies and altcoins were trapped in the red, brief signs of recovery on Monday have reversed as Bitcoin, Ethereum, and Ripple continue to drop in price. Recent activity on the United States’ east coast also shows that hype surrounding digital currency and blockchain technology hasn’t died down, despite price dips and market volatility.

Bitcoin (BTC)

The father of cryptocurrencies is swiftly rising through the ranks and sits at $8,200 at press time. In just the last four days, the currency has spiked tremendously following a huge Thursday drop to $8,250 – the lowest it’s been since early April – from last weekend’s trading high of $9,800.

Bitcoin is down 5.77% over the past 24 hours.

One of the reasons for Monday’s spike may be the Coindesk Consensus Conference, which is a three-day event that began in New York on the morning of Monday, May 14. The event’s organizers expect to see over 8,500 visitors and are selling tickets for over $2,000 each. Overall, organizers are expecting revenue of roughly $17 million this year from ticket sales alone.

“It’s a bit chaotic here,” said Ronnie Moas, Conference attendee and head of the independent market research firm Standpoint Research. “I think they sold too many tickets.”

Reports have emerged that the line for entry saw attendees occupying both the lobby and second floor of the hotel where the Conference was taking place.

“I’ve never seen anything like this for registration,” says Jeff Denton, senior director of global secure supply chain at AmerisourceBergen in Philadelphia. Denton says he waited for over an hour to gain entry to the event. “It’s expensive, but it’s the largest conference in the U.S., so hopefully that brings the value for the cost.”

Ethereum (ETH)

Since our last price piece, ETH has experienced a price dip and is now trading for $686.90 – about the same from where it previously stood.

Ethereum is down 5.77% over the past 24 hours.

The Ethereum Ethereal Summit took place on May 11 and 12 as part of the state’s ongoing “Blockchain Week.” The two-day event saw several speakers, business owners and blockchain experts joining together to offer attendees information regarding the powers behind the blockchain and how it can assist in the decentralization of modern society.

The high attendance marks for both the Consensus and Ethereum events suggest that investor interest in cryptocurrency remains high despite ongoing volatility.

Ripple (XRP)

At press time, XRP is trading for 67 cents. This is about two cents lower than where the currency sat during our last price discussion.

Ripple is down 8.46% over the past 24 hours.

For the most part, big things appear to be happening for Ripple. The company recently announced its new “Xpring” initiative, in which executives are targeting entrepreneurs and startup ventures to build partnerships and expand the XRP ecosystem.

According to TechCrunch, the project will be a mixture of “investments, grants and incubation to lure companies and expand the use of XRP whilst allowing Ripple to focus on its financial services business.”

Bitcoin Cash (BCH)

Bitcoin Cash has witnessed a solid drop in its price since our last article. Previously trading at just over $1,400, the currency is now trading for about $1,253.86.

700

Bitcoin Cash is down 11.78% over the past 24 hours.

On Monday, the Winklevoss Twins announced they were adding Bitcoin Cash to their New York-based cryptocurrency platform Gemini Exchange.

While trading details (i.e. when the currency will be officially added) have not yet been released, the company has also stated that it will enable Zcash deposits beginning on May 19, making Gemini the first official Zcash trading platform in the U.S.

Litecoin (LTC)

Litecoin is trading for about $136. This marks a four-dollar decrease since our previous price piece.

Litecoin is down 6.51% over the past 24 hours

Litecoin will be joining Bitcoin Cash on the Gemini Exchange, and while details are scarce for now, the news may have instigated the currency’s

temporary rise beyond the $145 mark. CryptoSlate will bring you more on this story as it develops.

Market Summary

The total cryptocurrency market cap sits at $374 billion, roughly $12 billion lower than where it stood during our previous article.

While the market is showing signs of recovery, investors are warned that the volatility of the industry remains serious and that cryptocurrency figures are never “set in stone.” Thus, they should always remain cautious during trades, and only invest what they can afford to part with.

Author Nick Marinoff

Posted by David Ogden Entrepreneur

David

Bitcoin set to be SURPASSED in the crypto realm? Expert predicts SHOCKING future for BTC

BITCOIN will be surpassed in the cryptocurrency realm by the end of 2018 according to an expert that predicted a shocking future for the virtual money during a period of BTC market gains.

Roger Ver, made the unprecedented announcement that he believes other cryptocurrencies will exceed Bitcoin in value.

He stated: “I see it happening, and I believe it’s imminent.”

Mr Ver declared Ethereum possesses the technological capabilities to overtake Bitcoin by the end of 2018 while Bitcoin Cash could surpass its crypto brother “before 2020”.

He told the Independent: “Ethereum could overtake Bitcoin by the end of the year and Bitcoin Cash could do the same before 2020.”

Mr Ver claimed Bitcoin Cash could “double” in value by next week thanks to a slew of funding from “big investors”.

He went on: “It’s not guaranteed but it is much more likely to happen than not.

“Bitcoin Cash has more than doubled in value in the last month and big investors coming in soon could see it double again by next week.

“People love to chase a rising star.”

However Michael Jackson, from venture capital firm Mangrove Capital Partners, emphasised Bitcoin is able to adapt thanks to people who are working to solve its “scalability problems”.

He stated: “There is so much talent in the crypto space, and people are working on solving these scalability problems.

“I don’t see why Bitcoin shouldn’t remain in the number one spot.

“It is still by far the best known and it is ultimately the reserve currency in the space.”

Bitcoin is trading at $8,295.85 at the time of writing while Ethereum is selling for $730.86.

Both cryptocurrencies have seen incredible spikes in value over the course of the last month.

Bitcoin has added a whopping $2,091.97 to its value in the last month.

This marks a sharp value increase of 30.61 per cent.

Meanwhile, Ethereum has seen a sharp 75.85 per cent increase in price in the last month, marking a rise of $315.25.

However, the persistent peaks and troughs of cryptocurrencies demonstrate the market’s monstrous volatility.

Author JOSEPH CAREY UPDATED: 05:23, Fri, May 11, 2018

Posted by David Ogden Entrepreneur

Bitcoin set to be SURPASSED in the crypto realm Expert predicts SHOCKING future for BTC

David

Bitcoin Cash Price Technical Analysis â Can BCH/USD Break This?

Bitcoin Cash Price Technical Analysis â Can BCH USD Break This?

Bitcoin Cash Price Technical Analysis – Can BCH/USD Break This?

Key Points

Bitcoin cash price found support around the $1,565 level and recovered against the US Dollar.

There is a key connecting bearish trend line forming with resistance at $1,700 on the hourly chart of the BCH/USD pair (data feed from Kraken).

The pair has to move above the $1,700 resistance level to continue the current upside wave.

Bitcoin cash price is recovering from lows against the US Dollar. BCH/USD is now facing a major hurdle for more gains near the $1,700 level.

Bitcoin Cash Price Resistance

Yesterday, we saw a downside correction in bitcoin cash price below the $1,650 support against the US Dollar. The price even traded below the $1,600 level and tested the $1,550-60 support area. There was even a spike below the 61.8% Fib retracement level of the last leg from the $1,460 low to $1,835 high. However, the decline was protected by the $1,560 support area.

A low was formed at $1,567 and the price started an upside move. It traded above the 23.6% Fib retracement level of the last decline from the $1,834 high to $1,567 low. Moreover, the price moved above the $1,625 level and the 100 hourly simple moving average. At the moment, the price is approaching a major hurdle near the $1,700 level. There is also a key connecting bearish trend line forming with resistance at $1,700 on the hourly chart of the BCH/USD pair. Additionally, the 50% Fib retracement level of the last decline from the $1,834 high to $1,567 low is at $1,705 to prevent gains.

Looking at the chart, it seems like it won’t be easy for buyers to break the $1,700 barrier. On the downside, the $1,625 support is a decent buy zone along with the 100 hourly SMA.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved above the 50 level.

Major Support Level – $1,625

Major Resistance Level – $1,700

Author AAYUSH JINDAL | MAY 8, 2018 | 4:08 AM

Posted by David Ogden entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS – Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS - Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS – Price Analysis, 4th May

Goldman Sachs, one of the biggest investment banks in the world, is taking the plunge into the exciting world of cryptocurrency trading. The bank’s decision was made because of the overwhelming client requests.

This is a very positive sign for the crypto market’s future along with the news about analysts from BlackRock, an American global investment management company, leaving the firm to fund a Blockchain-focused venture capital fund. Other places where the banks or institutions are still pondering over their decision, the analysts are quitting to open their own ventures. Investors plowing money into these funds shows a growing interest.

After the decline from the frothy levels in December 2017, the investors are getting a favorable entry opportunity. In the past few weeks, the volatility has also reduced, which is an added attraction to get in early.

While the number of crypto optimists has increased, there is no dearth of the naysayers as well. Economist Nouriel Roubini continued his criticism of cryptocurrencies. While he may have forecast the 2008 Financial crisis correctly, his crypto prediction seems to be way off.
But there are positive predictions as well. Alexis Ohanian, a co-founder of Reddit, claims that Ethereum is on its way to $15,000 this year.

We already hold a few positions. Let’s see if the charts present us any fresh buying opportunities?

BTC/USD
Bitcoin broke out of the small symmetrical triangle pattern and entered the ascending channel on May 03, which is a bullish sign. Currently, it is facing resistance close to the April 25 highs, but we remain bullish because it has not given up ground.

If the digital currency rises from the support line of the ascending channel, it increases the possibility of a break out above the immediate resistance zone of $9,800 to $10,000.

Following the breakout, the first target is $11,000, and the next target is $12,000. We anticipate a strong resistance at the $12,172.43 mark.

On the downside, if the BTC/USD pair breaks below the support line of the ascending channel, it can fall to $9,178 and then to the 20-day EMA, close to $9,000 levels.

The up move will be in danger only on a break below $9,000 levels. Therefore, we suggest raising the stops on the long positions from $8,600 to $8,900.

ETH/USD
Ethereum broke out of $745 on May 03, which completed a ‘V’ shaped bottom formation. This bullish set up has a pattern target of $1,130, with minor resistances at $900 and at $1,000.

On the downside, $745 will act as the first support. If this breaks, the bulls will defend the trendline close to $700 and the 20-day EMA at $645. The trend will turn bearish or range bound only if the ETH/USD pair sustains below $700.

Traders can wait for a retest of the breakout levels and buy if the $745 level holds. The stop loss can be placed just below the 20-day EMA at $640. Traders should confirm that the levels are holding before entering long positions. No trade should be initiated if the digital currency closes (UTC) below $700.

BCH/USD
Bitcoin Cash has reached close to the upper end of the range at $1,600, which should act as a stiff resistance. If the price fails to break out of this level, the range-bound action between $1,221 and $1,600 will continue.

The BCH/USD pair will become positive if the bulls break out and close (UTC) above $1,600. The immediate target objective is a move to $2,000; above it, the rally can extend to $2,400 levels.

Aggressive traders can buy on a close (UTC) above $1,600 and keep a close stop loss of $1,400. Due to numerous overhead resistances, we consider this as a risky trade, hence, keep the allocation size less than 50 percent of usual.

XRP/USD
Ripple continues to trade inside the range of $0.76 to $0.93777. A break out of this range will indicate bullishness, and a rally to $1.229 is likely.

If the XRP/USD pair fails to break out of $0.9377, a few more days of range-bound trading can be expected.

On the downside, support exists at the 20-day EMA and below that at the lower end of the range at $0.76.

The longer the cryptocurrency trades inside the range, the stronger will be the ensuing breakout. We propose waiting for it before entering any long positions.

XLM/USD
Stellar is facing a stiff resistance at the $0.47766719 mark. Though it has failed to cross above this level, it is undergoing a shallow pullback.

he XLM/USD pair should find support at the trendline, but if it breaks, a slide to $0.335 is probable. The negative divergence on the RSI is a bearish development, hence, traders should wait for a breakout and close (UTC) above the overhead resistance of $0.47766719 before initiating any long positions.

LTC/USD
After remaining in a tight range for the past few days, Litecoin finally scaled above the overhead resistance of $160 on May 03. However, it could not reach our target objective of $180, as the bears strongly defended the April 24 highs of $167.399.

If the LTC/USD pair doesn’t breakout within a couple of days, it will continue to be range bound. On the downside, any break of the $141 levels will be a negative sign.

Therefore, we suggest retaining the stops at $140. We shall trail the stops higher once the digital currency breaks out of $168.

ADA/BTC
Cardano has failed to extend its uptrend after breaking out of 0.00003445. We had suggested raising the stops higher if the virtual currency crosses above 0.000042 levels, but it did not happen.

The ADA/BTC pair should now find support at the 0.00003445 levels because there are three major supports close to it.

The first level is the horizontal support, the second one is the trendline support, and the third is the 20-day EMA.

We shall retain the stops at 0.000029 until we see a rally above 0.000042 levels.

Our target objective on the upside is a move to 0.000045, followed by 0.00005217 levels.

IOTA/USD
IOTA broke out of the overhead resistance at $2.2117 on May 02 and followed it with another up move on the next day. However, it couldn’t break out of the resistance line of the ascending channel.

Currently, the IOTA/USD pair is retesting the breakout levels of $2.2117. If the level holds, the bulls will try to break out of the channel and push prices towards $3 and $3.5.

If the digital currency breaks below $2.2117 but finds support close to $2 levels, then the ascending channel will be in play, and a move to the resistance line of the channel can be expected.

Due to the uncertainty, it is better to wait for a couple of days and then buy if the support levels hold. Presently, we don’t have any buy recommendation.

EOS/USD
EOS, after the recent rally, has entered into a period of consolidation. Though it found support at the 38.2 percent Fibonacci retracement level on May 01, it could not scale the $20 levels in the ensuing up move.

On the downside, $16 should act as a strong support, below which, the EOS/USD pair can slide to the 20-day EMA.

We shall wait for the consolidation to play out and a new buy setup to form before recommending any fresh long positions.

By Rakesh Upadhyay

David

Upcoming Bitcoin Cash Hard Fork

The update and modernization will quadruple the Bitcoin Cash blocks size from eight megabytes to 32 megabytes. Also, some operating codes are expected to be reactivated, which will allow Bitcoin Cash’s Blockchain to be used not only for BCH transactions.

Furthermore, an update is called Bitcoin Adjustable Blocksize Cap (Bitcoin ABC). This will change the base code on which Bitcoin cash is based, in an attempt to solve some of the major problems that limit the wider adoption of Blockchain technology. The key problem that fork seeks to solve is scalability.

In 2009, when Bitcoin has been just started up, the cryptocurrency could only recycle about seven transactions in a second. Later, in August 2017, Bitcoin Cash shattered the original Bitcoin to increase Bitcoin transactions’ speed. Bitcoin ABC is now the continuation of this project and aims to decrease transaction time to 2.5 minutes. In comparison, the original Bitcoin network takes about 10 minutes to produce one block.

Benefits of Bitcoin Cash Hard Fork.

After that, the update will also allow more people to make transactions at the same time. Moreover, Bitcoin ABC will allow you to conduct more types of transactions in the Bitcoin Cash network. Actually, it is belived that users will be able to archive and track real assets and even CryptoKitties. Transactions will be stored in Blockchain as so named “colored coins.” These tokens can represent any real-world assets.

Colored coins will provide users with the ability to store some important data and information, taking advantage of all the security benefits of Blockchain. Due to the expected larger size of Bitcoin Cash units, users will be able to use the network not only for the transmission of cryptocurrency. According to online reports, the network can also be used to place legally binding contracts or some other important documents without the involvement of a third party.

It is expected that bitcoin Cash hard fork will put BCH in competition with other altcoys, such as Ethereum, in terms of the ability to allow users to post more than just monetary transactions. Updating the block size will appear as a key step that will bring the network closer to solving the scalability problem.

Author Mari T. -April 26, 2018

Posted by david Ogden Entrepreneur

David

Bitcoin Cash Price Weekly Analysis â BCH USD Could Break $1,200

Bitcoin Cash Price Weekly Analysis – BCH USD Could Break $1,200

Key Points

Bitcoin cash price is in a major uptrend from the $650 swing low against the US Dollar.
There is a crucial bullish trend line forming with support near $1,090 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair remains well supported on the downside and it could even break $1,200 in the near term.

Bitcoin cash price is gaining traction above $1,000 against the US Dollar. BCH/USD may perhaps extend gains above the $1,200 level if buyers remain in control.

Bitcoin Cash Price Support

There was a monster rally from the $800 support in bitcoin cash price against the US Dollar. The price jumped and broke many resistances such as $900 and $1,000. It even broke the $1,100 level and traded close to the $1,200 level. A high was formed at $1,193 before the price started a downside correction. It moved down below the 23.6% Fib retracement level of the last wave from the $873 low to $1,193 high.

However, the downside move was limited by the $1,040 level. Moreover, the 50% Fib retracement level of the last wave from the $873 low to $1,193 high acted as a support. More importantly, there is a crucial bullish trend line forming with support near $1,090 on the 4-hours chart of the BCH/USD pair. The pair is moving higher again and is currently trading well above the $1,080 level. It seems like it could continue to move higher and it may even break the $1,200 level in the near term. Above the mentioned $1,200, the price may perhaps test the $1,240 level in the near term.

Looking at the chart, the price remains well supported on the downside near $1,080 and $1,050 levels.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is currently reducing its bullish slope.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower from the 85 level.

Major Support Level – $1,090

Major Resistance Level – $1,200

Author: AAYUSH JINDAL | APRIL 22, 2018 | 4:08 AM

Posted by David Ogden Cryptocurrency Entrepreneur

David

Crypto Week in Review – Bitcoin, Ethereum, Verge, Litecoin, Bitcoin Cash and Ripple Struggle

It has certainly been an up-and-down week for cryptocurrencies. Things started out relatively peaceful when allegations arose that the currency had somehow dominated its incoming “death cross,” and that the slump users had been witnessing over the past several days may be coming to end. This seemed to hold true when Bitcoin rose from $6,900 to $7,100 – a $200 jump from where it had long stood.

All Barricades Defied?

the currency rose to just under $7,500 following the announcement that Coincheck – one of Japan’s biggest cryptocurrency exchange platforms and the recent victim of a hack that saw over $500 million in NEM stolen last January – would likely be “rescued” by Tokyo-based exchange Monex Group.

The company issued a formal statement saying that it was in talks with Coincheck about a possible “takeover,” and that a deal could be reached by the end of the week. This sent the price of bitcoin surging, as hope and enthusiasm once again found themselves fluttering through the cryptocurrency arena.

This positivity was short-lived, however, as a near $600 drop in the price occurred the following day, and bitcoin fell to about $6,800. Now, the coin has settled for $100 less and is trading at approximately $6,800, suggesting that the currency is holding its ground, but has undoubtedly been affected by recent trends.

There appear to be several reasons for the latest drop, one being a hack that occurred on Verge’s blockchain.

Verge is a privacy-oriented cryptocurrency, and it’s alleged that hackers may have implemented several bugs in its system to walk off with anywhere between $15,000 and $1 million in company coins (sources differ greatly in how much the amount totals).

While the attack took place on an altcoin, the story raises several questions. Verge’s blockchain requires a proof-of-work validation mechanism, much like Bitcoin and Ethereum, which makes users wonder if these latter blockchains are also vulnerable to similar bugs and malware.

Larger news stemming from India likely took a larger toll on the coin’s position and current pricing. The country’s of India’s Reserve Bank has hinted that it plans to potentially ban Bitcoin trading on a whole while building its own digital currency. This has led to negative reactions among residents, who claim that a national virtual currency wouldn’t necessarily be threatened by Bitcoin and other forms of crypto.

The move could be especially damaging considering India accounts for roughly 10 percent of the world’s cryptocurrency trades. A full ban on Bitcoin by India may wind up affecting not only users but the country’s financial stability in the global blockchain market.

Not Much Help from “Experts”

In addition, several other leading cryptocurrencies have also experienced serious drops in their prices. Ethereum is down to about $380, while Bitcoin Cash is hovering at just over $630. Ripple is hovering around $0.50. Litecoin is trading at a new low of approximately $116.

Thus far, we have experienced mixed reactions from analysts, some of whom claim Bitcoin could encounter a solid bull run by the year’s end. Others feel that the coin’s final days are near, and the bubble surrounding Bitcoin has officially been popped.

Author Nick Marinoff April 6, 2018

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, April 02

The Chinese ban on cryptocurrency trading, the possibility of a similar ruling in South Korea and the fear of regulations around the globe were some of the reasons that started the current decline.

However, with the election of Yi Gang as the head of People’s Bank of China (PBoC), the country’s central bank, some market experts believe that the Chinese ban on cryptocurrency trading might be overturned.

South Korean regulators are finalizing the taxation framework for cryptocurrencies and will most likely throw some light on the probability of a full-scale regulation of the cryptocurrencies after mid-June.

This has not deterred the Mayor of Seoul to announce the creation of ‘S coin’, the cryptocurrency of the city. He also wants to encourage the development of Blockchain projects as he foresees the widespread use of the technology in the city.

Let’s see if we find any buy setups on any of the digital currencies we track?

BTC/USD

Bitcoin broke below the $7,000 mark on April 01, but the dip was purchased aggressively by the bulls. As a result, the price has been back above the $7,000 level once again.

The 20-day EMA is the important resistance to watch out for during any pullback, which is just above $8,200 levels. The bears will strongly defend this level, while the bulls will attempt to break out of it.

We should wait for the BTC/USD pair to sustain above the 20-day EMA before recommending any long positions.

The trend remains down, hence, we don’t find any buy setups on the digital currency.

ETH/USD

The bulls are struggling to defend the $355 to $385 support zone on Ethereum. Even at such critical supports, there is lack of buying, which shows weakness.

Any pullback on the ETH/USD pair will face selling at the downtrend line and above that at the 20-day EMA.

On the downside, the bears will gain strength once they sustain below $355. The next lower target is $275 to $300.

We have been anticipating a sharp pullback because the RSI is deeply oversold, but it has not yet materialized. We’ll become positive in the short-term once the virtual currency closes above the downtrend line.

BCH/USD

Bitcoin Cash continues to be under pressure. Currently, it is attempting to pullback from the April 01 lows of $653, but the buying remains tepid.

f the bulls fail to break above the $778.2021 levels soon, the BCH/USD pair will slide to $600 and below that to $558 levels.

We’ll have to change our bearish view only after the virtual currency breaks above the 20-day EMA and the resistance line of the descending channel. We expect a pullback because the RSI is oversold, but we don’t find any buy setups to trade it. Hence, we are not suggesting any long positions.

XRP/USD

Ripple is trading weak for the past four days. It has extended its fall after breaking below the critical support of $0.56270. The next major support is way lower at $0.22, however, as the RSI is oversold, we expect it to pull back soon.

If the XRP/USD pair manages to scale above the $0.57 level, it will indicate that the markets have rejected the lower levels. Until then, all small pullbacks will be sold.

Hence, we shall wait for the bulls to sustain above $0.57 before suggesting any long positions.

XLM/USD

Stellar is attempting to bounce off the downtrend line. The positive divergence on the RSI is a bullish sign.

The current pullback will face resistance at the 20-day EMA and above that at $0.27 levels. If the bulls fail to break out of these two levels, the XLM/USD pair can slide to $0.16 and then to $0.11 levels.

We’ll attempt long positions once the price sustains above $0.27.

LTC/USD

Litecoin has been trading in a tight range for the past three days. The bears have not been able to break below the critical February 02 support of $107.102.

In the same way, the bulls have not been able to force a pullback, hence, the tight range. If the $107.102 level breaks, the next support is at $84.706.

However, as the RSI is in the oversold territory, we might get a pullback, which will face resistance at the 20-day EMA and the downtrend line.

Our goal is to wait for a buy setup to form before attempting a trade on the LTC/USD pair.

ADA/BTC

After a prolonged downtrend, Cardano has entered a range with support at 0.00001690 and resistance at 0.00002460.

The longer the ADA/BTC pair remains in the range, stronger the breakout will be, when it happens.

Hence, we retain the recommendation provided in our previous analysis to buy on a close (UTC) above 0.00002460 levels. The pattern target of this break is 0.0000323, which can easily be exceeded on the upside. The initial stop loss can be kept at 0.00001800, which can be raised later.

NEO/USD

NEO has broken below the March 18 lows of $49.04, which is a bearish development. The next support on the downside is at $31.15.

The RSI has again entered the oversold zone, hence, a pullback to the 20-day EMA is possible.

The NEO/USD pair will attract buyers once it sustains above $65 levels. Until then, every recovery will be sold into.

The digital currency needs to show sustained buying before we suggest any trade on it.

EOS/USD

For the past three days, EOS has been trading between $5.1 and $6.2. The 20-day EMA has been acting as a stiff resistance.

Once the EOS/USD pair breaks out of the 20-day EMA, the resistance line of the descending channel, and the 50-day SMA, it will become positive.

Hence, we have been recommending to buy the digital currency at $7.5, with a stop loss of $5. The target objective is a rally to $11.

Our bullish view will be invalidated if the virtual currency breaks below $5 and slides to $4 levels.

Author Rakesh Upadhyay

Posted by David Ogden Entrepreneur

David