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Bitcoin Cash Consolidates as Markets Search for Direction

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The value of Bitcoin Cash edged lower on Friday, but established a relatively neutral range above $320 as markets awaited fresh catalysts.

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BCH Consolidates

The BTC/USD exchange rate is down nearly 3% at $324, according to CoinMarketCap. At present values, Bitcoin Cash is capitalized at $5.4 billion, enough for fourth on the cryptocurrency leadership board.

The technical indicators continue to show a neutral outlook for the BCH/USD. Relative strength is in the low 40s, while the MACD continues to hover near the zero line.

Bitcoin Cash surged above $380 earlier this week as part of a broader crypto-market rally. The rally has since reversed, with prices consolidating north of $320, with near-term resistance located in the $335-$340 region.

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BCH has had a volatile three-months since forking from the Bitcoin network on Aug. 1. Over that period, the digital asset has traded between $278.36 and $740.18.

Bitcoin prices also consolidated Friday, trading at $5,655 USD.

“Bitcoin Cash is Bitcoin”

According to CCN, backers of Bitcoin Cash have announced plans to re-brand the new cryptocurrency simply as “bitcoin.” Roger Ver and Calvin Ayre issued a joint statement declaring: “Bitcoin Cash Bitcoin.”

In practical terms, this means referring to the incumbent blockchain as the SegWit chain. It will he divided into SegWit1x (SW1) and SegWit2x (SW2) following the upcoming hard fork in November.

Both investors have considerable clout in the blockchain community. Ayre is a billionaire who founded an online gambling empire, whereas Ver is considered “Bitcoin Jesus” due to his early backing of the project.

It remains to be seen whether the investors’ conviction will lead to greater mainstream acceptance of Bitcoin Cash. The new coin surged immediately after the August hard fork but has since struggled to win favor with investors. For crypto investors, arriving at BHC’s intrinsic value has been nearly impossible in the early stages of its existence.

Featured image courtesy of Shutterstock.

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Technical Analysis: Litecoin Continues Surge as Bitcoin Tests Highs

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With the crypto world being focused on the historical futures launch, the major coins all enjoyed buying following a hectic weekend, and a volatile week as a whole. BTC itself got another boost from the widespread publicity and the volatile correction of the recent days ended, with the most valuable coin bouncing back towards its all-time high.

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While the long-term picture remains severely overbought, the short-term picture is not stretched and further gains are possible even amid the elevated correction risk. That said, investors should wait for a more favorable entry point to ad dot their holdings, while traders should control position sizes in the light of the long-term setup. Major support levels are now near $13,000, $11,300, and $10,000, with stronger levels still at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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The major altcoins are all up today, but only Monero and Litecoin are still within short-term uptrends, and the segment as a whole is still dangerously overextended, and a deeper correction is very likely in the coming weeks. LTC continued its recent break-out, getting close to the $200 level, and joining the extremely overbought group regarding the long-term momentum, and triggering a long-term sell signal in our trend model. Key support levels are found $100 at $75 and $64, with a weaker primary level at $125.

LTC/USD, 4-Hour Chart Analysis

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Cryptocurrencies

Trade Recommendation: Stellar

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The price bounces from the support zone formed by the uptrend line, SMA100 and the support level. RSI confirms price reversal. MACD histogram supports upward movement and DMI allows opening long trades. It’s trading opportunity. Buy orders can be placed at 0.00000870 level with stop orders at 0.00000720 level. Profit targets are 0.00001200 and 0.00002000 levels. The daily chart does not give us strong bullish signals, that’s why this buy signal is more risky than it could be. You should invest small part of your deposit in this market or skip this trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: STRBTC
Buy: 0.00000870
Stop: 0.00000720
Profit Targets: 0.00001200 and 0.00002000

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Stellar.

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Altcoins

Ethereum’s Pullback from Record Territory Continues as CryptoKittes Effect Wears Thin

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Ethereum resumed its descent Monday, a mere 24 hours after hitting new highs, a sign that the CryptoKitties bump was beginning to wear down.

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ETH/USD Price Levels

Ether’s dollar-denominated trade value plunged 10% on Monday to reach an intraday low near $429. Prices would later recover near $450 for a loss of nearly 6%. ETH/USD has declined 2.7% over the past five days in what has been a period of relative calm for the world’s second-largest cryptocurrency.

That being said, prices briefly traded at record highs over the weekend, touching $518. That narrowly beat the Nov. 29 high of $514.

At present values, the ether market is capitalized at nearly $44 billion, which is only a fraction of bitcoin’s $260 billion value. Ether’s 24-hour transaction volume came in at nearly $1.5 billion, according to CoinMarketCap.

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Volumes were evenly dispersed across the exchanges. Bitfinex’s ETH/USD pair saw the highest volume at 7.4% of the total market, which was equivalent to $108 million. Poloniex processed nearly 7% of ether’s daily turnover via ETH/BTC.

Ethereum rebounded from record lows against bitcoin, but remains relatively subdued as the world’s no. 1 crypto continues to dominate the market. ETH/BTC plunged 11% to 0.028040.

CryptoKitties

Much of the excitement surrounding Ethereum lately has centered on CryptoKitties, a simple collectibles-based game that was built on the ether blockchain. The game, which was released Nov. 28, allows users to purchase, trade and even breed digital kittens. Some analysts have likened the game to Tamagotchi, a handheld digital pets game launched in 1996.

Transactions on Cryptocurrencies are processed using ether, which is Ethereum’s native token. Industry estimates show that Cryptokitties transactions account for nearly 20% of all computations on the Ethereum platform. This figure appears to be growing continuously.

Although the game was immediately dismissed by members of the cryptocuurrency community,  Ethereum co-founder Vitalik Buterin and Earn.com CEO Balaji Srinivasan said the game had more virtues than some cared to recognize.

“Why is Cryptokitties actually important?” asked Balaji. “It’s one of the first examples of what people have been talking about for years: frictionless international trading of digital assets (not just cash!) on a blockchain. Basically what Fred Wilson saw.”

Earn.com markets itself as the “first token-based social network.”

At the same time, the CryptoKitties phenomenon presents several challenges for the Ethereum ecosystem related to scalability, future growth and ICO risk.

Ethereum continues to be the platform of choice for the budding ICO industry. The amount of money raised through the controversial crowdfunding model is fast approaching $4 billion for the year. The phenomenon doesn’t appear to be dying off anytime soon as more startups look to raise money to fuel their expansion.

That being said, many token raises and the issuers that back them are attempting to circumnavigate securities regulations by building a utility token. It remains to be seen how the regulatory landscape will evolve to keep up with the evolving nature of the industry. Equally important is how the cryptocurrency community will come together to address regulatory issues.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

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