Altcoins

Bitcoin Cash Price Analysis: BCH/USD at Risk of a Full Reversal After Promising Run

Published

2 months ago

December 28, 2018

The Bitcoin Cash price is unable to sustain upside momentum, as bears continue to sell any bull rallies.
BCH/USD had breached at the time of writing a key area of support at $150. This could open the door for a retest of the $100 level and then the recent bottom at $73.50.

The Bitcoin Cash price remains firmly on the back foot, and has been cooling since the 24^th December. BCH/USD had initially reached heights of $241 on the 21^st but the bulls began to lose momentum within an area of supply. The instability of the price comes after such an impressive and explosive run higher. Given the sheer strength of that, many would have thought it demonstrated a similar behaviour to the crypto market 2017 bull move.

Sell the Santa Rally

BCH/USD 4-hour chart. Price hit by supply area, following the 21st December high print.

On 15^th December, BCH/USD managed to find its feet at an apparent bottom of $73.50. In the following session life returned to the market bulls, as the price re-entered into a trend higher. This switch in sentiment came after a brutal November – early December, where BCH/USD had dropped 88%. Between the 16^th to 21^st December, Bitcoin Cash demonstrated one of the strongest recoveries across the major cryptocurrencies. BCH/USD gained a whopping 218% within this period.

Looking at the recent cooling in the price over the past seven days now, this is prompting some ‘FUD’ across the market. The strong bear market of 2018 may not be over just yet, with there just being a few days left of the year. Over the mentioned period, BCH/USD has dropped around 40% from the 21^st December high print. Throughout this year, the market bears have consistently sold any short-term bull rallies that have taken place.

Key Support Areas

BCH/USD daily chart. Sellers remain in control with the price below $150 territory.

In terms of the daily chart view, there isn’t too much in the way of strong standout support levels that are close to the current price. The next major downside area to note would be back towards the psychological $100 mark. To be specific, the 6^th December low of $105 is the target. Between the 7^th – 10^th December, BCH/USD hovered around this price territory, before resuming its move south, to the $73.50 low on the 15^th.

Sellers will likely remain in control with the price below the $150 territory. This level is key as it is a strong prior acting area of support. A bottom had temporarily formed on the 25^th November here and was supporting the price right up to the 4^th December. The price also managed to find some comfort here on the 25^th December, before being breached in Thursday’s session and closing below.

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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Ken Chigbo

4.6 stars on average, based on 126 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.

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6 More Upcoming Crypto Events That Could Pump These Coins – and Last Week’s Winners

Published

4 hours ago

February 22, 2019

Greg Thomson

This is a follow up to last week’s ‘6 Upcoming Events‘ article which detailed several tech updates on the horizon for various cryptocurrencies.

Before we break into this week’s batch, let’s look at how last week’s picks performed:

IOST gained 28%
Quarkchain gained 12%
Theta Token gained 17%
Aeternity gained 13%
Ethereum gained 19%
Cybermiles gained 9%

These gains did come amid a general market uptick, and have been caluclated at the highest possible cash-out point. THETA and IOST proved to be two of the week’s best performers, at the expense of many others; Quarkchain continues to climb, as does Aeternity. Ethereum may have been responsible for triggering the recent market surge on its own, but can it purely be attributed to the upcoming Constantinople update?

Here are six more upcoming events that might result in positive sentiment gains for the coins involved.

Holo (HOT) – Closed Alpha Testnet

Details on the upcoming closed alpha testnet can be found in this Github post. In short, this marks the first step towards getting developers up and running on Holochain using Nodejs and Rust programming languages.

Holo had a strong previous quarter and came charging out the gates in December, and by February had recorded 230% growth in three months.

There’s every chance we’re too late to this one, but after HOT declined 12% in the last three days, there could be another bounce in the run up to the testnet.

Testnet Date: 28th February

Po.et (POE) – E-Book Metadata Platform

Described as a blockchain protocol for ‘content ownership, discovery, and monetization in media’, Po.et is about to release a blockchain version of ISBN codes. The word is they’ll be applied to e-books, with the goal of becoming the metadata provider for the digital publishing industry. Po.et was recently mentioned in this examination of blockchain‘s role in that industry by the Columbia Journalism Review.

POE is ranked 218th by market cap, and has been in decline for most of the quarter. This week saw a slight reversal of that trend as the ETH-based token gained 5%, and volume rose from $200,000 to $1 million.

Launch Date: 28th February

Digitex Futures (DGTX) – Treasury Token Sale

The first round of cut-price DGTX treasury tokens are set to be released at the start of next month. A breakdown of the Digitex Treasury can be found in this official blog post.

DGTX tokens doubled in value in December, then halved again in January. The last seven days have seen more than 12% growth.

Token Sale Date: 1st March

Skycoin (SKY) – Skywire Mainnet Launch

Skywire is aimed at cutting out the dominance of centralized payment servers like BTCPay, which Skycoin views as a looming threat to free expression. Skycoin’s solution is a combination of handheld hardware processors and wire mesh technology, more on which can be read here.

Momentum has been building with SKY for the last two weeks as it soared to 24% gains before subsequently cooling off.

Mainnet Launch Date: 4th March

Pundi X (NPXS) – Commencement of Staking Rewards

Pundi X’s staking upcoming staking mechanism involves monthly payouts weighted to how long your funds remain staked – details here.

Looking at the three-month chart of NPXS shows a huge turnaround in mid-January. Since then the token gained 84%.

Staking Launch: 9th March

GameCredits (GAME) – Gaming Store Launch

In mid-March the GameCredits PC-gaming store is set to launch, where customers will be able to purchase AAA PC games using GAME coins. Benefits include discounts, no KYC or ID checks, and remote access to Fortnite, Battlefield 5, Far Cry New Dawn, and more.

GAME is ranked 328th by market cap, and can be traded on Upbit, Bittrex, Poloniex and Bitbay. Take a look at GAME’s daily chart from the last twenty hours and make of it what you will.

Store Launch: 15th March

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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Greg Thomson

4.5 stars on average, based on 147 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.

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Litecoin Price Analysis: LTC/USD on a Potential Launchpad for Another Rocket to the North

Published

5 hours ago

February 22, 2019

Ken Chigbo

The Litecoin (LTC) price remains elevated, as the bulls look at continuing the strong recent run higher.
Coinbase Wallet announces support for Litecoin, joining the likes of bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH) and Ethereum Classic (ETH).

LTC/USD: Recent Price Behavior

The LTC/USD bulls have resumed upside momentum, following brief and minor pullback observed in the session on Thursday. At the time of writing Litecoin is seen trading up in minor positive territory, with gains of around 1.5%. It is worth noting, since 8th February the price has gained as much as 60%, with the high print up at $53.65 produced on 20th February.

The big chunky jump north came after the price managed to escape a narrowing daily range block formation. LTC/USD was moving within the confinements of this for 11 January to 8th February. The breakout higher was very much explosive, given the prolonged period it has traded within. In terms of the initial spike observed on the 8th, it was a gain of around 45% in a single session.

Coinbase Wallet to Support Litecoin

Coinbase, the leading U.S. cryptocurrency exchange, announced it will now support LTC on their native Coinbase Wallet. This will allow users to store their LTC directly on the app. The fifth largest cryptocurrency by market capitalization will be joining the likes of bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH) and Ethereum Classic (ETH).

Users of the Coinbase Wallet are going to have the ability to download a required update with Litecoin support in the coming weeks via the Apple Store or Google Play Store. Storing LTC will be immediately available upon the completion of the update. Users will need to choose the ‘Receive’ option; this can be observed on the main wallet page to deposit LTC into the wallet.

In the official blog announcement, Coinbase said:

“The new Wallet update with Litecoin support will roll out to all users on iOS and Android over the next few weeks. LTC support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select Litecoin to send LTC to your Coinbase Wallet.”

Technical Review – LTC/USD

LTC/USD daily chart.

The Litecoin price has stabilized at heights above the psychological $50 price mark. A near-term area of demand is seen from the $50-$47 price range, which is helping keep LTC/USD propped up. The next upside targets for the bulls are seen just above a supply zone tracking from $55-$57. It last traded up at these heights back in November 2018. Should the bulls manage to maintain upside momentum, then eyes will be on a return into $65 territory, where the next area of supply is tracking.

In terms of support, as detailed earlier, immediate relief is found within the $50-$47 range. If this fails to hold, then a potential chunky wave of selling pressure would likely come into play. The next demand area to the downside runs from $42.50-$39.50; price last traded here between 9-16th February. LTC/USD had briefly consolidated within this zone before a further squeeze to the north occurred.

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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Ken Chigbo

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Binance Coin Price Analysis: BNB Bulls Maintain Elevation Following Testnet Launch for Binance DEX

Published

9 hours ago

February 22, 2019

Ken Chigbo

Binance Coin on Friday is holding healthy gains of around 3% in the early part of the session.
The decentralized exchange Binance DEX testnet was launched earlier this week. Binance will be looking to gather user feedback before an official roll-out of the platform.

Binance’s BNB price continues to somewhat outperform several of its peers. BNB/USDT is trading up over 3% in the early part of the session on Friday. Since the start of February, the BNB bulls have enjoyed a strong move north, having gained around 80%. The price is currently trading in proximity to its highest levels since October 2018, entering a zone that is known for sellers. The next significant technical barrier for the bulls is within reach; for greater upside it must be broken down.

Binance DEX Testnet Running

Earlier this week, Binance, the world largest cryptocurrency exchange by traded volume, launched the testnet for its decentralized trading platform. Binance DEX has been made available for public testing; users can create crypto wallets and start familiarizing themselves with the platform’s interface. The platform is running on the Binance Chain, which is their proprietary blockchain.

Furthermore, the company released a blockchain explorer for the testnet; this allows users to search by an individual block, transaction, asset, address and order ID via the blockchain. The community will be able to participate as individual nodes, in addition to holding their private keys.

Binance has noted it will need to start gathering much feedback from its community on this current testnet. The company can then look at the timeline for a major final step of rolling out the decentralized exchange.

The CEO and co-founder Changpeng Zhao commented following the announcement:

“With Binance DEX, we provide a different balance of security, freedom, and ease-of-use, where you take more responsibility and are in more control of personal assets.”

Technical Review – BNB/USDT

BNB/USDT daily chart.

Given current upside momentum, the areas of resistance must be noted as potential barriers to disrupt this bull run. Firstly, a supply area can be observed just ahead tracking from $10.90 up to $11.63. The BNB/USDT bulls faltered here on several occasions in August, September and October 2018. The damage occurred after the rejection in October, which gradually went on to lead to a steep bearish trend that commenced in November. The price went on to drop around 50%, throughout November up to early December.

Another chunky wave of buying pressure would likely come into play, should the bulls break the mentioned supply. Furthermore, eyes will then be on a return back towards the $14-$15 price range. BNB/USDT last traded up at these heights back in August 2018, just before the bear market kicked in again with intense selling pressure.

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.