Connect with us

Altcoins

Bitcoin Cash Price Analysis: BCH/USD Could Be Forced to Retest Low of $73.50

Published

on

  • Bitcoin Cash remains vulnerable to further downside pressure. Next support eyed at $105 and then $73.50.
  • OKEx exchange have announced their support for BCH margin trading via their platform.

The Bitcoin Cash price, like the rest of the market, has been subject to hard selling. BCH/USD has taken a beating by the bears over the past two trading sessions. A large wave of pressure unexpectedly to the downside rippled across cryptocurrencies on 10th January. BCH/USD fell a chunky 20%, moving to the lowest levels seen since 19th December, during the most recent bull run.

Coinciding with that move south, there had been a rejection for the bulls, after meeting some known resistance. A descending trend line can be seen running from 6th November 2018, when the market picked up pace in the direction south. Given that latest failure to break above, this stacks the odds further in the favor of the market bears.

OKEx Support BCH Margin Trading

Earlier in the week, OKEx, one of the leading global cryptocurrency trading platforms, announced they are now supporting BCH margin trading. OKEx detailed in their recent blog post, margin trading of Bitcoin Cash will be paired against Tether (USDT) and Bitcoin (BTC). Users will be able to trade BCH/USDT and BCH/BTC with 3x leverage. The exchange is also looking to to adjust the margin borrow limits.

Binance’s Trust Wallet Supports Bitcoin Cash

Trust Wallet this week announced that they are adding Bitcoin Cash support to its Android application. In addition, support was also added for Litecoin (LTC) and Bitcoin for all its users. Elsewhere, further insight from the development team, Trust Wallet will be supporting several additional coins to come.

Technical Analysis – BCH/USD

BCH/USD daily chart. Descending trend line preventing further upside.

Following the rejection blow and deep fall on 10th January, which went to break key support, the door has been left open to further pressure south. An important near-term level was seen at $146.50, as this had supported the price from 25th December 2018, right up to 10th January 2019. During the period of consolidation at the time following the December bull run, it prevented the required comfort.

Keeping in mind the above-mentioned breach, there isn’t too much in the way of major support, until $105. This was the 6th December low and where BCH/USD had consolidated between 7-10th December, before another squeeze south. Bitcoin Cash went on at the time to print a low down at $73.50.

Should the price want to see an exerted wave of buying pressure again, then the bulls must break above the running descending trend line. It can be currently seen tracking at $152-$152.50, a breach will raise attraction levels largely again for buyers. The challenge again of supply seen running from $200-$240 range, will come back into play. BCH/USD most recently faltered here on 24th December.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 110 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.




Feedback or Requests?

Altcoins

Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure

Published

on

  • Global digital asset management firm, Grayscale, has announced an investment vehicle based around XLM.
  • XLM/USD is moving within the confinements of a bearish pattern structure, subject to a breakout south.

XLM/USD has been subject to very narrow and choppy trading, which has been going on for the past eight sessions now. Price action is moving within a range-block formation, which is seen across the board with several of its peers. This type of behavior does indicate of some potential vulnerabilities to the downside.

The current consolidation mode taken up came into play after a prior period of range-trading, which saw a deep breakout on 10th January. XLM/USD had plummeted by a hefty 20% to its lowest levels seen since 17th December. Despite the mid-December bull run, which was seen to the end of the month, it has not escaped the bear market. Therefore, bull rallies continue to be sold with some force by the bears.

Grayscale Stellar Lumens Trust

Grayscale Investments, a global digital asset management organization, has announced the launch of an investment vehicle based on Stellar Lumens (XLM). This is aimed at giving investors exposure to the cryptocurrency XLM. It is the sixth largest by market cap, just over the $2 billion mark, at the time of writing.

The asset management company tweeted via their official account, “We are excited to announce two big developments! First, today marks the launch of Grayscale Stellar Lumens Trust! Investors can now gain exposure to the price movement of XLM through a traditional investment vehicle.”

Grayscale’s Managing Director, Michael Sonnenshein, noted that this Stellar product that they have introduced was brought in on the back of investor demand. Furthermore, he details that Grayscale’s push to offer investors exposure to “established blockchain projects with substantial traction and resources.” Sonnenshein lastly concluded by noting he is bullish on Stellar and the real use cases that it brings.

Technical Review – XLM/USD

XLM/USD daily chart. Price action is moving within triangular structure.

Price action is currently moving within a triangular pattern structure. XLM/USD has been trading within this since the start of December. The lower support was tested to the downside on 14th December at around $0.094000-$0.093500 prior to the big bounce. Life kicked back into the bulls, forcing the rally up to the tracking resistance, around $0.131500. Furthermore, the pattern has further been confirmed, with several tests to the lower and upper acting trend lines.

Lastly, in terms of the described structure, it can also be perceived as a bearish pennant formation, which again point to downside. Support is currently tracking around the $0.107000 area, and a failure to hold will see the December low retested to the downside, $0.093500. Immediate resistance can be observed at $0.120000-$0.1215000.

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.

 

 

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 110 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.




Feedback or Requests?

Continue Reading

Altcoins

Cash Flow Token, PayPie (PPP) Hits 1,000% Growth on $296 Volume

Published

on

Higher

Just thirty days away from the longest bear market in cryptocurrency history, one could be forgiven for looking at the altcoin market and assuming we were still in January of 2018.

Every day small cap altcoins are doubling, tripling or quadrupling in value, and several have already gained more than 1,000% this month alone.

The trouble is that most of them are tokens no one has heard of, on exchanges that you’d never sign up to. And even if you did sign up to them, you’d only get there to find the absolute minimum in liquidity, provided by whichever friendly neighbourhood pumper was on duty that day.

PayPie (PPP)

A good example of this phenomena was on display on Thursday night with PayPie (PPP), which hit 904% growth in five minutes, and 1,016% for the week. Irony is never lacking in the crypto space, and PayPie’s proposed role as a cash flow platform seems comical in light of its $296 daily trade volume.

It took just five minutes for PPP to hit 904% growth on Thursday, climbing from the daily low of $0.073341 up to $0.736635 not long after midnight. The weekly low of $0.065958 puts seven-day gains on 1,016% – although it’s difficult to say who exactly is collecting these gains, if anyone at all.

What Is PayPie?

Despite a Bitcointalk forum page which stretches back to 2017 and has 247 pages to its name, no one has posted there since June of last year, over six months ago. In fact, the last post on the page is directly related to PPP’s lack of volume, and the creators’ failure to land the ERC20 token on any new exchanges.

From the project’s website we can gather that PayPie is set up to offer help with cash-flow projections for small and medium-sized businesses. They offer a web app, some monitoring and calculation tools, and email and telephone support for their customers.

Remarkably, not one mention of cryptocurrency, blockchain or the PPP token is made on the company website. No link is posted to a whitepaper, and there is zero mention of team members nor anything tech related. If it wasn’t for the website link on CoinMarketCap there would be no reason to think this was a crypto project, and I still don’t know what PPP is supposed to be used for.

PPP…Past Success

After launching in late 2017, PPP came around just in time to catch the altcoin mega-pump of January 2018, when its trade volume surged to over $1 million, and the coin price reached $3.72.

That’s when ‘development’ was still somewhat active, with occasional communications on Bitcointalk. Since then it has been complete radio silence, although the cash flow company behind PPP continue to post finance tips to their blog, but none of it is crypto related.

Maybe the PPP token is the perfect symbol of 2017’s bubble, when ICO madness caused thousands to attempt to cash in on the crypto gold rush. Despite growing by close to 1,000% in the last twenty-four hours, one gets the feeling this might be one of the last times we hear about PayPie.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 123 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.




Feedback or Requests?

Continue Reading

Altcoins

XRP Price Analysis: XRP/USD Behavior is Demonstrating Strong Downside Vulnerabilities

Published

on

  • Ripple’s XRP was trading up with modest gains in the latter part of Wednesday, just some 0.60%.
  • XRP/USD continues to move within a narrowing range-block formation. The price is subject to a breakout, with risks pointing to the downside.

Recent Price Behavior

Ripple’s XRP is seen holding very modest gains of 0.6% in the latter part of Thursday’s session. Price action remains limited, given the narrow trading range, in which it is moving in. There is a lack of commitment from both sellers and buyers, and as a result a range-block formation can be eyed. XRP/USD has been within the confinements of this for the past seven sessions now. Currently, there aren’t any technical suggestions of the bulls recovering and picking up the mid-December momentum again.

Given the above-detailed price behaviour, risks point to the downside. One of the key reasons for this is XRP/USD moved into consolidation mode after a recent hard fall on 10th January. Prior to the drop, the price was trading sideways, which was seen from 19th December, apart from the freak spike to $0.46 on 24th December. A technical breakout was then observed, as mentioned on 10th January, where XRP/USD dropped a huge 20%. Keeping in mind the described recent journey for the price, similar movements are currently playing out.

Range-block

XRP/USD 4-hour chart.

A breakout is imminent, given that price action is getting tighter. It is worth noting the key levels around this range-block. In terms of the lower support, this should be noted at the $0.3200 mark, the recent low area of 13-14th January. The upper part of this technical formation is eyed at $0.3450, the high from 11th and 14th January.

If the bears manage to force a breach of the above-described, then XRP/USD will quickly be forced to give up the psychological $0.3000 mark. A large area of demand is seen tracking from $0.3000-$0.2500. This has proven to find strong buyers on several occasions – December 2017, August and September 2018.

Furthermore, to see XRP/USD fly the way it has in the past will require a serious amount of upside momentum. Given all of this sideways trading and consolidating, the price is building new areas for itself to have to break down. In terms of upside resistance, this should be noted running from $0.3500 up to $0.4000. Lastly, the price as mentioned earlier, was ranging here between 19th December to 10th January.

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.

 

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 4.00 out of 52 votes, average: 4.00 out of 52 votes, average: 4.00 out of 52 votes, average: 4.00 out of 52 votes, average: 4.00 out of 5 (2 votes, average: 4.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 110 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending