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Bitcoin Cash Slides to Three-Week Low Against the Dollar

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Bitcoin Cash (BCH) has declined sharply against the dollar this week, putting it on track for a seven-day drop of more than 20%.

BCH Hits Three-Week Lows

The BCH/USD regressed toward three-week lows on Thursday, where it briefly fell below $350. The cryptocurrency is holding steady in the $355 region at press time.

Prices are down 21% compared to last week, putting BCH among the worst-performing digital assets. Bitcoin cash’s short lifespan has been marked by heavy volatility, as investors continue to struggle ascertaining its true worth.

BCH is down one spot on the global cryptocurrency asset chart. At $5.9 billion, Bitcoin Cash is now the world’s No. 4 digital currency by market capitalization. It has been overtaken by Ripple (XRP), which is currently valued at $9.1 billion. XRP is the only cryptocurrency among the ten largest market caps to post a seven-day price increase.

From a technical perspective, BCH is facing strong bearish pressure, having declined below a key support area near $380. The next support target is located around $320.

Bitcoin Gold?

If one fork wasn’t enough, a new group of cryptocurrency upstarts is looking to create another form of digital money: Bitcoin Gold. The new version of the world’s No. 1 digital currency is expected to hit the market Oct. 25.

Gold’s backers want to democratize the blockchain’s infrastructure by taking it out of the proxy of large firms. The Bitcoin Gold website literally provides no clues about what the new infrastructure will look like. They have a direct link to their Slack account, which could provide more answers.

Bitcoin Gold differs from the upcoming November fork – Segwit2x – because that version addresses issues related to BTC network traffic. The Gold version, on the other hand, is looking to bring more small-scale players into the market. It remains to be seen whether Bitcoin Gold has staying power, or whether it’s an angry response against mining giants. Industry sources say China-based Bitmain is the main focal point of Gold’s uprising.

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.

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4.6 stars on average, based on 604 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Five Bullish Coins That Have Bucked 2018’s Bear Market

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This year marked the third bear market in the history of Bitcoin; a year in which BTC lost 70% of its value, and the second biggest cryptocurrency, Ethereum, lost 85%.

Looking down the list of altcoins those numbers don’t get any better. At least not for the majority. However, there are a small handful of cryptocurrencies that have quietly bucked the 2018 trend, and have carved their own successful path through the crypto landscape.

Some simply weathered the storm better than others, while several diverged completely from the surrounding market. Here are five of the most bullish coins and tokens of 2018 so far.

Chainlink (LINK)

There was hesitance to include this token in the list since it followed the rest of the altcoin market in a 37% decline between the dips of April and June. But ever since then it has been nothing but upward trajectory for LINK as it maintained higher lows even throughout the dips of August and September.

Recent news that Bithumb is to add Chainlink resulted in another pump for the token in mid-September, and could help snare another higher low when the next dip comes.

DigiByte (DGB)

Lowers lows have been common throughout every dip of 2018, yet DigiByte has managed to achieve just the opposite. The DGB/USD valuation has been sustained by higher lows through every dip of the year.

From early April’s low of $0.016689, DGB went on to $0.018986 by the dip of late June – a 13.8% rise. For some perspective, Bitcoin lost around 10.7% in the same timeframe.

From there DGB kept on rising despite fluctuations, and by August’s dip had gained another 10.8% as it hit another higher low of $0.021042.

In fact, the dip of September 12th is the only time this year that the DGB valuation has recorded a lower low. The price of $0.020744 recorded on that date marked a 1.4% loss for DGB since the previous low, although it has since recovered 25% of that figure and returned to the $0.025 range.

Metaverse ETP (ETP)

Metaverse ETP sunk throughout the summer months like most, but from the end of June has grown 484% in value, rising from a valuation in the $0.50 range, up to the latest coin price of $3.14.

The rise of Metaverse throughout Q3 came as a surprise to many, and few have been able to pinpoint a clear catalyst. However, the coin is heavily traded against the Chinese yen, and is finds itself heavily wash-traded and used for transaction mining on the TOPBTC exchange.

Binance Coin (BNB)

Q3 of 2018 has been less kind to Binance Coin than the preceding quarters, but the fact that BNB has recorded net gains for the year makes it worthy of a mention.

BNB’s actual token price on January 1st was $7.96, meaning Binance Coin has grown 21% over the last nine months up to the current price in the $9.70 range.

At one point BNB had surged 119% for 2018 when it reached a valuation of $17.44 on June 7th, but that momentum couldn’t be sustained.

Dogecoin (DOGE)

Unlike some of the coins mentioned above, DOGE did fall to consecutive lower lows throughout most of 2018, but Q3 saw a brash reversal of fortunes as it was added to Yahoo Finance, and Elon Musk began to take an interest.

From August’s low in the $0.00214 range, DOGE climbed 161% to the currently traded price in the $0.00561 range, completely subverting the majority of the market in its ascendance from joke coin to trend setter.

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.

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4.4 stars on average, based on 58 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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Altcoins

Volatile and Illiquid; Aurora (AOA) Backtracks 55% After Recent Gains

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Aurora (AOA) has proved one of the most illiquid and yet most most volatile cryptocurrencies in the market cap top one-hundred in the past week; gaining 409%, and then losing half of it all within the space of seven days.

All of this activity originated on just one exchange, Kucoin. That is unless you count the five dollars worth of AOA tokens traded on Bitinka. Wednesday morning’s snapshot shows a coin that has endured a +450% swing in the past week – fuelled by a community social media bounty and a rather bold piece of hype-making by the Aurora Twitter team.

AOA Sinks 55% After 409% Gains

From September 12th’s low of $0.008640, AOA tokens surged off of Kucoin’s BTC and ETH buys up to September 17th’s token price of $0.044022 – marking 409% gains over five days. The majority of this activity was founded on less than a million dollars worth of trades, with AOA volumes almost quadrupling from the $280,000 range, up to around $920,000 on Sept 17th.

What took five days to build was then destroyed in less than two, as AOA plunged by 55% down to this morning’s valuation of $0.019418. The previous week’s surge had triggered several articles speculating on the promise of the Aurora platform, but ultimately the skeptics were correct and what went up predictably came back down.

The brief but effective piece of market making has undoubtedly seen a small number of traders take huge profits on Kucoin in the past week. The majority are likely nursing double-digit losses this morning after the sell-off over the last two days.

Hype Triggers Trades

As covered here in the run up to AOA’s recent peak, the Aurora community had been engaged in a social media bounty campaign to celebrate the launch of their new Berlin office.

The increased flurry of online activity likely acted as a trigger for the the week’s market making, and may have been helped along by this teasing image by the Aurora Twitter team. The image shows Aurora’s logo floating above a pair of smartphones, accompanied by the text:

“Faster TPS is just the beginning. #Aurora #AOA #Apple.

As far as I’m aware, Aurora has not yet partnered with the world’s first trillion dollar company. The image could be relating to an upcoming app that may be available for use by Apple phones, but the Aurora team remain tight-lipped at the moment, preferring to allow the speculation and chatter do its job.

It has been a frantic start for a token that only launched in June. The Kucoin listing only arrived towards the end of August, and we may be witnessing the turmoils of a newly launched token still attempting to find its value.

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.

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4.4 stars on average, based on 58 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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Analysis

Crypto Update: Market Remains Weak Despite Ripple’s Surge

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Ripple made headlines today in the cryptocurrency segment, as the third largest coin jumped by more than 15% after trading in a narrow range for several days. Most of the major coins joined the rally, but the gains were muted and the technical setup remained unchanged in most cases, with the long-term outlook still being bearish, while the short-term picture remaining mixed.

Ethereum, which has been in the center of the trends in the segment for weeks rallied back above $200, but stayed below the recent swing high, leaving several questions unanswered concerning the short-term trend. Bitcoin also got stuck near the $6275 level yet again, and the total value of the market is still below the $200 billion mark, with still no clear signs of major capital inflows in the segment.

ETH/USD, 4-Hour Chart Analysis

Ethereum quickly recovered above $200 after dipping below the weekend lows yesterday in late trading, retaining the short-term buy signal in our trend model. That said the coin still needs to show stronger bullish momentum to avoid a resumption of the clearly declining long-term trend. As sustained dip below $200 would still warn of a move to last week’s lows, while a move above $235 would open up the way towards $260 and the confluence resistance near $275.

BTC/USD, 4-Hour Chart Analysis

Bitcoin has been showing weakness in the last couple of days, and although the coin is still on a short-term buy signal, similarly to Ethereum, a quick recovery above $6500 would be needed to avoid a bearish turn.

Traders should hold on to their positions here, but given the still bearish segment-wide trends, we still don’t advise full positions even in the stronger coins. Below $6275, weaker support is found at $6000, close to the key long-term zone near $5850, while resistance is ahead at $6500, $6750, and $7000.

Ripple Needs Follow Through For a Buy Signal

XRP/USDT, 4-Hour Chart Analysis

While today’s spike in Ripple is encouraging, the coin needs to show further signs of strength, as the recent sudden spikes in the majors were quickly sold as the bearish trend remained dominant in the segment.

With that in mind, despite the broken resistance levels, XRP remains on a neutral short-term signal in our trend model, while still being bearish from a long-term perspective. The coin is currently trading right at the $0.32 level, with support found at $0.3130, $0.30 and near $0.30, while strong resistance is ahead at $0.35.

DASH/USD, 4-Hour Chart Analysis

Dash is among the stronger coins from a short-term technical standpoint, trading in a bullish consolidation pattern just below the key $200 level. That said, the coin failed to show strength today amid Ripple’s rally, and that still points to a dominant bearish trend in the segment. With that in mind, traders should wait for further positive signs before entering new positions, especially since a bullish leadership still hasn’t developed.

IOT/USD, 4-Hour Chart Analysis

IOTA is still weaker than average, together with NEO, EOS, and ETC, and the coin is still just above the August lows, clearly being in a broad downtrend, despite holding up above the lower boundary of its short-term range. A test of the lows is likely in the coming weeks, and the coin remains on sell signals on both time-frames, with support found between $0.455 and $0.475, and near $0.405, and with key resistance ahead near $0.57 and $0.64.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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.

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4.6 stars on average, based on 348 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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