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Bitcoin Cash’s Roller Coaster Month Sees Market Cap Fall by 50%

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Bitcoin vs. bitcoin cash

The value of bitcoin cash (BCH) fell hard on Monday, extending a month-long slump that has shaved 50% off the virtual currency’s value.

BCH/USD Price Levels

Bitcoin cash was has declined roughly 8% over the past 24 hours, reaching $1,623, according to Bitstamp. The bitcoin alternative touched a session low near $1,500 before rebounding. Transactions in BCH amounted to $689 million on Monday, which is equivalent to 63,409 units of bitcoin.

At present values, bitcoin cash is capitalized at $27.6 billion, placing it fourth among active cryptocurrencies. The BCH market was worth nearly $60 billion just one month ago.

After a failed rally, bitcoin cash remains on the bearish end of the trade table. Prices are now trading below the previous day’s support cluster near $1,800. Applying Fibonacci, BCH/USD has further scope to decline below $1,500.

Roller Coaster Month

Over the last four weeks, bitcoin cash has lost more than 50% of its value, as the market pulled back sharply from all-time highs above $4,000.

Like other digital currencies, BCH has struggled under the weight of speculation that South Korea was moving toward banning cryptocurrency trading. BCH has also been the subject of insider trading controversy after employees of Coinbase leaked information about the coin’s inclusion on GDAX. After extreme volatility, Coinbase recently reopened BCH-euro transactions on its GDAX exchange.

Coinbase has experienced significant challenges implementing bitcoin cash on its platform, although this is largely due to excessive demand for the digital asset. Shortly after launching on GDAX Dec. 20, bitcoin cash transactions were suspended due to “heavy market buy demand,” according to general manager Adam White. This resulted in insufficient liquidity.

Even with the declines, bitcoin cash has carved out a placed among the top digital currencies based on market cap. This would have seemed unlikely just six months after a rocky hard fork divided investors on the true value of bitcoin cash.

Bright Future

Even with the latest price volatility, there’s still plenty of reason to be bullish on bitcoin cash, according to CNBC’s Dan Nathan. In his view, bitcoin cash is poised to one day overtake the original bitcoin as the world’s most valuable cryptocurrency. That’s because many of the technical issues impacting bitcoin have already been resolved with BCH – especially in terms of transactions and overall efficiency.

In a segment of Fast Money earlier this month, Nathan tipped his hat in favor of BCH and Ethereum as being “cheaper and faster” than the original bitcoin.

Investors who are concerned about the future of digital currency transactions involving bitcoin will continue to be drawn to the BCH project. After all, scalability continues to be one of the biggest issues facing the blockchain industry. By increasing the block size to boost the verification process, bitcoin cash offers a tangible solution to a real problem. Its inclusion on GDAX and other more exchanges such as Bitstamp and Bitfinex has opened the door wide open to speculation as well as long-term value investing. Combined, these forces could make bitcoin cash more attractive in the future.

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.

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4.6 stars on average, based on 662 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Zcash Price Analysis: ZEC/USD Penetrating Vital Resistance, Which is Key for Greater Upside

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  • Zcash has remained elevated over the past few days, as a result of potential speculation across the social media space regarding a Coinbase listing.
  • ZEC/USD bulls must break down supply area heading into $140, to unlock chunky buying pressure.

ZEC/USD bulls have been pressing hard to break above the very stubborn resistance, which is seen just above the $140 price territory. For going on six sessions now, the price has failed to clear the above supply area. It is seen tracking from $138 up to $140. ZEC/USD has not been above this territory since 28th September. There has been much penetration of this, which very well could suggest a strong breakout to come.

Zcash Speculation

Efforts by Coinbase to expand its offering has raised speculation that ZEC may be due for consideration. As recently reported, the largest U.S exchange, announced the listing of Basic Attention Token (BAT) on its trading platform and apps. Elsewhere, they opened the doors for trading 0x (ZRX), which was the first ERC-20 token to have been listed on the platform. Given these moves, there has been continued speculation across the social media space regarding possible listing of Zcash along with the likes of Cardano (ADA), and Stellar (XLM).

Technical Review – ZEC/USD

ZEC/USD daily chart

The ZEC/USD bulls are having a hard time, as their rallies continue to be short-lived due to repetitive failure to breach key resistance. On each occasion the price has entered the detailed supply area, heading into $140, it has been sent back south by some force. It could very well be that ZEC/USD is moving within consolidation mode, after the chunky recent surge. The bulls had seen a decent run from October 31st. Gains seen within this period were a chunky 20%.

Support Levels

Looking to the downside, a decent level of daily support can be eyed just sub-$128. During the current form of consolidation eyed, this area has proven to be of use. Further south, eyes would be back on the breached pennant pattern. This is where ZEC/USD began its most recent forceful upside trend. The price had managed to catch some bidding at the lower part of the pattern to then see a breakout to the upside. A potential pullback to the pennant could see the price around $118.

Upside Targets

Should the market bulls manage to gather enough upside momentum, eyes will be on another retest of the supply heading into $140. A breach above will likely see the price heading for another supply zone, observed at $145. ZEC/USD last traded here on 28th September, before resuming its downward trend. Further north, the highs seen early September within the $160 territory. Lastly, any move above here, could likely see some strong buying pressure, with a fast move back into $200.

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.

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4.5 stars on average, based on 49 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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TRON Price Analysis: TRX/USD Posts Longest Daily Losing Streak in 15 Weeks

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  • TRX/USD stuck within a stubborn downward trend, running at 7 consecutive sessions of losses.
  • Price faced a strong rejection after retesting and failing to break back above breached trend line.
  • Bulls will look to find some ground at below strong daily support areas, before firm committed bull run.

Stubborn Downward Trend

TRXUSD daily support

TRX/USD has been cooling for going on 7 sessions now, running currently at consecutive daily closes in the red. The price entered this stubborn downtrend on 7th November. TRX/USD bulls had initially retested a breached ascending trend line that was supporting the price initially. The mentioned supported had been running from 12th September until a firm breach and close below by the bears on 29th October. This left the door open for the market bears to capitalize.

Given this current run of consecutive losses, it is the longest daily run in the red since the back-end of July – early August. The price from 30th July underwent 6 sessions in negative territory, falling around 27% until a small bounce on 5th August. In terms of percentage loss on this current fall observed, it is running at 11% over the 7 sessions at the time of writing. The market will be looking to find a bottom over the coming sessions.

Downside Support

There are some key areas to note for TRX/USD, ahead of potentially giving up on the $0.020000 territory. The next major level of daily support can be seen at $0.021400; this is the low of 31st October. It is significant as the bulls staged a rebound here. TRX/USD entered into a short-term bull run, seeing strong gains up until 6th November. The percentage gain within the mentioned period, was seen at a solid 16%, seeing 6 out of 7 daily closes in the green.

Further to the south, another level worthy noting, would be $0.020700 – a strong daily support level, most recently between 11-12 October. This is where the price initially jeopardized the above-mentioned trend line. Firm buying kicked in down here, to see the bulls drive the price back up to the $0.02800 territory. A strong area of supply can be seen here, as has been demonstrated since the back-end of August.

Upside Targets

Once the bulls manage to find their feet again, the first target would be for a retest of the breached ascending trend line. This is currently tracking at $0.026000; TRX/USD has not been this high since 17th October. Looking further to the north, the mentioned supply zone would be seen just ahead tracking from $0.027000-0.028000. It is also worth considering that this is the upper part of the current range. TRX/USD has not been above this for over 15 weeks now.

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.

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4.5 stars on average, based on 49 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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Bitcoin Cash Price Analysis: BCH/USD May Have to Return to $400, Before Big Bull Buying

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  • BCH/USD price action did form a potential double top formation, subject to a move back towards the neckline.
  • The RSI indicates price is oversold via the 4-hour chart view, after bouncing in early hours of Monday.

The Bitcoin Cash price remains firmly on the back foot. As a result, of a top area being produced within a heavy touted supply zone. This can be seen within the $650 price region, which as a result has caused BCH/USD bulls to falter in their tracks north. Back in the very early part of September and most recently on 7th November has seen the sellers pile in at this area.

BCH/USD daily chart

Given the current price behavior it would suggest technically, the bears are looking to force a retreat, Eyes would be towards the neckline of the set up. This would see BCH/USD returning to $410, as demonstrated during the selling pressure back in early September. A likely area to attract buyers back in, a failure however to see this area of support hold, could be very punishing indeed.

Possible Neckline Breach

BCH/USD Neckline

Should a breakout to the downside from the $410 area support occur, heavy selling pressure may be seen. Eyes would then be on for a potential steep fall, down towards $285, the next major level of support. BCH/USD last traded down here on 13th October 2017, after seeing a chunky breach through the above-mentioned neckline.

4-hour Chart View

BCH/USD 4-hour chart

Looking via the 4-hour chart view, BCH/USD price action is moving within a descending channel formation. This is very much subject to a potential breakout to the upside; however, as described above, the price may need to retreat towards $410. Near-term resistance can be immediately seen at $530, which is the upper part of the channel.

The resistance above trend line of the detailed technical set up should this continue to hold; it raises the case to the top formation play out. A breakout to the upside now could send BCH/USD flying back for a retest of the $650 region supply. To the downside, support should be noted around the psychological $500 level.

As detailed above with the descending channel, this could also be perceived as a text book bull flag pattern. Such a move coming into play after a decent run higher, to then cool, ahead of another burst to the north. Looking via the RSI, it did hit a bottom, running into oversold territory. This occured in early hours of today – Monday 12th November.

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.

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4.5 stars on average, based on 49 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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