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Bitcoin Price Shakeup Continues as Bitcoin Cash Adds 150%

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Bitcoin’s upheaval continued over the weekend, as the world’s No. 1 digital currency shed another 20% en route to three-week lows. Bitcoin Cash (BCH), the recently spawned alternative to the original blockchain, has added a staggering 150% since Thursday.

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Bitcoin Nosedives

BTC/USD was down another 12% on Sunday to trade at $5,863. Prices reached a low of $5,507 before consolidating at current levels. Since Friday, bitcoin has declined more than 20%.

At present levels, bitcoin is capitalized at $96.7 billion, according to CoinMarketCap. The coin’s market cap exceeded $125 billion at the height of its rally last week.

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Bitcoin Cash Makes Its Biggest Statement Yet

After months of mediocrity, BCH has surged into the limelight following last week’s cancellation of the Segwit2x hard fork. Bitcoin Cash was up 72% on Sunday to trade at $1,625. The coin has added more than $1,000 over the past five days.

BCH reached a high of around $2,380 over the weekend, levels that would have been unfathomable just one week ago.

Bitcoin’s latest reversal exceeds what many would call a healthy retracement following its record-setting run. The sharp swing below $6,000 suggests that the recent breakdown in price will be more sustainable as the market shifts from one extreme to the other.

BCH’s total market value briefly surpassed $30 billion this weekend, briefly surpassing Ethereum.

No Fork in the Road

The battle of the bitcoins was really no battle at all until backers of Segwit2x aborted their mission, citing a lack of consensus for the new protocol. When investors caught wind that the fork wouldn’t happen this month, they immediately loaded up on BTC before shifting gears to BCH.

Some interesting developments have happened since 2x was cancelled. For one, Bitcoin Cash’s hashrate has officially surpassed bitcoin’s, a sign that more processing power was being used for BCH.

Bitcoin’s forced split was scheduled to occur on or about Nov. 15 following months of heated dispute about scalability. The Segwit2x program was considered by many to be a strong solution to bitcoin’s block size debate. Backers of the proposed protocol believe bitcoin transaction blocks should be two times larger than current levels.

Interestingly enough, Bitcoin Cash emerged out of the same debate that divides the classic bitcoiners from those who back the new Segwit protocol. Its proponents view it as a store of value and means of exchange – something backer Gavin Andresen reminded his Twitter followers this weekend. As Christian Catalini reminded, there’s usually a trade-off between the two.

It didn’t take long for a rogue person or entity by the name of ‘BitPico’ to declare that Segwit2x would go on as planned. The group said it will carry out the fork regardless of what the broader market thinks.

As we saw over the weekend, the cryptocurrency market is highly prone volatility. Although the underlying trajectory remains up, multiple pain points continue to plague the industry. It remains to be seen whether Bitcoin Cash’s acceleration is a one-off or a sign of things to come. Previously, traders had complained that it was the bitcoin alternative’s intrinsic value was difficult to evaluate.

 

Featured image courtesy of Shutterstock. 

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Analysis

Crypto Update: Post-Crash Oversold Bounce Ensues in Crypto-Land

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As Bitcoin plunged below $10,000 yesterday, nearing the crucial $9000 level, all of the majors followed the most valuable coin in the panic sell-off. Our trend model turned short-term neutral in most of the cases, while the long-term prospects also improved thanks to the deep and violent correction.

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Bitcoin itself already traded at slightly attractive levels, as it breached our first possible target for the correction, but we expect a lengthy bottoming process with a possible dip to the $8200 or $7650 supports.

As for the short-term, the oversold rally initiated from the lower boundary of the declining trend channel, and a choppy, hard-to-trade consolidation period is likely ahead that could last throughout the weekend. Strong overhead resistance is found at $13,000, likely capping the advance for now, while the $11,300 support/resistance level could also be in the focus in the coming sessions.

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BTC/USD, 4-Hour Chart Analysis

Altcoins

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Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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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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