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Trade Recommendation: Bitcoin Cash

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If the price breaks the downtrend line and the local high, it will be a signal that the market is going to continue the upward movement. Pending buy orders should be placed at the 1420.00 level with stop orders below the previous low at the 1120.00 level. Profit targets are the 2000.00 and 2500.00 levels. Using stop orders in this market is strongly recommended. If you don’t use leverage, trading volume for this trade is up to 10% of your deposit.

Market: BCHUSD
Buy: 1420.00
Stop: 1120.00
Profit Targets: 2000.00 and 2500.00

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The trading signal is based on Bittrex chart.

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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3 Comments

3 Comments

  1. Slrtrollalot

    November 14, 2017 at 4:03 pm

    I dont care much for this coin. Seems too risky

  2. replicah

    November 16, 2017 at 5:15 pm

    Well.. this recommendation certainly cost me a small fortune. Fingers crossed on the next!

    • nerdassassin33

      November 17, 2017 at 12:15 pm

      you are not alone. if that helps you 🙂

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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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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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Altcoins

Stellar Lumens Leads Battered Crypto Market Higher on Thursday

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Stellar, Cardano and a handful of other coins breathed new life into the cryptocurrency market on Thursady following one of the biggest flash crashes in history.

Altcoins Rebound

Thursday’s altcoin rebound was led by Stellar Lumens (XLM), the platform designed for building financial products. Stellar’s XLM token rose more than 20% to a session high of 56 cents. At press time, it was up 19% at 49 cents.

The XLM digital currency bottomed out near 30 cents on Wednesday, its lowest level of the year.

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The latest up move gives Stellar a total market cap of $8.3 billion on daily trade volumes of $473 million, according to CoinMarketCap. At its peak, Stellar’s total market cap was worth well over $16 billion.

Stellar is one of a handful of cryptocurrencies expected to resume its bullish campaign, according to a recent price forecast from Finder.com. As reported by Pound Sterling Live, Finder.com expects XLM tokens to rise triple digits percentage-wise for the remainder of the month. Cardano is expected to lead the altcoin rally, based on the report.

Cardano was up more than 15% at the start of Thursday trading to reach 64 cents. NEO, IOTA and Ripple XRP also put up strong gains. These altcoins have been at the center of the cryptocurrency market’s meteoric rise since the start of 2018. Each of them has successfully eaten away at bitcoin’s share of the market, which recently fell to as low as 32%.

Gradual Recovery

Although cryptocurrencies are no strangers to volatility, the total market experienced an unprecedented decline over the last three days. At its lowest, the market’s total value reached $414.9 billion. That was roughly half of the $835 billion peak set earlier this month.

At last check, the total crypto market cap was worth roughly $548 billion. The ecosystem is expected to remain volatile ahead of South Korea’s decision on domestic cryptocurrency exchanges. Regulators in the Asian country are reportedly considering various measures to reduce or eliminate speculation in digital currency trading. This is a concern for investors because South Korea is an international center for crypto trading, which makes any attempt to limit trading a potential threat to capital flows. The country alone represents about a third of global bitcoin trades.

Barring any major disruption on the Korean peninsula, history has taught us that the crypto rebound is likely to extend further, possibly into new highs. Investors have routinely bought on major dips in anticipation of further price accumulation in the future. In recent weeks, the gains have been driven largely by altcoins. Prior to that, it was bitcoin that did much of the heavy lifting.

Regulatory uncertainty continues to be the thorniest issue facing cryptocurrencies, with each nation and jurisdiction reaching its own conclusion on how to govern the market (if at all). The debate over regulation will only heat up as cryptocurrencies become vital components of the digital economy and monetary system.

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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Altcoins

BitConnect Cryptocurrency Tanks After Company Shuts Exchange

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The value of BitConnect’s BCC token plunged on Wednesday, just one day after it abruptly announced it was closing down its controversial lending and exchange operation.

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BCC Fire Sale

BitConnect’s native token plunged to a session low of $5.69 as investors rushed for the exit. At last check, the cryptocurrency was down 90% to trade at $18.97, according to data provider CoinMarketCap. That was the lowest level since June, bringing BCC’s total market cap to $149 million.

Total daily trade volume for BCC amounted to $23.4 million, with HitBTC accounting for roughly 37% of the transactions.

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More pain is coming for BCC as investors rush to erase any exposure they once had to the controversial parent company. Various reports have indicated that holders of BCC have struggled to sell their tokens despite the platform appearing operational. This suggests that another fire sale may be on the horizon.

BitConnnect announced Wednesday that the rapid decline of its token’s price was a direct result of releasing all of its members’ coins at once.

The decline also happened to coincide with a broad selloff in the broader cryptocurrency market. The total market cap of all cryptocurrencies in circulation has declined by roughly $250 billion since Saturday, with all the major coins suffering heavy losses.

Halting Operations

BitConnect closed down shop after receiving two cease-and-desist letters from the Texas State Securities Board and the North Carolina Secretary of State Securities Division.

The company was honest about the reasons for exiting the market in a blog post that appeared on Jan. 16. According to the post, continuous bad press and multiple DDoS attacks also factored into its decision to close the operation. According to the blog post, all active loans will be transferred to users’ BitConnect wallet in a deposit worth $363.62, a rate that was calculated based on the coin’s average closing price for the past 15 days.

“In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes,” the post said.

Prior to the announcement, BitConnect was accused by many in the blockchain community of being a Ponzi scheme. The criticisms have been levied by voices as diverse as day traders to Vitalik Buterin, the founder of Ethereum. The company operated a four-tier business model that promised users higher returns for bigger initial deposits. Through proprietary “volatility software” and other tools, BitConnect guaranteed users 1% ROI on a daily basis and up to 40% per month. Value investors rarely take such promises seriously.

If we take the blog post at face value, the team has no plans to abandon the project entirely. The post added: “This is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cyptocurrency services 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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