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Monera Price Analysis: XMR/USD Reversal Pattern Forming

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Monera is forming a head and shoulders pattern on its 4-hour time frame and is starting to complete the right shoulder. A break below the neckline around $225 could lead to a selloff of the same height as the chart pattern, which spans $225 to $375.

However, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the uptrend still has a chance at resuming. If the neckline keeps losses in check, XMRUSD could still bounce to the $300 area around the moving averages.

Note that the gap between the moving averages is narrowing to signal a slowdown in buying pressure. If a downward crossover materializes, price could still have a shot at breaking support and sustaining the drop.

Stochastic is pulling up from oversold conditions, though, so buyers could regain the upper hand at some point. RSI is already on the move up to signal that sellers are taking a break and could let bulls take over.

The dollar has been on weak footing following Trump’s decision to fire Tillerson, leading to speculations of more protectionist policies and a potential trade war. The US President also emphasized his plans to impose higher tariffs on China in order to protect US companies.

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Litecoin Price Analysis: LTC/USD Remains at a Risk

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Litecoin price is trading lower and is currently below $180 against the US Dollar. LTC/USD must stay above the $170 support, otherwise there is a risk of a downside break.

Key Talking Points

·         Litecoin price is under pressure and is currently trading below the $180-182 support (Data feed of Kraken) against the US Dollar.

·         There is a connecting short term bearish trend line forming with resistance at $175 on the hourly chart of the LTC/USD pair.

·         The pair must break the $175 and $180 resistance to avoid further declines in the near term.

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IOTA Price Analysis: More Bearish Signals?

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IOTA is trending lower against the dollar after previously breaking below a symmetrical triangle consolidation pattern. Price is forming another short-term consolidation pattern at the moment and it looks like a bearish flag signal.

IOTUSD was rejected on its test of the descending channel resistance visible on the 4-hour time frame and might have its sights set on the next support levels. At the moment, price is testing the swing low around 1.3420 and the 38.2% extension.

Stronger selling pressure could take it down to the 50% extension around 1.1153 or the 61.8% extension at 0.8828. A test of the channel support could also hit the 76.4% extension at 0.5952 or the full extension at 0.1304.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. These moving averages are slightly above the channel resistance to add to its strength as a ceiling in the event of another test.

Stochastic is pulling up to show that buyers are ready to regain control of IOTA price action. RSI also has some room to climb, so bullish momentum might still return. However once both oscillators hit overbought levels and turn lower, selling pressure could pick up again.

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Cardano Price Technical Analysis – ADA/USD Could Test $0.25

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Key HighlightsADA price is slowly rising higher and is currently trading above the $0.2100 support against the US Dollar (tethered), but faced sellers near $0.2230. There is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may continue to rise and it could break the $0.2350 resistance for a test of $0.2500.

Cardano price is trading above key supports against the US Dollar and Bitcoin. ADA/USD could rise in the short term towards the $0.2500 level.

Cardano Price Support

There was a nice support base forming above the $0.1800 level ADA price against the US Dollar. The price traded higher and broke the $0.2000 and $0.2100 resistance levels. It even traded above $0.2300 and formed a high near $0.2324. Later, it corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high.

However, the downside move was protected by the $0.2100 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high acted as a support. At the moment, the price is trading higher back towards $0.2324 high. It seems like it could break the $0.2350 resistance and trade towards $0.2500. Above $0.2500, the price may even trade towards the $0.2800 level.

On the downside, there is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair. The pair remains well above the $0.2100 level and the 100 hourly SMA. If it fails to remain above the $0.2100 level, there is a risk of a downside push back towards $0.1800.

Hourly MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.

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Ripple Price Technical Analysis – XRP/USD Extends Consolidation

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Key HighlightsRipple price is trading in a range above the $0.7700 support level against the US dollar. Yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair (data source from Kraken). The pair seems to be struggling to gain momentum above $0.8000 and the 100 hourly simple moving average.

Ripple price continues to trade in a range against the US Dollar and Bitcoin. XRP/USD may rise, but it could struggle to break the $0.8000 and $0.8200 resistances.

Ripple Price Range

There was no upside action above $0.8000 in Ripple price against the US Dollar. The price is currently trading in a range and is preparing for the next move above $0.8000. The recent low was formed at $0.7630 form where the price started rising slowly. It is currently trading near the 38.2% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low.

However, there are many barriers on the upside around the $0.8000 and $0.8200 levels. First, the 50% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low is near $0.8000. Moreover, the stated $0.8000 is just around the 100 hourly simple moving average. Therefore, the $0.8000 level is a major resistance. A break above the stated $0.8000 resistance could clear the way for more gains. More importantly, yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair.

It seems like the pair may continue to trade in a range above $0.7700 for a few sessions. Once there is a break above $0.8000 and $0.8200, there could an extended upside move towards $0.8500.

Looking at the technical indicators:

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International Banking Study Calls Centralized Crypto Inevitable

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A new report issued by an international banking group analyzing the use of cryptocurrency by central banks recognizes the usefulness of digital currency while calling into question their overall safety and security.

Study Calls Centralized Crypto Inevitable

The Bank for International Settlements issued a report on Monday saying that cryptocurrency, as issued by central banks, could be beneficial to replace cash as it disappears from the marketplace but warned of problems it sees as inherent to the system.

As central banks around the world are studying the potential of issuing cryptocurrencies of their own, the consortium of banking regulators in Basel, Switzerland released their white paper saying “(Central bank cryptocurrencies or other forms of digital currencies) could bring substantial benefits,”

Cryptocurrency issued by a central bank could be a stable, robust and even safer alternative to cash said the study by the group that includes the Federal Reserve and 59 other central banks of nations that account for about 95 percent of world gross domestic product.

Warnings of Dangers Ahead

This bit of positivity though came with many caveats warning of potential dangers. The report argues that digital currencies could become a rival to cash which would lead to rising interest rates as cash would then pulled from the commercial banking system.

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NEO, EOS, LTC, Monero, Lumens: Technical Analysis March 14, 2018

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While there is an obvious slide of altcoins prices, there is hope for EOS, LTC and NEO. Technically, these charts are hinting of possible price appreciation with series of higher highs at lower time frames happening at key support lines.

NEO prices looks interesting and not only are sellers testing the main support line in the weekly chart but a buy signal in the daily chart and rejection of lower lows in the 4HR chart may mean a lift off past $90. On the flip side though, sellers can further erode prices and drive NEO to $55.

Let’s have a look at these charts:

XLM/USD (Stellar Lumens)XLM/USD Bittrex Daily Chart for March 14, 2018

Besides the strong bear Lumens trajectory, there is nothing much that can be said when it comes to price volatility. Fact is, since March 9 pin bar, prices have been slow and moving within that candlestick with no clear cut gains.

From a positive perspective, the middle BB at $0.30 is our logical resistance line. While Lumens prices are $0.02 from our key support line at $0.30, the rate of depreciation hasn’t been that rapid to warrant a bearish break out and consequent sells.

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Ethereum Price Technical Analysis – Can ETH/USD Move Higher?

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Key HighlightsETH price is slowly gaining pace from the $677 swing low against the US Dollar. There is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD (data feed via Kraken). The pair has to move above the 100 hourly simple moving average and $710 to gain traction.

Ethereum price is slowly rising higher against the US Dollar and Bitcoin. ETH/USD may climb higher in the near term above the $710 level.

Ethereum Price Resistance

Yesterday, there was a downside move, but it was contained by the $677 level in ETH price against the US Dollar. The price was seen struggling, but buyers succeeded in preventing any major breakdown towards $620. A low was formed at $677 recently and the price is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $739 high to $677 low.

However, there are many barriers on the upside for buyers around $708-710. The 100 hourly simple moving average is positioned near $710. Moreover, the 50% Fib retracement level of the last decline from the $739 high to $677 low is at $708. Therefore, a break above the $708-710 is needed for buyers to gain upside momentum in the near term. Above $710, the next major resistance is near $735 and $737. The stated $735 level acted as a resistance on many occasions, and it may continue to prevent gains.

On the downside, there is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD. The pair remains supported on the downside around $685. However, it must rise above $710 to avoid a downside reaction in the near term.

Hourly MACD – The MACD is gaining pace in the bullish zone.

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Goldman Sachs Warns Of Bitcoin Going Under $6000

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Goldman Sachs analysts panicked Sunday, March 12 as Bitcoin’s volatility caused them to forecast a return to recent lows below $6000.

Goldman Fears ‘Impulsive Decline’

In a note to clients, the global giant’s technical analysis team led by Sheba Jafari pointed the blame at market uncertainty thought to have begun from Mt. Gox trustee Nobuaki Kobayashi’s recent sell-offs.

Having broken below $9210 Sunday, ultimately reaching closer to $8400, Bitcoin faced a potential freefall to $5922, the team claimed, with little support in between.

“The break is significant as implies potential for a more impulsive decline,” Jafari wrote quoted by Business Insider.

The next meaningful level is down at 7,687-7,198; includes the 200-dma and a 1.618 target off the high.

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Ripple CEO: Bitcoin ‘Is the Napster of Digital Assets’

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Ripple CEO Brad Garlinghouse recently claimed that cryptocurrencies are solving real-world banking and remittance problems — with future generations set to build and improve on the foundation laid by blockchain technology. In doing so, he also stated that Bitcoin “is the Napster of digital assets.”

Inapt Comparisons

Though the Ripple CEO says that comparisons between his cryptocurrency and Bitcoin are ultimately compliments, he also took the chance to compare the dominant cryptocurrency to peer-to-peer file-sharing internet service Napster — which was revolutionary for its time but failed to maintain any sort of lasting relevance.

Speaking to Bloomberg Asia ahead of his participation in the Millennium 2020 conference in Singapore, Garlinghouse stated:

Some may look back at Bitcoin and say that it is the Napster of digital assets. What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that. But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then government stepped in and Napster wasn’t successful. But Spotify, iTunes, and Pandora were successful.

I think what you will find is that maybe the next generation of digital assets will end up solving some of the problems that Bitcoin set out to solve.

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World’s First Bitcoin Monument Unveiled in Slovenia

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The Slovenian city of Kranj has installed a giant circular Bitcoin logo near the city center, making it the first official monument dedicated to the world’s first decentralized cryptocurrency.

Slovenian City Erects Bitcoin Monument

Slovenia has been known as a hot spot for Bitcoin and cryptocurrency-related activities for several years now. It was the original home of the Bitstamp exchange, one of the most popular cryptocurrency trading platforms in the world.

Now, a giant installation of the famous Bitcoin ‘B’ logo has been placed by city authorities at one of the roundabouts near the center of the city of Kranj.

The metal construction was created by Aleksander Frančeškin and Selman Čorović and paid for by the Slovenian-based tech design company 3fs and the Luxembourg-based Bitstamp.

It appears that Bitstamp, one of the oldest cryptocurrency exchanges in the space today, remains a staunch supporter of Bitcoin, paying homage to the world’s first cryptocurrency.

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Litecoin Price Analysis: LTC/USD Consolidates above $170?

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Litecoin price is trading in a range above the $170 level against the US Dollar. LTC/USD may rise in the short term, but it is facing sellers near $185 and $195.

Key Talking Points

Litecoin price is currently consolidating losses above the $170 level (Data feed of Kraken) against the US Dollar. There is a contracting triangle forming with resistance at $192 on the hourly chart of the LTC/USD pair. The pair must stay above the $170 support, else there is a risk of a downside break.

There was no upside break above the $190 and $195 resistance levels yesterday in litecoin price against the US dollar. The LTC/USD pair declined and moved below the $180 support.

The pair also settled below the $180 level and the 100 hourly simple moving average, which is a bearish sign. The recent low formed was at $173.93 and the price is currently trading in a range.

It seems like the price is consolidating losses above the $170 level, but it is also facing many hurdles on the upside. An initial resistance is around the 38.2% Fib retracement level of the last decline from the $192.80 high to $173.93 low.

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Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $20?

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Key HighlightsEthereum classic price is finding it hard to hold a major support at $20.00 against the US dollar. There are two key bearish trend lines forming with resistance at $21.00 and $23.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair must break above the $23.00 resistance and settle above the 100 hourly simple moving average.

Ethereum classic price is struggling to recover against the US Dollar and Bitcoin. ETC/USD has to move above the $21.00 and $23.00 resistances to gain upside momentum.

There was no substantial recovery above $24.00 in ETC price during the past few days against the US dollar. The price tested the $16.50-20.00 support zone on many occasions, and succeeded in avoiding declines. It is currently trading just above the $20.00 and is consolidating losses. It seems like the price is finding is very hard to recover above the $21.00 resistance area in the short term.

On the upside, there are two key bearish trend lines forming with resistance at $21.00 and $23.00 on the hourly chart of the ETC/USD pair. The 23.6% Fib retracement level of the last drop from the $31.18 high to $19.61 low is near $22.34 to act as an intermediate resistance. Once there is a proper break above $22.35 and $23.00, there could be more gains. The next resistance could be around 50% Fib retracement level of the last drop from the $31.18 high to $19.61 low around $25.40.

Moreover, the 100 hourly SMA is sitting near $21.00. A break above the $21.00 level and 100 SMA could be a positive sign in the short term. On the downside, the price has to stay above $20.00 and $16.50 to avoid further declines.

Hourly MACD – The MACD for ETC/USD is mostly flat in the bearish zone.

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Services Bridging Cryptocurrencies and Investors Are Emerging

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In the week starting Monday, March 5, some topical services emerged to bridge cryptocurrencies and investors.

The first service is that the U.S. company Coinbase has announced that it will develop and launch its own cryptocurrency index fund with a large market capitalization. Coinbase will list this cryptocurrency index fund on its own digital currency exchange GDAX and prepare for investment trading in the index fund. Four digital currencies will be included in the index fund, and they will be weighted by market capitalization. This means that at its launch the index fund will be comprised of 62% Bitcoin, 27% Ethereum, 7% Bitcoin Cash, and 4% Litecoin. Investors can easily invest in expected-to-rise cryptocurrencies by purchasing assets in Coinbase’s cryptocurrency index fund.

Another similar service will be provided by Grayscale Investments Inc., which had previously been selling investments in Bitcoin funds to institutional investors, and which has now decided to newly establish four new cryptocurrency funds. The four cryptocurrencies are Bitcoin Cash, Ethereum, Litecoin, and Ripple. Investments in these funds will be sold to qualified accredited investors who possess a certain level of investment experience and asset size. Investors can invest in one of these Grayscale Investments funds in the expectation that the value of the fund will increase without having to manage the cryptocurrency fund themselves.

Originally, it was important that the owners of some cryptocurrency could control their own assets. However, the entities such as institutional investors and hedge funds that are expected to enter cryptocurrency trading in the future will not necessarily have an appropriate cryptocurrency storage system, therefore it is important that they have such capabilities as a fund that stores the cryptocurrency for them on their behalf.

It seems that the business of providing services that enable existing investors to access cryptocurrencies more conveniently will significantly grow in the future.

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Ripple Price Technical Analysis – XRP/USD Holding $0.75 Support

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Key HighlightsRipple price is holding a major support area near $0.7500 against the US dollar. There is a monster contracting triangle pattern forming with support near $0.7600 on the hourly chart of the XRP/USD pair (data source from Kraken). On the upside, the pair is facing a major resistance near the $0.8000 resistance and the 100 hourly simple moving average.

Ripple price is holding key supports against the US Dollar and Bitcoin. XRP/USD has to gain momentum above $0.8000 and $0.8200 to gain traction.

Ripple Price Range

There was no major move above $0.8400 in Ripple price during the past two sessions against the US Dollar. The price tested the $0.8300 level, failed to gain momentum and declined below $0.8200. It moved below the $0.8000 support and the 100 hourly simple moving average. A low was formed at $0.7630 before the price started consolidating losses.

At the moment, the price is just above the 23.6% Fib retracement level of the last decline from the $0.8301 high to $0.7630 low. On the upside, there are many hurdles for buyers near the $0.8000 level and the 100 hourly SMA. The $0.8000 level is also around the 50% Fib retracement level of the last decline from the $0.8301 high to $0.7630 low. Moreover, there is a monster contracting triangle pattern forming with support near $0.7600 on the hourly chart of the XRP/USD pair. The triangle resistance at $0.8150 is a crucial barrier for buyers.

Once there is a proper close above the $0.8200 level and the 100 hourly SMA, there could be more gains. On the downside, the $0.7600 and $0.7500 support levels hold a lot of importance. XRP must stay above $0.7500 to avoid further declines.

Looking at the technical indicators:

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Binance Price Analysis: Wedge Consolidation Pattern

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Binance has formed lower highs and lower lows, consolidating in a falling wedge pattern and moving closer to the peak of the formation. This suggests that a breakout in either direction could happen soon.

The chart pattern spans 0.00085 to 0.00120 so the resulting rally or drop could be of the same height. Price needs to close below support at 0.00085 to confirm a selloff or above the 0.00090 level to confirm an upside break.

Note that the 100 SMA lines up with the top of the wedge to add to its strength as resistance. This is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that a move lower is more likely.

Stochastic is on the move up to signal that buyers have the upper hand, so another test of the top of the wedge could take place. RSI also seems to be heading higher, although it could also be treading sideways. Once both oscillators hit overbought levels and turn lower, selling pressure could pick up.

Binance has been in a weak spot ever since its hack, and understandably so. Investors could keep dumping their holdings until a positive update comes up, but that seems like a long stretch.

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Altcoin Analysis: NEO, EOS, LTC, Monero and Lumens

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Of all the 5 alt coins under our radar, Monero and LTC have distinct accumulation characteristics after periods of lower lows.

In my view, our key support lines especially in NEO is being tested and while the depreciation or breakaways are not yet visible, that might happen today if $85 is smashed.

Let’s have a look at these charts:

XLM/USDXLM/USD Bittrex Daily Chart for March 13, 2018

After yesterday’s bear candlestick and relative swings over the last couple of days, Lumens prices are basically in an accumulation. The more prices oscillate like this, the longer the BB squeeze and the stronger the break out.

Considering this boring technical development, our forecast remains the same and all we have to do is play the patience game as we wait for a possible break above or below.

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Ethereum Price Technical Analysis – ETH/USD Struggling Near 100 SMA

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Key HighlightsETH price is trading in a range above the $680 support level against the US Dollar. There is a contracting triangle forming with current support at $684 on the hourly chart of ETH/USD (data feed via Kraken). The pair is facing a crucial resistance on the upside near the $730 level and the 100 hourly simple moving average.

Ethereum price is struggling to gain traction against the US Dollar and Bitcoin. ETH/USD must break the $720 resistance and settle above 100 SMA to rise further.

Ethereum Price Range

There were mostly bearish moves below $750 in ETH price against the US Dollar. The price struggled to trade higher and formed a high near $738 yesterday. It failed to hold gains above the $720 level and the 100 hourly simple moving average. As a result, there was a downside reaction below the 50% Fib retracement level of the last wave from the $650 low to $738 high.

However, the downside move was protected by the $680 support. Moreover, the 61.8% Fib retracement level of the last wave from the $650 low to $738 high also acted as a support. At the moment, there is a contracting triangle forming with current support at $684 on the hourly chart of ETH/USD. On the upside, there is a major resistance near $717 and the 100 hourly SMA. Above $717, the triangle resistance trend line is at $735 on the same chart. Therefore, the price has to break the $717 and $735 resistance levels to gain upside momentum.

On the downside, the triangle support at $684 holds a lot of importance. A break below the $684 support could ignite a downside move back towards the last swing low of $650 or even $640.

Hourly MACD – The MACD is still in the bearish zone.

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Asian Altcoin Trading Roundup: Top Cryptocurrency is Nem

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The markets just cannot gain any momentum at the moment and after a brief and short-lived rally yesterday they are mostly back in the red today. Bitcoin failed to break resistance at $10k and has fallen back closer to $9k. Altcoins have, as usual, slumped with it losing most of their gains over the past two days. There is only one cryptocurrency in the green during this morning’s Asian trading session and that is Nem.

Coinmarketcap reports XEM trading 20% higher on the day. Last month was a bad one for this cryptocurrency as it lost over 50% of its value and was the worst performer in the top 25. Nem is showing some recovery now though and is trading at $0.42 up from $0.34 this time yesterday. In terms of BTC it is performing even better, up 26% to 4648 satoshis from 3676 sats the same time yesterday. Over the week XEM has done extremely well against BTC climbing by 50% from 3070 sats this time last Tuesday.

The Nem Foundation just posted an official statement regarding the Coincheck hack on their Twitter feed in which the president Lon Wong said;

“The XEM trading exchange has had a wake-up call to double-check security measures and deploy all necessary security mechanisms moving forward. Together, we can continue to create a robust ecosystem for the future.”

South Korea has led the way with XEM trading in KRW at 30% of the daily volume on Upbit. Japanese traders are close behind on 26% in JPY at the Zaif exchange. Trade volume over the past 24 hours has been $116 million and Nem has a market capacity of $3.8 billion putting it at 12th place in the charts.

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Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support

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Key PointsBitcoin cash price is trading above the $1,020 support and is currently in a positive zone against the US Dollar. There is a crucial bullish trend line forming with support near the $1,020 on the hourly chart of BCH/USD (data feed from Kraken). The pair is currently placed just above the 100 hourly simple moving average and $1,050.

Bitcoin cash price is trading nicely in a positive zone above $1,020 against the US Dollar. BCH/USD could rise in the near term towards $1,080 and $1,100.

Bitcoin Cash Price Trend

There was a minor upside break yesterday above $1,040 in bitcoin cash price against the US Dollar. The price traded above the $1,050 and $1,065 resistance levels. It even broke the $1,100 resistance and traded as high as $1,160. Later, a downside correction was initiated the price trimmed gains by more than $100. However, the downside move was protected by the $1,000 support.

At the moment, the price is trading above the 23.6% Fib retracement level of the last decline from the $1,160 high to $1,010 low. It may continue to rise towards $1,100 in the near term. However, there is a major hurdle around the $1,080 level. The 50% Fib retracement level of the last decline from the $1,160 high to $1,010 low is positioned near the $1,085 level, which is acting as a barrier. On the upside, there is also a connecting bearish trend line with resistance at $1,100 on the hourly chart of BCH/USD.

On the downside, an initial support is near $1,040 and the 100 hourly simple moving average. Moreover, there is also a crucial bullish trend line forming with support near the $1,020 on the same chart.

Looking at the technical indicators:

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