Bitcoin Cash Price Technical Analysis – BCH/USD Preparing for Break

Bitcoin cash price is consolidating above $2200-2300 against the US Dollar. BCH/USD may soon break higher above the $2400 resistance for more gains.
Bitcoin Cash Price Technical Analysis BCH USD
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Key Points

  • Bitcoin cash price is preparing for the next move with support on the downside at $2300 against the US Dollar.
  • There is a crucial bearish trend line forming with current resistance at $2400 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might soon make the next move either above $2400 or below $2300 in the near term.

Bitcoin cash price is consolidating above $2200-2300 against the US Dollar. BCH/USD may soon break higher above the $2400 resistance for more gains.

Bitcoin Cash Price Upside Hurdle

There was a downside reaction in bitcoin cash price from the $2880 swing high against the US Dollar. The price traded below the $2500 support area and moved toward $2100. A low was formed at $2145 from where the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $2890 high to $2145 low. However, the price struggled to move above the $2500 resistance.

There is also a crucial bearish trend line forming with current resistance at $2400 on the hourly chart of BCH/USD. The pair seems to be struggling to move above the trend line resistance at $2400. Moreover, the 50% Fib retracement level of the last decline from the $2890 high to $2145 low also acted as a hurdle for buyers. Above, the 100 hourly simple moving average is positioned at $2400 and is acting as a hurdle. It won’t be easy for buyers to break the $2400 resistance. Once they succeed, the price could accelerate above the $2600 level in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, there is a bullish trend line with support at $2300 on the same chart. A close below $2300 could negate the possible upside move and push the price toward $2100.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.

Major Support Level – $2300

Major Resistance Level – $2400

Bitcoin Cash Price Technical Analysis – BCH/USD Preparing for Break

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The global prediction market is growing at a very fast rate, and this is due to the increasing level of information available over the various fields of predictive outcomes that make up the industry such as theprediction markets and sportsbooks.

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Despite how widely the awareness surrounding this industry has spread, the huge potential therein and the flexibility that it could offer to participants is yet to be achieved mainly because of the current structure of the industry. For instance, the centralized nature of traditional betting platforms implies that users deposit funds while earning no interests and more or less leaving such funds dormant for long periods of time. Also, on these platforms the rates at which betting odds are renewed or refreshed do not represent real-time data efficiently, therefore participants are deprived of the opportunities to have the best odds per time.

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This Week in Bitcoin: Mania, Meltdown, and Futures Fever

Time is both constant and subjective. Technically this week passed at its usual pace, but with all eyes on today’s futures trading launch, there were spells when everything seemed to drag – not to mention lag, for anyone trying to access a bitcoin exchange at the height of the trading frenzy. Bitcoin has a tendency to go nuts mid-week. This has its upsides though, such as allowing us to file some sensible stories at the start of the week before everyone gets distracted by talk of 1,000-year bull runs.

Did we say sensible stories? Actually, scrap that, as there’s nothing remotely sensible about forking bitcoin on Christmas Day to birth a coin named Bitcoin God. While many were amused, others called blasphemy in the comments section. Later in the week, we published a guide to claiming the glut of forked coins that are incoming, for those who are so inclined. Like Bitcoin God, there’s nothing remotely sensible about Crypto Kitties, but that didn’t stop readers from gleefully lapping up news of ethereum’s blockchain congestion like kitten milk. We said:

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This Week in Bitcoin: Mania, Meltdown, and Futures FeverIt’s hard to say what price bitcoin reached midweek as it really depends on what exchange you were using, and indeed whether you could even access your usual exchange. Bitcoin hit $20,000 on Coinbase before the site – whose app topped the iOS charts at the height of the mania – then went down. Gdax also struggled, and there were weird goings on at Bitfinex. (What’s new?) We did our best to round up the best of the drama, including news of 200,000 unconfirmed transactions that caused the network to grind to a halt. No one was laughing at ethereum now – but no one was buying it either. Bitcoin’s giddy ascent had every single altcoin REKT and Coinbase pleading for calm.

While bitcoin traders were glued to the charts, we brought news of developments from all corners of the globe including South Korea banning futures trading and a gold mining company whose shares jumped 1,300% after switching to bitcoin. Elsewhere, in China we revealed how no less than 107 scamcoins are being investigated for, well, being scamcoins.

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Fundstrat Global Advisors Create Bitcoin Indexes

Bitcoin bull and independent research boutique, Fundstrat, reveals its new five indexes to monitor cryptocurrencies. Aimed at institutional investors, FS Crypto FX indexes are the most recent and prominent speculation instruments and a first for Wall Street insiders.

Bitcoin 55K USD in 5 Years

After bitcoin reached gold parity in Spring, highly cited Wall Street prophet Thomas Lee’s, A framework for valuing bitcoin as a substitute for gold, caught media fire.

In it, Mr. Lee, co-founder of Fundstrat Global Advisors (FGA), explicitly concluded “bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”

Divination is nothing new in the cryptocurrency space, but Mr. Lee, former analyst for JPMorgan Chase, was the first well-known trader to dabble so flagrantly.

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Taking-on the standard for value, gold, was an equally gutsy move for a vested financial guru.

That bitcoin has since nearly doubled has only buttressed his legend.

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Cryptoassets, essentially classifying cryptocurrencies as stand-alone equities or commodities, even basket-ing them like a mutual fund, are the financial sector’s latest attempt to mainstream digital currency.

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Summer of this year saw Roger Bryan’s Digital Currency Index (DCI) become essentially an industry benchmark. It weights by price, taking an average of 30 digital currencies traded on Kraken and Bittrex. Listed currencies are determined by market capitalization, and recalculated every quarter (three months).

More recently, William Mougayar announced his eponymous High Growth Cryptoassets Index (WMX). His index uses “strategic selection” to place over one dozen currencies in order of weighted rank percentage.

Both DCI and WMX are available as products.

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Fundstrat’s Mr. Lee continues to make headline howling predictions, asserting bitcoin’s trading volume could overtake that of Apple.

Daily trading of top cryptocurrencies is getting close to 4 billion USD, surprising many finance professionals and, again, aiding in Thomas Lee’s prophetic street cred.

Trading volume of the present sort could mean there is wide interest and relative excitement.

Due to the potential of both, FGA announced its own set of research indexes, FS Crypto FX. All five would measure the market’s viability and vibrancy over time.

Think of them as crypto’s answer to the S&P 500 (FGA’s indexes add up to over 600 digital currencies).

CNBC’s intrepid reporter, Evelyn Cheng, who covers Thomas Lee extensively, was able to get a breakdown of FGA indexes:

FS Crypto 10 — tracks the 10 largest and most liquid digital currencies including bitcoin, ethereum, ripple, litecoin, dash, IOTA and monero.

FS Crypto 40 — tracks the top 11 to 50 digital currencies by market value and liquidity including NEM, bitconnect and Lisk.

FS Crypto 250 — tracks the top 51 to 300 cryptocurrencies by market value and liquidity including BitcoinDark, Singular DTV and FirstCoin.

FS Crypto 300 — tracks the 300 largest digital currencies by market value and liquidity.

FS Crypto Aggregate — tracks the performance of 630 digital currencies.

For all his seeming bravado, this is but a toe dip for Mr. Lee. None of FGA’s indexes are purchasable.

More importantly, institutional investor service providers such as Mr. Lee’s company are an important first step for Wall Street to formally enter the bitcoin ecosystem in a big way.

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Localbitcoins Compensates Users by Selling Bitcoin Cash for BTC

The bitcoin exchange Localbitcoins is a business based in Helsinki, Finland, that offers a web portal for nearly every city worldwide where users can participate in over-the-counter bitcoin trades. The company was founded in 2012 and has since been a favorite trading vehicle for bitcoin proponents across the globe.

Since the hard fork that produced bitcoin cash, many individuals wondered if Localbitcoins would compensate people with BCH if they held bitcoin there before August 1. Some even talked of threatening the company with a lawsuit because Localbitcoins didn’t mention a plan for after the fork. According to the company, BCH will not be supported by the organization, but they have sold the BCH balances and have credited users with BTC.     

The startup details that the BCH held on Localbitcoins was sold and “credited to customers at its corresponding value.” All of the BCH funds left on the exchange were converted to bitcoin (BTC), and the company says open trades were also considered.

“Open trades that had any balance at the time were also taken into consideration, based on who received the Bitcoin after the trade was completed or closed,”explains Localbitcoins.

Bitcoin Cash Supporters Believe Localbitcoin’s Statements Were More Like “Trolling” Than an Announcement

Localbitcoins Compensates Users by Selling Bitcoin Cash for BTCBitcoin Cash supporters were not pleasedwith the startup’s announcement telling the public they up and sold people’s BCH funds without asking. Further, the blog post references the digital currency as “Bcash” numerous times throughout the blog post and many supporters viewed this as a taunt. According to BCH supporters, the entire announcement was very “troll-like” and condescending towards the fork.

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