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Bitcoin (BTC) Bitcoin Cash (BCH) Price Analysis: The Straight Dope
As the bear market in the cryptocurrency complex rolls on with seemingly inexhaustible selling pressure, it is natural for traders to try and look for technical signals of a bottom before a bottom is actually made.
As we take a close look at the charts for Bitcoin (BTC) and Bitcoin Cash (BCH), it’s important to keep this in mind. As technicians often note, “The trend is your friend, until the end, when it bends.”
This is not meant to be mysterious for the sake of being mysterious. While many things can be counterintuitive in the world of technical analysis, in this case, the picture is relatively straightforward.
Bitcoin (BTC)
Price Analysis
- High: $6253.7
- Low: $5898.3
- 24-Hour Volume: $4.55B
- 7-day Percent Change: -14.29%
As noted above, the action right now is defined as a bear market context. Indicators and the Bitocin price have rolled over. Coins are trading below major moving averages. And volume is starting to rise on the downside as levels are taken out.
Bitcoin (BTC) has managed to avoid taking out most of its major levels so far, with the $6000 level only taken out last night.
At this point, all eyes are going to be fixated on the $5800 level as a last-ditch support before we start logging new 2018 lows.
Because the retail public and most financial media outlets all focus on the Bitcoin price as being the defining central point of the cryptocurrency complex, new 2018 year-to-date lows may spur some headlines that create the possibility of a self-reinforcing feedback loop of demoralization.
While that sounds like an awful outcome, it may, in fact, be the best thing that could happen right now. It’s important that we shake out the weak hands in coins like BTC and find a new base of support before moving higher so the next rally isn’t a false one.
Bitcoin Cash (BCH)
Price Analysis
- High: $531.29
- Low: $474.37
- 24-Hour Volume: $407.69M
- 7-day Percent Change: -28.78%
Bitcoin Cash (BCH) had been a clear point of relative strength, forging a bullish ascending triangle (that never triggered) and showing extra gusto during the spiking rallies recorded last month.
However, since then, we’ve seen a series of sloped and lateral support levels broken with ease like a hot knife slicing through butter. Bitcoin Cash (BCH) has become a point of relative weakness during this decline that has lasted over the past couple of weeks.
As should be clear on the chart above, the April lows are now toasted. All eyes will start to fixate far below the $300 level as the important line in the sand if current weakness persists in BCH.
Happy Trading~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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