These Days Cryptocurrency is Considered Better than Credit Cards, Here Are 9 Reasons Why

1.  When using Cryptocurrency, it would need the wallet owner’s authorization.

Part of the main quintessential distinction between Cryptocurrency and a credit card is that with the Cryptocurrency, it requires the user’s complete authentication before it allows usage.

2.  Credit cards are fundamentally susceptible to security breach and fraudulent tendencies.

Credit cards are so unsafe because of the way they function when being used. On the other hand with Cryptocurrency, for receiving payment transactions, the seller must display a destination address, which is a public key, when the buyer would start the payment process using an exclusive access to the wallet.

3. Cryptocurrencies do not have downtime and time consuming registration procedures.

Basically, setting up new accounts or getting a new credit card entail procedures, extensive paperworks and a lot of time.

4.  Credit cards require personal identification, relatively adds to the hassle of getting into.

Continuing with my previous point, credit cards is associated to your identity and any supporting documents about you.

5.  Cryptocurrencies do not record your every transaction and sell it to advertising companies.

Customer data is being collected by the credit card companies in a certain way and sell it to advertising companies for profits.

6.  Peer-to-peer technology is something unheard of by the credit cards.

This is one of the best features of the Cryptocurrency, the capability to process transactions for businesses and personal accounts using the same way of processing.

7.  Majority of Cryptocurrencies have crazy low transaction fees.

Speaking of the best features of the Cryptocurrency, this is one of them, it is what made the Cryptocurrency gained popularity in the first place.

8.  Credit card companies can, at random update, increase fees.

The Cryptocurrency’s advantage here is that because it’s decentralized, no one could ever change the terms of its operation, and the fees as well obviously.

9.  Cryptocurrencies cannot be banned or quickly brought down.

Still going on about the fact that they are decentralized, if a node went down, the whole operation is relatively unaffected.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

The post These Days Cryptocurrency is Considered Better than Credit Cards, Here Are 9 Reasons Why appeared first on Live Bitcoin News.

Source: Bitcoin News

Bitcoin (BTC) Forms Green Candle on Monthly Chart After 6 Months

Ever since the crypto bubble burst early last year, Bitcoin has been in a spiral trend which saw it drop from its all time high price of USD $19,891.00 on December 17, 2017 based on Bitfinex historical data.  Since then it has been struggling to recover, posting six months of red candles stretching from August 2018 to January 2019, acheiving an all time low price of USD $3,215.20 in December of last year.

As of the time of this writing, Bitcoin is on an up trend, trading at $3,828.50, marking a 2.29% change in 24 hours.  The upward movement has seen its market capitalization grow from USD $64 Trillion to $USD 65.9 Trillion, owning 52.14% of the total cryptocurrency market cap.

Bitcoin’s climb up the charts has swept all the altcoins in a big wave, pulling their prices upward as well.  Among the top ten digital assets, Ethereum (ETH) has posted the biggest gain, seeing a 10.41% 24-hour change, trading at 139.14 to the US dollar.  Ethereum is followed by Bitcoin Cash (BCH) with 6.68% growth, and EOS (EOS) recording a 4.34% increase.

Speculation around the crypto space abound with regards to what has triggered this dramatic upheaval.  Staunch Bitcoin believers attribute the growth to several factors, including:

  1. New York Stock Exchange (NYSE) might be allowed by the SEC to offer Bitcoin futures trading in a month and a half
  2. JP Morgan’s release of its own cryptocurrency, the JPM Coin.
  3. Rakuten’s rumoured planned acceptance of cryptocurrencies as a mode of payment.
  4. Fidelity’s and Bakkt’s launch of their crypto platforms for institutional investors

At the moment though, nothing definite can be pegged down as the reason to the positive price action.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

The post Bitcoin (BTC) Forms Green Candle on Monthly Chart After 6 Months appeared first on Live Bitcoin News.

Source: Bitcoin News

Global Cryptocurrency Derivatives Exchange Bybit Releases Ethereum Perpetual Contract

bybit Press Release

Bitcoin Press Release: Derivatives Exchange Bybit has officially released its second product, an Ethereum perpetual contract.

February 18th 2019, SingaporeSingapore-based global derivatives exchange Bybit has announced the official release of its new 100x leverage Ethereum perpetual contract. Two months after its official launch, the company added a second pair to their already popular BTC/USD perpetual contract, a move that is sure to boost the already-growing user base and trading volume the exchange has seen surging in the last two months.

The new 100x leverage  ETHUSD perpetual contract works in the same way the previous perpetual contract did with a speed matching engine processing 100,000TPS for the contract, a fully accessible ETH wallet for withdrawals and deposits, a dual price mechanism, funding, and professional risk control.Perpetual contracts are a new type of futures contract with no expiry date, and are a part of the derivatives family. Derivatives can profit from both a surge or a drop in price depending on the position opened and can use leverage to multiply the profits earned from a trade.

Bybit Academy

Similarly, in an effort to expand and attract more day traders to its platform, the company has just added Korean as a new language on the platform. It has also intensified its effort in the Bybit Academy, a  separate brand dedicated to providing the best crypto day-trading education for beginners, and has stated it will release articles, videos, comics, and analysis covering everything needed to know to enter the crypto derivatives market with knowledge and confidence.

About Bybit

Bybit is a global cryptocurrency derivatives exchange designed for all retail traders, professionals and investment institutions alike. Bybit aims to revolutionize today’s cryptocurrency market by combining the best of cryptocurrencies and traditional finance to bring about the industry’s safest, most reliable, fairest, and most user-friendly trading platform.

Headquartered in Singapore and registered in BVI, their founding team is made of expert blockchain investors and financial executives. Their R&D team includes experts from BAT, while their risk control and operations teams consist of specialists coming from world famous companies like Morgan Stanley.

Find out more about Bybit on the Website
Chat on Telegram
Check out Bybit on Twitter
Follow Bybit on LinkedIn
Follow Bybit on Facebook
Stay up to date on Medium

Media Contact Details
Contact Name: Joseph Imbruglia
Contact Email: Marketing@Bybit.com

Bybit is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

The post Global Cryptocurrency Derivatives Exchange Bybit Releases Ethereum Perpetual Contract appeared first on Bitcoin PR Buzz.

Source: Bitcoin PR Buzz

Ripple Price Analysis: XRP Preparing For Larger Bullish Breakout

  • Ripple price stayed above the $0.3025 and $0.3050 support levels against the US dollar.
  • The last week’s highlighted crucial bearish trend line is intact with resistance at $0.3300 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
  • It seems like the pair is forming a breakout pattern with resistance at $0.3350 and support near $0.3000.
  • High chances of an upside break as long as the price is above the $0.3000 support area.

Ripple price is currently trading in a broad range above $0.3000 against the US Dollar. XRP is likely forming a major breakout pattern, with resistances near $0.3300 and $0.3350.

Ripple Price Analysis

In the past two days, there were decent gains in bitcoin, Ethereum, bitcoin cash, eos and ripple price against the US Dollar. More importantly, the XRP/USD pair stayed above the $0.3025 and $0.3050 support levels. A swing low was formed at $0.3023 and later the pair started a fresh upward move. It broke the $0.3080 resistance to start a recovery. Buyers gained traction above the $0.3095 resistance and the 55 simple moving average (4-hours). Finally, there was a break above the 50% Fib retracement level of the last decline from the $.3342 high to $0.3023 low.

However, the price faced a strong resistance near the $0.3220 and $0.3225 levels. The 61.8% Fib retracement level of the last decline from the $.3342 high to $0.3023 low also prevented gains. Above $0.3225, the next key resistance is near the $0.3300 zone. Besides, the last week’s highlighted crucial bearish trend line is intact with resistance at $0.3300 on the 4-hours chart of the XRP/USD pair. Therefore, it won’t be easy for buyers to clear the $0.3300 resistance area.

The key resistance is near $0.3350, above which buyers are likely to take control. Should there be a proper close above $0.3000 and $0.3350, the price could rally towards the $0.3500 and $0.4000 resistance levels in the near term. On the downside, an initial support is near the $0.3090 level and the 55 simple moving average (4-hours). The key support is at $0.3000, below which the price may move into a bearish zone.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be forming a breakout pattern with resistance at $0.3350 and support near $0.3000. In the short term, there could be extended range moves before the price makes the next move either above $0.3350 or below $0.3000.

Technical indicators

4 hours MACD – The MACD for XRP/USD is currently placed nicely in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD tested the 70 area and it is currently correcting lower.

Key Support Levels – $0.3090, $0.3065 and $0.3000.

Key Resistance Levels – $0.3300 and $0.3350.

The post Ripple Price Analysis: XRP Preparing For Larger Bullish Breakout appeared first on Live Bitcoin News.

Source: Bitcoin News

CA Engineer Just Lost $500K on QuadrigaCX, Would Assistance be Offered?

An engineer based in California has lost his entire savings after he used the QuadrigaCX Cryptocurrency exchange for remittance purposes.

Aged 30, Tong Zou, described to an interview with Bloomberg the opening of a withdrawal request from his account on QuadrigaCX in October of last year.

He explained that he is preparing to move to Canada during those times. His thinking was, that using a Cryptocurrency exchange for moving his money would save him on fees. What happened is that he bought Bitcoins in the US and sent them to his QuadrigaCX account based in Canada for him to convert to cash.

Where did the money go?

Unfortunately, all the withdrawal transaction requests by Zhou and 115 Thousand other QuadrigaCX users were not processed, because the Cryptocurrency exchange has labeled itself bankrupt.

QuadrigaCX has explained that a 190 Million USD equivalent of Cryptocurrencies just went out of their control. It happened after the founder of QuadrigaCX founder, Gerald Cotton unexpectedly died while on a charity trip in India.

It was noted that Cotton was the only one who had been granted access to the exchange’s Cryptocurrency Wallets. After his demise, QuadrigaCX has ruled to discontinue the services they offer and it filed on a local court a Creditor Protection.

Inevitably, the waiting is taking forever. In a statement he made for Bloomberg, he told them that he already moved to Vancouver. But after losing money on the aforementioned exchange, he wasn’t able to provide himself a decent place to live. Also, he is planning to work at a job while living off his savings, but he can’t.

Would his money be refunded?

Along with other Quadriga CX users, Zou is having a conversation thru a Telegram message group. They are turning to Bennett Jones LLP and McInnes Cooper to help then in Quadriga’s ongoing Creditor Protection process in the Nova Scotia Supreme Court.

Last February 5, Quadriga got a 1-month immunity from possible lawsuits. They are looking to get in to Cotton’s computer to get the lost money.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

The post CA Engineer Just Lost $500K on QuadrigaCX, Would Assistance be Offered? appeared first on Live Bitcoin News.

Source: Bitcoin News

Ripple CEO Explains Why He’s Not Bothered By JP Morgan’s Cryptocurrency

A Threat to Ripple?

Ripple had an idea that JP Morgan, an international banking titan, had also made use of the Blockchain to conduct transactions from anywhere faster, cheaper and more efficient than conventional banking systems. JP Morgan has changed Ripple’s distributed ledger with the Quorum Blockchain that came from Ethereum and changed the XRP Coin with its own, JPM Coin.

JP Morgan claims that JPM Coin, which theoretically shouldn’t have even been called a Cryptocurrency, combines both traditional finance and Cryptocurrency. It uses Blockchain technology to perform intercontinental transactions faster while avoiding the volatility like that of XRP’s.

The JPM Coin can be sent and received by JP Morgan customers back and forth, which directly exchange them from USD on a ratio of 1 to 1, and makes it more appealing than XRP, which is highly volatile.

In other words, a big company has copied a startup company and has made their business better. These kinds of things don’t really work when startup companies do them. But in defense of the CEO of Ripple, Brad Garlinghouse, they are not afraid fighting the titans of Wall Street.

Missing the Point

In a Tweet he sent, Garlinghouse stated that JP Morgan’s Cryptocurrency misses the point. A former executive from Yahoo defined that JPM Coin relies on an “isolated network”, which doesn’t really make it innovative.

It all boils down to this: are XRP users loyal, guessers, or are they both? Loyal users will use XRP to pay for transactions for its underlying technology. The user would only use XRP for purchases because it’s relatively cheaper and quicker. Then on the receiving end, XRP would be traded to traditional money instantly.

Guessers, on the other hand, would buy XRP in the hope that it goes up in value and then would sell it once it’s high enough. The same situation won’t apply for a bank coin just like JPM Coin, the job of which is to perform processes in real time.

JP Morgan has the potential of getting the customers of XRP who use them for remittance, and Ripple would have to get its objective pointing on the right direction. A Coin that isn’t volatile that would be used for transactions between banks could be the solution.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

The post Ripple CEO Explains Why He’s Not Bothered By JP Morgan’s Cryptocurrency appeared first on Live Bitcoin News.

Source: Bitcoin News

JP Morgan’s Coin is Ridiculous, Says American Economist, Compares it to XRP

Known for having to be anti-Cryptocurrency, Nouriel Roubini Tweets about JP Morgan’s Coin, which says otherwise about his views on Cryptocurrency and Blockchain.

JP Morgan is a major American bank and financial institution. They recently introduced their JPM Coin, their own Cryptocurrency, that they claim is for payment transactions between their clients. In the US, they became the first to roll-out their Cryptocurrency.

The community did not like JP Morgan’s move, and they are showing their displeasure about it, and positioned it as centralized and it contradicts the fundamental attributes of Cryptocurrency and the Blockchain. The said Coin, they argued, is putting the control back to centralized authorities.

It follows the same concept as the Stablecoins, in a way that it is valued at roughly 1 USD. According to CNBC, their clients would receive the corresponding amount of Coins once they deposit the money. Once the Coin has been used on a transaction, it gets destroyed and the client gets the same amount of cash, correspondingly.

Ridiculous

On a Tweet he sent out, Nouriel Roubini said that JP Morgan’s Coin is as ridiculous as Ripple’s XRP.

“Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin.”

There are people who appreciate the idea of banks issuing Cryptocurrency, like Twitter user @Tusharjain who showed his appreciation on his Tweet below, although a lot hated it.

“Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead! Kudos to JPM for being first. They are going to wipe the floor with Ripple.”

In which the founder and CEO of The Block, Miked Dudas replied:

“JP Morgan, the bank whose CEO Jamie Dimon has called Bitcoin a “scam” and said “I don’t really give a shit about Bitcoin” is launching its own cryptocurrency. When @TheBlock inquired a month ago, JP Morgan blockchain execs denied this was in the works.”

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

The post JP Morgan’s Coin is Ridiculous, Says American Economist, Compares it to XRP appeared first on Live Bitcoin News.

Source: Bitcoin News

Stable Coins: The “Holy Grail of Cryptocurrencies”

In the middle of the Cryptocurrency industry meltdown in 2019, Bitcoin experienced a loss of more than 3-quarters of its value. This created a queue for enthusiasts to shift to so-called “stable” coins, which are deemed the utopia in the world of Cryptocurrencies. Let’s take a close look at stable coins:

To be able to be considered as a stable coin, it should not be the only asset on its own, it must represent another entity that is another asset, like cash or petroleum. While a traditional digital currency like Bitcoin is so unstable, stable coins are more like traditional cash, it’s usually valued at a constant price.

Currently, these stable coins are being used by new investors to jump into Cryptocurrency investing.

Complicated process

Almost all Cryptocurrency only allow trading one Coin to another type of Coin. The reason behind, is that exchanging traditional money to digital money is not exactly a straightforward process, it’s usually more complicated than that, the process has to go thru banks, regulations and local laws.

If you are a first timer in the world of Cryptocurrencies, it’s recommended to convert your cash to stable coins using Cryptocurrency exchanges, like Coinbase or Coins.ph for example. Using your stable coins, you may opt to move to bigger exchanges like Binance where you can trade more than a hundred different Cryptocurrencies.

When the time comes that you want or have to opt out of Cryptocurrencies, it is possible to convert them back to stable coins without cashing them out to actual money.

A better alternative?

Advantages of stable coins include being used for daily purchases, such as paying for your food, groceries, fare or commodities, showing greater potential to adoption of the masses compared to the more popular Cryptocurrencies, where transactions usually take a lot of time, and the fees tend to be higher due to changes in value.

In most cases, most stable coins are supported by actual currencies with no difference between their values. Distributors of the coin get exactly the same amount in their accounts.

The top stable coin is Tether, also called USTD, that is distributed by US-based start-up company Tether Limited. Though, when the start-up failed to produce an independent audit, it affected its price that went down to 90 US Cent.

Other stable coins which are also USD supported are: Gemini, TrueUSD, USDC, and Pax, that are distributed by companies regulated by the US government, and the auditing process is more transparent.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

The post Stable Coins: The “Holy Grail of Cryptocurrencies” appeared first on Live Bitcoin News.

Source: Bitcoin News

How to Trade Market Sentiment

Emotions are the key to understanding financial markets. However, it’s tough to make rational decisions based on them. Even if you think you read your emotions or other peoples emotions, you may get lost in trying to comprehend the feelings of the crowd. And the market sentiment is the emotions of millions of traders around the world. If you’d like to know more about it, read the guide by SimpleFX WebTrader.

The behavior of the masses works differently from the mechanism that determines individual actions. The discovery is quite old and well described in a book by a French anthropologist Gustave Le Bon in 1895 “The Crowd: A Study of the Popular Mind.” The author states some of the characteristics of the psychology of the crowds: “impulsiveness, irritability, incapacity to reason, the absence of judgment of the critical spirit, the exaggeration of sentiments, and others…”

simplefx, trading

Trying to take advantage form market sentiment is a common mistake by individual traders, source: SimpleFX WebTrader

Every trader knows the importance of emotions. You can see it in market volatility; you can see that some stock is overvalued in comparison to the company’s fundamentals, and others are undervalued.

Just like people on a rock concert, football game, or political demonstration transcend from individuals to a crowd, traders around the world create an entity that has its emotions and moods. The state of mind of the crowd of traders is called market sentiment.

The market sentiment is one of the three possible pillars for any trading strategy:

  1. Technical Analysis
  2. Fundamental Analysis / Trading the News
  3. Reading Market Sentiment

For Forex and especially cryptocurrency traders fundamental analysis is much more difficult to apply than on the stock market. That is why these markets traders focus on technical analysis.

Bulls, bears and “dumb money”

Understanding the sentiment will let you know whether the crowd is optimistic (bull market), cautious or pessimistic (bear market) about a currency, stock or crypto. Identifying the current trend can help you predict the future overall market sentiment and will open sentiment-based trading opportunities.

Market sentiment works for all kind of markets, but it is very difficult to read. There are big players, such as institutional banks that can play against the prevailing sentiment, and seek for so-called “dumb money.” Wait until the crowd gets all in on a particular position – be it long or short – and use the trading power to incite a reversal.

Follow or go against the market sentiment

There are two possible strategies for using the market sentiment. You can go with the current and try to join the crowd or trade against the sentiment. The first strategy would include tactics involving the Fibonacci retracement tool, that can help traders profit from local price corrections.

The second strategy is all about hunting for reversals identifying support and resistance levels and taking into consideration the overall market sentiment to decide whether a breakout may happen.

Safe-havens play an important role when the market sentiment goes to extremes, or there’s an overwhelming uncertainty. Assets like gold, USD, CHF or JPY are considered an excellent shelter in case of too much risk. When more volatile assets are entering a bear market, traders (including the most prominent players) tend to seek these safe-havens, which automatically creates a bull market on ultrasafe assets.

The two most dominant emotions

Fear and greed are the most dominant emotions among traders. They are either afraid of losing money, or they want to earn more. Greed is overwhelming at market peaks when the bubble is created.

simplefx, trading

A classic example of greed taking over in the peak of 2017 Bitcoin bubble, source: SimpleFX WebTrader

More and more people open the same long position on a hot asset be it a tech company, a currency of a fast-growing economy or a popular cryptocurrency. Just take a look at the most significant burst in crypto.

On the other hand, fear takes over when the market hits bottom. Traders are panicking underestimating the real value of an asset. A savvy investor can see an opportunity for opening a long position in these situations. However, trading against the trend always involves high risk.

How to identify fear or greed? When you see a trend accelerating breaking new resistance levels without any fundamental explanation – no critical information that would justify it – you may expect the greed is in action. The same mechanism works the other way around with fear. If during a downtrends support levels are broken without an apparent reason, the fear may have taken over.

How to spot “dumb money”

“Dumb money” is where traders are taking the most popular and the most obvious moves. Everyone takes the hottest position, more and more people join and put themselves in a very vulnerable position.

Let’s take a look at Forex, a market where individual traders compete with the largest banks to make successful trades. Forex is as susceptible to market sentiment. Both the biggest institutional traders and the smartest individual traders see where the “dumb money” goes. Then when there’s the right time, the most prominent players open an opposite position and take the profit.

You can find indicators that show the number of traders having a short or a long position on an instrument. It turns out that the market almost always suddenly goes the other way rapidly cleaning the trading accounts of those who “hang out with the popular kids,” that follows the crowd.

Hindsight bias

The market sentiment is very easy to read if you take a look back. Everything seems to be visible. Even if you are new to trading, you can easily spot greed taking over just when the bubble is about to burst. However, at the time of the bubble, hardly anyone notices it, even the wisest and most experienced traders.

It’s difficult to profit directly from fear or greed taking over. Even if you can read the past and present sentiment correctly, you need to know what the collective traders’ mood will be like tomorrow. Without any insider knowledge or ability to influence the prices with your trading volume it’s impossible to do it repetitively.

What is the best market sentiment strategy?

Keep away from it. If you don’t use the most popular technical analysis tools and don’t trade reversals, you can avoid the riskiest moves. If you don’t want to play the “dumb money” but avoid it, you can focus on developing an effective trading strategy. You don’t have to know where the “dumb money” will go. All you need to know is where the “dumb money” is usually and at present.

There’s no good way to chase sentiment. It doesn’t matter if you want to trade along with it or against it. Guessing the future sentiment is a risky move, that’s why avoiding market sentiment at all may prove to work best for you. Doing so you could develop a sustainable trading strategy with the right mixture of technical and fundamental analysis.

Don’t chase the sentiment. Invest not in the most popular assets, such as EURUSD, but the ones that are more off the radar. It’s best to find your own niche. Don’t be a herd trader. Choose one of the hundreds of instruments available at SimpleFX WebTrader, and use the best technical analysis UX and tools to learn how to trade effectively and don’t get disturbed.

 

The post How to Trade Market Sentiment appeared first on Live Bitcoin News.

Source: Bitcoin News

Bitcoin Cash (BCH) Could Start Fresh Rally Above $124

  • Bitcoin cash price rallied recently and broke the $125 and $130 resistance levels against the US Dollar.
  • The price traded as high as $131 and later started a downside correction.
  • There is a crucial bullish trend line formed with support at $116 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to start a fresh rally if buyers succeed in gaining strength above $122 and $124.

Bitcoin cash price is placed nicely above the $118 and $116 supports against the US Dollar. BCH could resume its uptrend if it clears the $122 and $124 resistances in the near term.

Bitcoin Cash Price Analysis

This week, there was a sharp upward move in bitcoin, ripple, Ethereum, and bitcoin cash against the US Dollar. The BCH/USD pair formed a solid support near the $105 level and climbed above many hurdles. Buyers gained momentum above the $115 and $120 resistance levels. The upward move was such that the price even broke the $125 and $130 resistance levels. Moreover, there was a close above the $120 level and the 55 simple moving average (4-hours). A new monthly high was formed near $131 and later the price started a downside correction.

There was a break below the $125 and $122 support levels. Sellers pushed the price below the 50% Fib retracement level of the last wave from the $109 low to $131 high. However, the decline was protected by the $117-118 support area. The price also managed to stay above the 55 simple moving average (4-hours). Besides, the 61.8% Fib retracement level of the last wave from the $109 low to $131 high held declines. At the outset, the price is trading in a range above the $118 support and below the $122 resistance.

It seems like there is a breakout pattern forming with resistance at $122 and $124. On the downside, there is a crucial bullish trend line formed with support at $116 on the 4-hours chart of the BCH/USD pair. If the pair breaks the trend line support, there is a risk of a downside extension below the $115 level.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price seems to be holding key supports above the $117 level. However, buyers need to gain strength above the $122 and $124 levels to start a fresh rally. The next key resistances are near $130 and $135.

Technical indicators

4 hours MACD – The MACD for BCH/USD is about to move back in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is placed nicely above the 50 level, with a positive angle.

Key Support Level – $117

Key Resistance Level – $124

The post Bitcoin Cash (BCH) Could Start Fresh Rally Above $124 appeared first on Live Bitcoin News.

Source: Bitcoin News

« Older Entries Recent Entries »