There was a sharp decline in bitcoin price after it spiked above the $9,000 level against the US Dollar.The price declined below the $8,600 support and tested the key $8,000 support area.There was a break below a major bullish trend line with support near $8,540 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair tested the $8,000 support area ad recently bounced back above $8,400 and $8,500.Bitcoin price recovered sharply after a major drop to $8,000 against the US Dollar. BTC is currently consolidating gains and it seems to be preparing for the next wave.Bitcoin Price Weekly Analysis (BTC)This past week, bitcoin price remained in a positive zone and climbed above $8,800 against the US Dollar. The BTC/USD pair even broke the $9,000 resistance level and traded to a new 2019 high. A swing high was formed near $9,090, but the price failed to stay above the $9,000 level. As a result, there was a sharp decline below the $8,800 and $8,6000 support levels.Moreover, there was a break below a major bullish trend line with support near $8,540 on the 4-hours chart of the BTC/USD pair. The decline was strong as the price even broke the $8,200 level. The price tested the key $8,000 support area and the 100 simple moving average (4-hours). It seems like the 100 simple moving average (4-hours) acted as a strong support near $8,000. The price bounced back above $8,400 and $8,500. There was a break above the 23.6% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low.The price even traded a few points above the $8,600 level. At the moment, the price is consolidating near the 50% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low. On the upside, an initial resistance is near the $8,650. If there is a clear break above $8,650 and $8,700, the price is likely to gain bullish momentum.Looking at the chart, bitcoin price clearly recovered above the $8,500 level and is currently trading with a positive zone. If there is an upside break, the price could continue above $8,700. The next key resistance is near $8,880, and the 76.4% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low. On the downside, the main support levels are near $8,500 and $8,400.Technical indicators4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the level 50 and it could move higher.Major Support Level – $8,400Major Resistance Level – $8,700
Archives for June 1, 2019
ETH price recovered nicely after declining towards the $240 support area against the US Dollar.The price traded above the $270 level, but it seems to be struggling near $278 and $280.There is a short term breakout pattern forming with resistance near $270 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair remains well supported on dips as long as there is no close below the $250 support area.Ethereum price jumped back after correcting sharply versus the US Dollar, similar to bitcoin. ETH must gain momentum above $270 and $280 to continue higher.Ethereum Price Weekly AnalysisThis past week, Ethereum price remained in a positive zone and traded above the $270 level against the US Dollar. The ETH/USD pair even broke the $280 level and settled above the 100 simple moving average (4-hours). The price traded as high as $289.01 before it corrected lower significantly. There was a downside break below the $264 and $250 support levels. The price even tested the $240 support and spiked below the 100 simple moving average (4-hours).However, there was no close below the 100 simple moving average (4-hours) and the price recovered above the $250 level. There was a break above the $260 level, and the 50% Fib retracement level of the last decline from the $289 swing high to $239 swing low. The bulls managed to push the price above the $270 level, but it seems to be struggling near the $278 and $280 levels. The 76.4% Fib retracement level of the last decline from the $289 swing high to $239 swing low is also acting as a hurdle for the bulls.At the moment, there is a short term breakout pattern forming with resistance near $270 on the 4-hours chart of ETH/USD. If there is an upside break above the triangle resistance, the price could move above $275. However, the price must gain pace above the $280 level to continue higher. On the downside, if the price breaks the $260 support, it could decline again. The main support is near the $250 level and the 100 SMA. If there is a close below the 100 SMA, the price might decline below $240.The above chart indicates that Ethereum seems to be consolidating in a tiny range above the $260 support area. To start a fresh increase, the price must break $270 and $280. The next main hurdle for the bulls is near the $300 level.Technical Indicators4 hours MACD – The MACD for ETH/USD is slowly moving in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently just below the 50 level, with a flat structure.Major Support Level – $250Major Resistance Level – $280
The crypto curious can now get up to $10 in EOS tokens by watching videos on Coinbase Earn.
“We think a large number of people will obtain crypto not by buying it or mining, but by earning it,” Balaji S. Srinivasan, the recently departed chief technology officer of Coinbase, said on behalf of his former employer at a Block.one event on Saturday night in Washington, D.C.
Srinivasan was on stage alongside Tim Wagner, Coinbase’s vice president of engineering, to announce the addition of EOS to the Earn roster. Formed after Coinbase’s acquisition of Earn.com, which Srinivasan founded, Earn allows users to get cryptocurrency rewards for learning about various protocols.
EOS joins XLM, ZEC, BAT and ZRX in the Earn program, which recently expanded to 103 countries. Coinbase says it has over $100 million worth of crypto available for its customers to earn through the Earn site.
A Coinbase spokesperson confirmed to CoinDesk that the new EOS feature is now live.
“Behind the scenes of EOS showing up on our platform, Coinbase does deep analysis,” Wagner told a crowd of several hundred EOS fans at the Block.one event in D.C. (The Earn news was the undercard of the night’s main event: Block.one’s announcement of a new social media platform called Voice.)
EOS first appeared on Coinbase Pro in April and then on its consumer product as of yesterday. The addition of the token comes after Coinbase said last September that it would add new cryptocurrencies more quickly, releasing at the time a new listing process for crypto assets.
Coming soon, Wagner said, EOS would go live on Coinbase Custody as well.
Wagner told the crowd:
“For any of us to succeed, crypto must succeed.”
The EOS price is trading at $7.81 as of press time, according to CoinMarketCap, down from a high earlier on Saturday of $8.29.
Balaji Srinivasan and Tim Wagner speak at a Block.one event in Washington, D.C., photo by Brady Dale for CoinDesk
Block.one’s June 1st (B1June) live stream has just been unveiled, and EOS is dumping. In a classic case of “buy the rumor, sell the news”, the crypto asset has fallen by 6.5% since the event occurred. This shouldn’t exactly be surprising, as the cryptocurrency rallied by 40% in the past week in anticipation of a massive announcement set to revolutionize the blockchain world.EOS Dumps After Block.one KeynoteEarlier today, we reported that Block.one, the company behind EOS’ development and subsequent public sale, intended to launch a blockchain-based social media platform. In the keynote that was published just an hour ago, this was revealed to be true. Brendan Blumer, the chief executive of Block.one, opined:“You just can’t read a house when the foundation is crumbling. Social media was created to use its users. Right now, it’s the companies, not the users that reap the rewards. They auction our data to the highest bidder and flood our feeds with hidden agendas… We’re leveraging the EOS blockchain to create a social media platform that is more aligned with the world… The value of good content gets circulated to sustain the community.”Launching shortly into beta, Voice will be a “truly self-sustaining” social media economy where both the platform itself and the users benefit. There will be no data collection, nor wanton advertisement targeting. To do this, Block.one is launching the fittingly-named Voice Token, which can only be created by interacting in the social ecosystem. The EOS-based crypto asset will allow users to “make their voice heard”, giving holders the opportunity to signal boost their messages and media.Related Reading: Bloomberg: Block.one’s Launching an EOS-Based Crypto Social NetworkWhat was also announced was that Block.one has collaborated with Coinbase to bring EOS to Earn, giving users in over 100 countries the ability to collect $10 worth of the cryptocurrency by watching videos and consuming educational content. And, Dan Larimer, the chief technology officer of Block.one, also unveiled EOS VM, a new protocol that will allow for processes on the blockchain to purportedly be 12 times faster than it was just one year ago.Many have already begun to express their distaste in regards to the announcements (or lack thereof), taking to Twitter. Prominent entrepreneur Justin Wu, for instance, noted that what was unveiled was “underwhelming”, hence why the value of EOS has dropped so rapidly.Just keeping it real — underwhelming lol— Justin Wu – E3 2019 (@hackapreneur) June 1, 2019Others have been skeptical of the blockchain-enabled social media concept itself. Crypto trader and commentator Loomdart jokes that Block.one is effectively rebuilding Steemit, a crypto blogging and content sharing network, on EOS.The funny thing is, Larimer is one of the minds behind Steemit, not setting the best precedent for Voice. Of course, Voice is not meant to be Steemit, but some are rightfully wary of crypto-enabled social networks.As Delphi Digital’s Tom Shaughnessy further explains, “Block.one is at it again looking to tack on a use case for EOS which is already perfectly addressed by Twitter.” But there’s a kicker, the data on Voice will all be susceptible to the whims of EOS’ block producers, according to Shaughnessy anyway.Featured Image from Shutterstock. Charts Courtesy of TradingView.com
By CCN: Bitcoin tycoon and Everus World founder Alex Johnson and his wife engaged in a threesome that ended with the mysterious death of a Dutch model in December 2017. Ever since, the couple has been living as outcasts, moving from one city to another while hiding from the anger and threats of vigilantes.
Now, after 18 months, the Johnsons have broken the silence, claiming their innocence in the grisly murder case and calling for an end to their “witch hunt.”
While they denied their involvement in her death, the couple confessed that they had sex with the model on the night she plunged to her death in Kuala Lumpur, Malaysia.
Bitcoin High-Roller Denies Killing Dutch Model
Bitcoin millionaire Alex Johnson and his wife Luna first met teenage model Ivana Smit in October 2017 in a Kuala Lumpur nightclub. WhatsApp messages between the couple and Smit exposed that the trio spent multiple nights together in November and December 2017.
On December 6, Smit went to a club where she drank heavily with the Johnsons. According to her agent, the Dutch model was “OK” at first, but she started to look for drugs later on. CCTV later recorded Alex Johnson carrying an apparently-intoxicated Smit into an elevator.
The three then went back to the Johnsons’ apartment in Capsquare Residence where cameras caught the model walking normally towards the couple’s flat.
Bruises & a Grisly 14-Story Fall
Police found Smit’s body the next day, lying on the ground 14 stories below the bitcoin millionaire’s apartment.
Alex and Luna Johnson were arrested, but they were both released without charges after blood tests showed no traces of drugs.
An autopsy found that Ivana Smit had consumed alcohol, cocaine, and amphetamines. The couple strongly denies that they gave Smit drugs or took some themselves on the night of the tragedy.
“Ivana was our friend and we both had relationships with her. She came with us willingly that night. I wished I had more time to know her. I lost a friend,” Luna Johnson said, breaking her silence after 18 months of hiding.
While two police inquests showed that the cause of the death was accidental, a subsequent autopsy in Holland suggested that the model had sustained bruises on her arms and heads before falling from the couple’s balcony.
Ivana Smit’s Death: Tragic Accident or Murder in Cold Blood?
The mysterious events created an atmosphere of uncertainty around the tragic death of Ivana Smit.
The model could have died in a tragic accident, but many remain convinced that the Johnsons killed the model. Her family is preparing to file a lawsuit against the wealthy bitcoin investor.
Vigilantes have harassed the Johnsons on social media since Smit’s death. According to the couple, they even received a phone call threatening to kidnap their child.
“We got scared and we haven’t been able to live our lives freely,” Luna Johnson said.
While Facebook pursues crypto, crypto is pursuing social media.
The company says its new social network will stand out by not turning users into products.
In a release, CEO Brendan Blumer said:
“Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”
Voice will run on the EOS blockchain, which is also upgrading to a faster Version 2.0. By using the public chain, everything posted to EOS will be public. Meanwhile, the leading social network in the world, Facebook, announced earlier this year it would move in the opposite direction – with CEO Mark Zuckerberg outlining a “privacy-focused vision for social networking.”
Social-media-oriented crypto projects up to this point have largely resembled Tumblr or Medium, with the occasional Twitter imitation. A spokesperson for the Block.one project did not respond to a request for comment from CoinDesk about what sort of experience to expect on the new site.
While the argument for incentivizing contributions is compelling, the model has had a hard time catching on.
For example, in 2016, Tsu, a social network that promised to share its earnings with its users, shut down. It claimed to have 5.2 million users when the service ended. A frequent complaint about Tsu was that its promise of remuneration generated spammy behavior.
Steemit, meanwhile, is the Medium-like social network built on top of the Steem blockchain. According to Dapp.com, it was the only major dapp blockchain where social media was the dominant use case, with 93 percent of users touching its social dapps (of which, Steemit dominates). A recent estimate from May put the active users in that month at 75,644.
Dapp.com estimated that Steem had over 386,000 active users for the year, while it gave EOS slightly over 171,000 active users in 2018, with 67 percent using its betting products.
It’s worth noting that EOS only had six months in which to build up a user base. After a yearlong ICO that generated more than $4 billion for Block.one, EOS officially launched on June 15, 2018.
Brendan Blumer image via Block.one
Despite incurring some noteworthy selling pressure earlier this week, Ethereum has posted a decent recovery in the time since and is now tepidly advancing back towards the $270 region.One analyst is now noting that Ethereum is close to forming a bullish technical formation that has only been formed a small amount of times in the cryptocurrency’s history, which may mean that significantly further gains are imminent.Ethereum Climbs After Dropping Earlier This Week At the time of writing, Ethereum is trading up nearly 2% at its current price of $265, up significantly from its recent lows of $250 which were set earlier this week when Bitcoin’s inability to break above the $9,000 sent the entire crypto markets reeling back.Although ETH has posted a strong recovery from its recent lows, it is still down quite a bit from its weekly highs of nearly $290. In the near-term, it is highly probable that Ethereum’s price action will be largely dictated by how Bitcoin trades.Importantly, however, ETH is struggling to break back into a previously established rising wedge, which may signal that further bearish price action is in bound.The Cryptomist, a popular cryptocurrency trader on Twitter, discussed this in a recent tweet, explaining that she expects ETH to drop as low as $230 in the near-future.“$ETH: Similarly to BTC, we currently are being rejected from previous rising wedge as support is now resistance. I am still short term bearish on this for now, and think we could still see $230 range,” she noted.$EthSimilarly to Btc, we currently are being rejected from previous rising wedge as support is now resistance
I am still short term bearish on this for now, and think we could still see $230 rangeTrade safe loveys xhttps://t.co/wERjHtp83I pic.twitter.com/ywSMNLRoIi— The Cryptomist (@TheCryptomist) June 1, 2019ETH Forming Incredibly Bullish Technical FormationAlthough Ethereum may incur some bearish price action in the near future, it is currently forming a bullish technical formation that may allow it to surge significantly higher in the near-future.Josh Olszewicz, another popular crypto analyst on Twitter, discussed this technical formation in a recent tweet, explaining that it has only occurred a small handful of times and may lead to significantly further gains.“1D $ETH 100EMA/100SMA crosses have only occurred 4 times in $ETH’s history, with a 5th cross happening in the next few days,” he explained.1D $ETH100EMA/100SMA crosses have only occurred 4 times in $ETH‘s history, with a 5th cross happening in the next few days pic.twitter.com/9f0xKCVpSe— Josh Olszewicz (@CarpeNoctom) May 31, 2019Although there is currently a debate as to whether or not Ethereum will climb higher or plunge lower, it is important to note that the direction the aggregated markets head next will likely be primarily based off of how Bitcoin trades in the near-future.Featured image from Shutterstock.
Another week, another round of Crypto Tidbits. Bitcoin (BTC) has seen a crazy week of price action. On Sunday, just after we published our last edition of this weekly update, BTC shot up to $8,800, breaking out of a triangle formation that had bulls’ downfall for the better part of three weeks. While the bullish momentum has since tapered, with the cryptocurrency falling to $5,550, many are still decidedly bullish.In a recent segment on Bloomberg TV, Jehan Chu of Kenetic Capital explained that BTC could rally by 230% into the end of the year. Chu chalked up this prediction to the fact that Silicon Valley and Wall Street are FOMOing in; the block reward reduction for Bitcoin is now less than one year out; and investors are looking for riskier plays, like digital assets.Despite the clearly bullish momentum, we’ve seen some, like Mike Novogratz, claim that Bitcoin is either poised for a drawdown or a bout of consolidation. Per previous reports from NewsBTC, the former Wall Street investor suggested that BTC is likely to consolidate between “$7,000 and $10,000” from here, adding that “trees don’t grow to the sky” in an evident attempt to hint that the crypto market may be overbought.Price action aside, the industry continued to trudge forward. This week, however, was a bit slower than normal. Regardless, we still saw a number of interesting developments. Let’s take a closer look, shall we?Related Reading: Crypto Tidbits: AT&T Accepts Bitcoin, Grayscale Ethereum Trust Launches Publicly, Binance Margin InboundCrypto TidbitsBitcoin Blender Bites The Dust Following Regulatory Concerns: Bitcoin Blender, a mixer for cryptocurrency that obfuscates the receiver and sender of transactions, has shut down its business, per The Bleeping Computer. An announcement was given on short notice to give users of the platform the ability to withdraw their funds, but some may not have been able to withdraw their BTC in time. This news comes a week after BestMixer, one of Blender’s rivals, fell victim to a shut down by the Dutch Fiscal Information and Investigation Service (FIOD). According to Europol’s press release, “Bestmixer.io was one of the three largest mixing services for cryptocurrencies and offered services for mixing the cryptocurrencies bitcoins, bitcoin cash and litecoins.” The platform purportedly processed over $200 million in the past 12 months before its collapse.Forbes: Billionaire Seeking To Secure 25% Of All BTC In Circulation: According to a recent report from Forbes, the Dadiani Syndicate, a little-known yet key firm in the cryptocurrency market, purportedly has a large request to fill. The group, which touts itself as an investment “platform for […] maximizing your digital holdings”, is much like an over-the-counter (OTC) desk, but with a likely much larger influence. The founder of the firm, art dealer Eleesa Dadiani, tells Forbes that one of her billionaire clients recently said they were interested in “acquiring 25% of all Bitcoin currency available”, adding that she knows of “entities” looking to take the reins of the crypto bull. Per estimates, this would require the investor/group to put $38 billion forward at current valuations.Large Holders Stacking Cryptocurrency In Hopes Of Bull Run: In a similar string of news, trade publication Diar recently revealed that “firm size” addresses are accumulating BTC at a rapid pace. In fact, they wrote that addresses that hold 1,000 to 10,000 BTC now hold 26% of all coins, up from 20% in Q3 of 2018. These addresses, which have added 100,000 BTC to their stacks in the first six months of 2019, confirm that “smart money” is accumulating and preparing for the next bull rally.Coinbase Is Considering Margin Trading, Following Binance’s Footsteps: During a recent edition of “The Scoop”, trade publication The Block’s podcast, a Coinbase executive divulged some company secrets about its intent to dive into margin (leverage) trading. Emilie Choi, the vice president of business and data at Coinbase, noted that conversations have begun in regards to launching the feature. Choi elaborated:
Over the past week, EOS has been on an absolute tear, rallying by 40% in seven days’ time as most other crypto assets have stagnated. But why? Well, for months now, Block.one, the Cayman Islands-based company behind the protocol’s development and subsequent public sale, has been touting that something big is coming on June 1st.Related Reading: Crypto Market Wrap: EOS Pumps 15 Percent as B1 Event NearsNo, what’s coming is not winter. Rather, Block.one’s has been purported to be a social media network based on the EOS blockchain. Despite the fact that these rumors went unsubstantiated for a period of time, Bloomberg recently confirmed that the blockchain company is looking to rival the social media incumbents with a decentralized solution.Making Social Media Crypto-FriendlyIn the recent article, which cited a press release, Bloomberg noted that Block.one will soon be launching Voice. The venture is purported to be an EOS-based ecosystem that allows users to post, share, and promote content, with each action and interaction purportedly intended to be registered on the underlying blockchain. On the matter of why such a project is needed, Block.one’s chief executive remarked:“The truth is, current social media platforms are designed to use their users. It’s the platform, not the user, that reaps the reward.”Indeed, current platforms are meant to secure data from the user, giving nothing but service — and arguably a toxic one — at that in return. Phil Chen, the head of HTC’s blockchain and crypto (EXODUS) division, broke down issues with the current applications of the web today in an interview with NewsBTC.He told us that there’s clearly something wrong with the Internet today, as many “don’t own their crypto assets or data or identity”. Chen calls this issue “fundamentally wrong”, explaining:“If there’s a sovereign identity that is you — things that you’ve created, attributes or characteristics that describe you — that you don’t own, there’s something entirely wrong, especially because we are this far into the information age, and there’s no concept of digital property — what is yours, what is mine. So the way we are trading these small conveniences in exchange for these micro invasions of privacy, and what is your digital property has major ramifications to many things, even to democracy.”According to a German newspaper, Handelsblatt, Voice is looking to tackle this problem. Citing “financial insiders”, the publication claimed that this new EOS-based platform will allow for users to be compensated for interacting with other Voice users, and will act as a competitor to both Facebook and Instagram. On the matter of data, Dan Larimer, the chief technology officer of Block.one, has claimed in the past that this platform will not collect data, nor sell data to advertisers like Facebook.As of the time of writing this piece, EOS is up 1.52% in the past 24 hours, finding itself at $8.12 a piece.Skeptics Wary Of EOS NewsIn spite of this news, which would drastically increase EOS’ adoption, some have been skeptical of the upcoming product. Crypto trader and commentator Loomdart jokes that Block.one is effectively rebuilding Steemit, a crypto blogging and content sharing network, on EOS.The funny thing is, Larimer is one of the minds behind Steemit, not setting the best precedent for Voice. Of course, Voice is not meant to be Steemit, but some are rightfully wary of crypto-enabled social networks.As Delphi Digital’s Tom Shaughnessy further explains, “Block.one is at it again looking to tack on a use case for EOS which is already perfectly addressed by Twitter.” But there’s a kicker, the data on Voice will all be susceptible to the whims of EOS’ block producers, according to Shaughnessy anyway.Better tweetAfter already founding a BC social media site (@steemit) @bytemaster7‘s Block One is at it again looking to tack on a use case for EOS which is already perfectly addressed by TwitterKicker – all data built on top of EOS is at the whim of 15 of 21 block producers https://t.co/WTyu0PK4fS— Tom Shaughnessy🦉 (@Shaughnessy119) May 31, 2019What also has some worried is the fact that blockchain-based/crypto-enabled social media platforms have already had trouble gaining traction. Per previous reports from this outlet, Steemit late last year revealed that it would be cutting 70% of its employees, citing the “weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes.” Let’s hope Voice doesn’t have a similar fate.Featured Image from Shutterstock. Chart Courtesy of TradingView.com
The bitcoin fork endured such a brutal beating that it plunged from an all-time high of $4,000 on December 20, 2017 down to $73.60 less than one year later. The vicious downtrend pushed bitcoin cash to the brink of extinction as it lost over 98 percent of its value.
Nevertheless, the last few months have been kind to BCH. Bulls have finally returned to this beleaguered market, and they are beginning to flex their muscles. If current technical trends continue, they could stampede the bitcoin cash price all the way up to $1,200 before 2019 ends.
Bitcoin Cash Chart Flashes Undeniably Bullish Breakouts
A rising tide lifts all boats, and bitcoin’s meteoric rise last month has been beneficial to a number of large-cap cryptocurrencies. Bitcoin cash is a direct beneficiary, as it posted a number of bullish breakouts on both the shorter and longer timeframes
Shorter Timeframe Bullish Reversal
On the daily chart, we see that bitcoin cash pierced through resistance of $235 with ease. The move above this level triggered the breakout from an Adam and Eve double bottom reversal pattern. The event marked the cryptocurrency’s trend reversal on the shorter timeframe.
What’s impressive about this breakout is the gigantic volume that pushed bitcoin cash above $235. On April 3, the cryptocurrency recorded 116,577 BCH in trading volume on crypto exchange Kraken. That’s over 550 percent of its average daily volume average of 17,925 BCH.
More importantly, 116,577 BCH is the cryptocurrency’s all-time volume high on Kraken. To put that into perspective, this cryptocurrency printed a little over 20,000 BCH in volume when it achieved its all-time high in price. A volume explosion of this magnitude is usually a marker of a bullish reversal.
On top of the double bottom reversal, bitcoin cash also painted a large bull flag on the daily chart. This is a continuation pattern that affirms our short-term bullish bias. The market broke out of that structure on May 11 when it took out resistance of $320. The breakout is the technical reason why bitcoin cash is trading around $440 now.
Longer Timeframe Bullish Reversal
With a strong uptrend on the daily chart, bitcoin cash has also reversed its trend on the longer timeframe by breaking out of a rounding bottom pattern on the weekly chart.
Reading the cryptocurrency’s chart is so easy that you don’t have to be an expert to see that for most of the bear market, volume was anemic. Volume suddenly spiked in December 2018 to mark the bear market bottom. Several weeks later, volume surged to confirm that bitcoin cash had reversed its long-term trend.
Bitcoin Cash Buyers Are Returning in Droves
In simple terms, buyers have returned in droves. They are heavily accumulating at current levels. Why? They are spending big because they expect big returns in the future.
The conservative target for 2019 is $800; the aggressive target is $1,200. These figures are the market’s key long-term resistance levels.
With the cryptocurrency bullish on both shorter and longer timeframes, it is now a strong “buy-on-the-dips” candidate. It may go as low as $300 in the next few weeks, but we don’t expect it to fall any lower than that. Those who bought the bottom and the breakout will very likely protect their investments.
Bottom Line: BCH Offers Mammoth Upside
Bitcoin cash is the cryptocurrency market’s dark horse for 2019. As long as the coin holds above a key price level of $300, bulls remain in absolute control. Targets are $800 and $1,200. Bitcoin cash may have fallen hard, but it now looks ready to bounce back with a vengeance.
Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.