Month: June 2018

Bitcoin Cash Price Weekly Analysis – BCH USD Gaining Upside Momentum

June 3, 2018 David

Bitcoin Cash Price Weekly Analysis – BCH USD Gaining Upside Momentum

Key Points

  • Bitcoin cash price is back in a positive zone and $1,000 with bullish signs against the US Dollar.

  • There was a break above a crucial bearish trend line with resistance near $980 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).

  • The pair is now above the $1,040 level and the 100 simple moving average (4-hours).

Bitcoin cash price is gaining bullish momentum above $1,000 against the US Dollar. BCH/USD has to move above $1,100 to accelerate gains in the near term.
 

Bitcoin Cash Price Trend

This past week, there were mostly range moves below $1,040 in bitcoin cash price against the US Dollar. The price was struggling to gain pace above the $1,020 and $1,040 resistance levels. Finally, there was an upside break and the price settled above the $1,040 level and the 100 simple moving average (4-hours). During the upside move, the price broke many hurdles, including the $1,000 barrier.
 

Moreover, there was a break above the 38.2% Fib retracement level of the last decline from the $1,323 swing high to $871 low. More importantly, there was a break above a crucial bearish trend line with resistance near $980 on the 4-hours chart of the BCH/USD pair. The pair is now placed nicely in a positive zone above $1,040. At the moment, the 50% Fib retracement level of the last decline from the $1,323 swing high to $871 low at $1,096 is acting as a resistance. A break and close above $1,100 is needed for more gains towards $1,200.

Looking at the chart, the price action is positive above $1,000. On the downside, the broken resistances at $1,040 and $1,000 are likely to act as supports if the price moves down.

 

Looking at the technical indicators:

 

4-hours MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Level – $1,000

Major Resistance Level – $1,100

 

Author AAYUSH JINDAL | JUNE 3, 2018 | 5:08 AM

Posted by David Ogden Entrepreneur

David – http://markethive.com/david-ogden

Buy bitcoin now while it’s still cheap, says cryptocurrency hedge-fund owner

June 1, 2018 David

Buy bitcoin now while it's still cheap, says cryptocurrency hedge-fund owner

  • Cryptocurrencies are cheap right now, says Dan Morehead, founder of Pantera Capital Management. So it's a good time to buy.

  • Bitcoin was priced around $7,500 on Thursday at 5:30 p.m. ET — down more than 50 percent from December 2017 highs of approximately $19,500.

 

Bitcoin may have reached its bottom this year, Dan Morehead, founder of Pantera Capital Management, told CNBC. So now is a good time to buy.

"All cryptocurrencies are very cheap right now," said Morehead, who serves as CEO and co-chief investment officer of Pantera.

As a whole, cryptocurrencies have declined about 65 percent from their highs this year, he said.

"It's much cheaper to buy now and participate in the rally as it goes," Morehead said Thursday on "Fast Money."

Bitcoin, one of the most popular cryptocurrencies, reached highs of $19,500 last December, only to dip below $6,000 in February. On Thursday evening at 5:30 p.m. ET, bitcoin was priced around $7,500.

The volatile nature of all cryptocurrencies has left market watchers on edge amid looming regulatory concerns. Cryptocurrency is still a largely unregulated industry.

But this might work in investors' favor, Morehead said.

"Many institutions are essentially buying the rumor [of potential SEC regulations] and selling the fact," he said. "Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we're hearing about come online, they'll already have their positions."

His tip for investors: Buy a currency once it breaks its 230-day moving average, wait a year and sell.

"Without even thinking about it," Morehead said, "you make an average of 239 percent."

The trader said this strategy is best illustrated in bitcoin, a coin in which it "happened about five times in the last six years," he said.

"That's the essence of this trade: It rarely ever gets cheap to its long-term average," Morehead said. "So today is a good day to be buying."

Pantera Capital Management, which Morehead founded in 2013, is one of the first U.S. bitcoin firms. The company owns about 35 pre-auction ICOs and about 25 liquid blockchain currencies, including XRP, ethereum and bitcoin.

 

 

Author Kellie Ell

David – http://markethive.com/david-ogden