Bitcoin Cash Price Technical Analysis – BCH/USD Consolidating above $1,150

Key Points

  • Bitcoin cash price is trading inside a range, but it is holding the $1,150 support area against the US Dollar.
  • There is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair has to move above the $1,250 and $1,350 levels to gain upside momentum.

Bitcoin cash price is currently consolidating above $1,150 against the US Dollar. BCH/USD must break a couple of key resistance such as $1,350 to trade further higher.

Bitcoin Cash Price Range

There was a short-term high formed around the $1,370 level in bitcoin cash price against the US Dollar. The price started a minor downside correction from the $1,370 high and declined below $1,300. There was also a break below the 23.6% Fib retracement level of the upside wave from the $935 low to $1,370 high. It opened the doors for more declines and the price tested the $1,150 support along with the 100 hourly simple moving average.

Moreover, the price almost tested the 50% Fib retracement level of the upside wave from the $935 low to $1,370 high. The mentioned $1,150 support is a major buy zone and it seems like the price is holding the stated level very well. At the moment, the price is trading inside a range above the $1,150 level. On the upside, there is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD. The pair has to move above the trend line and settle above $1,250 to retest the $1,300 level. Above $1,300, the price may retest the $1,350 resistance.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $1,150 support holds a lot of importance and it must hold to avoid further slides.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is attempting to move above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,350

 

Charts courtesy – SimpleFX

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Altcoin Analysis – LTC, NEM, EOS, NEO, Stellar Lumens

Altcoins are recovering and even though there is a little bit of correction from key resistance levels or middle BB, prices are likely to pick up the positive momentum this week.

LTC/USD, NEM/USD and NEO/USD in particular are trending at key levels.

Let’s have a look at these charts:

XLM/USD

alt coin XLM/USD Technical analysis
XLMUSD Daily Chart for February 12, 2018

See the influence of $0.40? That is the 61.8% Fibonacci retracement line and buyers didn’t close above it on February 10.

Fact is, a doji candlestick is clear and that is where sellers are finding support as visible from yesterday’s price action.

There’s a little bit of buy pressure and even though the week is bullish, all we need is either a continuation of bears as prices retrace towards $0.30-or the lower limit of our consolidation or a break and close above $0.40 and hopefully the middle BB.

Of course, this back and forth movement of prices isn’t helpful for trend traders and going forward, there is a high chance of prices snapping back as buy momentum pick up if we take cue from the stochastics.

XEM/USD

alt coin XEM/USD Technical analysis
XEMUSD Daily Chart for February 12, 2018

From the chart, NEM sellers found fair prices to liquidate on February 10.

That is precisely when prices momentarily trended above $0.55 and after close, sellers stepped on the gas pedal, driving prices even lower.

The thing is, as long as prices continue to range within the $0.20 range between the 78.6% and 61.8% retracement lines, then NEM will be in consolidation mode and bears are definitely in charge.

Momentum wise, bulls “appear” and set to recoup their previous losses but that is nothing if there is no strong break out above the middle BB.

EOS/USD

alt coin EOS/USD Technical analysis
EOSUSD Daily Chart for February 12, 2018

By end of last week analysis, it would have been desirable if EOS push and closed above $9.5.

However, judging from price action, that didn’t come to pass and prices are actually reversing and heading back towards $6.5.

For buyers to bounce back from this slow down and push back above $9.5 and if not, we I recommend sell triggers below our main support at February 6 lows of $5.6.

LTC/USD

alt coin LTC/USD Technical analysis
LTCUSD Daily Chart for February 12, 2018

From the charts, it’s clear that LTC prices are still moving below our first layer of resistance-the middle BB and that is despite the positive momentum as the stochastics shows.

Picking out tips from our previous analysis of this pair, all  we need is a bullish spike above $170 or repulsion of higher prices as bears push prices back below $100.

This $70 range is what is important for us in the short to medium term.

NEO/USD

alt coin NEO/USD Technical analysis
NEOUSD Daily Chart for February 12, 2018

Clear price rejection above $130 is what we can see if we consider the past 4 NEO trading days.

Look at the long upper wicks before the trickle down on February 9 and 10 and the consequent bear confirmation yesterday.

The thing is, odds of higher highs would be have been higher if we had NEO above $130 and even with last week’s retest of $70, all that we need is either a confirmation of bull resumption or bear pick up as per week ending February 6 bear candlestick.

In my opinion, this week’s candlestick will either make or break this pair and because of this set up, I expect support at $85 in the coming days.

All charts courtesy of Trading View

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Bitcoin Price Technical Analysis for 02/12/2018 – Make or Break Level

Bitcoin Price Key Highlights

  • Bitcoin price is testing an area of interest, still deciding whether to make a bounce or break higher.
  • A bounce could take it down to the Fibonacci extension levels from the latest correction on the 4-hour time frame.
  • A break past the $9,000-10,000 levels, on the other hand, could allow the long-term rally to resume.

Bitcoin price is testing a crucial resistance level, as its reaction could determine whether further declines or a reversal is due.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. In addition, the 100 SMA lines up with the channel resistance, providing an extra upside barrier.

A continuation of the selloff could take it down to the 38.2% extension or to the 61.8% level closer to the channel support and $5,000 mark. Stronger selling pressure could take bitcoin price down to the 76.4% extension at $4,230 or the full extension at $2,271.60.

However, stochastic is on the move up from the oversold level to indicate that buyers are taking over. A break higher could still encounter a roadblock at the 200 SMA dynamic resistance. RSI is on the move down, though, so there may be some bearish pressure left in play.

Market Factors

Risk appetite appeared to return to the financial markets on Friday as the US government ended a brief shutdown. Markets also gapped higher this week to erase some of the previous week losses, and it’s worth noting that bitcoin price has been tracking higher-yielding assets like equities and commodities lately.

Analysts have been split on their forecasts, with some predicting that bitcoin price has room to fall before recovering while others say that the major correction is over and that the uptrend is set to resume.

Either way, the cryptocurrency could keep taking its cue from sentiment and equity markets for the next few days as the correlation seems to be strengthening.

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New Jersey Sends Cease & Desist to Crypto-Investment Pool

New Jersey Sends Cease & Desist to Crypto-Investment Pool

The state of New Jersey’s Bureau of Securities and the Attorney General has issued a cease and desist order to a digital currency investment fund called ‘Bitstrade’ this week. According to the state’s Attorney General’s office, the cryptocurrency-focused firm was “fraudulently” managing and selling securities.

Also read: U.S. Lawmaker Wants Ethics Committee to Form Bitcoin Disclosure Guidelines

New Jersey Officials Stop a Cryptocurrency Investment Firm from Operating In the State  

New Jersey Sends Cease & Desist to Crypto-Investment Pool New Jersey lawmakers have sent a cease and desist letter to a firm called Bitstrade which claims to be a registered U.S. financial startup and offers digital asset banking services. Officials from New Jersey say Bitstrade unlawfully provided investors unregistered securities in the form of a pool that claims to guarantee up to 10 percent returns which accrue daily. Authorities from the Bureau of Securities and Attorney General’s office have found that “Bitstrade provides no basis to guarantee investment profit,” and “Bitstrade is not registered to sell securities in New Jersey.”

“The Bureau’s action today reinforces our commitment to protecting investors as they navigate the uncharted and largely unregulated domain of cryptocurrency-related investments,” said New Jersey’s Attorney General Gurbir Grewal.

We want to make sure that investors tempted to cash in on the cryptocurrency rage aren’t being lured into sending funds to an anonymous internet entity without knowing where the funds are going or how they’ll be used.

New Jersey Sends Cease & Desist to Crypto-Investment Pool

Lawmakers Remind Retail Investors to be Extra Vigilant About Cryptocurrency Investments

New Jersey Sends Cease & Desist to Crypto-Investment Pool Sharon Joyce, Acting Director of the Division of Consumer Affairs (DCA) says Bitstrade’s fraudulent offer is more harmful because “cryptocurrency is virtually anonymous, so there is no recourse for investors to recoup their losses.” Joyce continues, “We’re reminding investors to be extra vigilant about fully vetting what is being sold before investing with cryptocurrency.”

The news also follows the recent cease and desist notice sent to a cryptocurrency startup in Texas last month. The Bitstrade investigation was handled by Deputy Bureau Chief Amy Kopleton and Investigator Raymond Marelick of the Bureau of Securities, within the DCA. New Jersey’s regulators believe there is a  “high risk of fraud” when it comes to cryptocurrencies, and they plan to regulate the digital asset industry more.

“Bitstrade is a prime example of a company seeking to capitalize on the cryptocurrency craze — Regulators, including the Bureau, are actively responding to fraudulent crypto-cloaked securities offerings.” Christopher W. Gerold, Chief of the Bureau of Securities concludes.

What do you think about the New Jersey Bureau of Securities and the Attorney General shutting down Bitstrade operations within the state? Let us know what you think in the comments below.


Images via Shutterstock, Bitstrade New Jersey Attorney General, and Pixabay. 


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