Bitcoin Cash Shoots up in Value

The coin known as bitcoin cash has managed to shoot up by quite a large amount during trading on Thursday, February 8th. The coin has struggled with a bout of weakness for sometime, but after an almost 40% surge today, it looks like things could be looking up for the coin. The coin was valued at as much as $1,317.27, during press time, but it does look like it could continue to rise. According to the market research website coinmarketcap.com, the coin has risen as much as 38% from its most recent low. The coin is also 72% higher than it was as of Tuesday, two days ago.



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Analysts who are looking at this sharp price movement have stated that his is simply the recovery of the coin after a good period of sharp drops in price. This could be a good indicator that the market is beginning to perk up but only time will tell. After hitting a close of $275 billion, the total market capitalization of digital currency managed to rise by as much as $75 billion from that number. This is a large step given the massive selloff that recently went on in the market. The selloff led to many investors dumping their cryptocurrency portfolios as they assumed the market would continue to drop. As many prices in the crypto industry have begun to rise once again, it seems like investors are raising their sentiment for another time.

As the market on cryptocurrency is still relatively in its infant stages, only time will tell what happens to the price of the coins in the space. The hopes are high that price corrections like this one can end up in higher prices overall, and the coins in the space reaching new highs.

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Bitcoin Price Technical Analysis for 02/16/2018 – One More Hurdle to Clear

Bitcoin Price Key Highlights

  • Bitcoin price has broken past its inverse head and shoulders pattern neckline to show that an uptrend is in the cards.
  • Price is hitting another upside barrier at its descending trend line, though, and this might prompt profit-taking.
  • Technical indicators are also suggesting that the rally is overdone.

Bitcoin price is testing the descending trend line on its 4-hour time frame, and moving past this hurdle could mean more gains.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the downtrend is more likely to resume than to reverse.

The 200 SMA also lines up with the descending trend line to add to its strength as resistance. This means that it would take a strong catalyst to trigger and sustain an upside break.

Stochastic is indicating overbought conditions, though, so selling pressure could still pick up. Similarly, RSI is in the overbought region and looks ready to turn lower, so bitcoin price might follow suit.

Market Factors

Bitcoin price has drawn a lot of support from easing regulatory concerns, stemming from the US Senate hearing and remarks from South Korean officials suggesting that they are open to introducing something like BitLicense.

Recall that Commodity Futures Trading Commission Chair Christopher Giancarlo and Securities and Exchange Commission Chair Jay Clayton mentioned that they have no plans on banning bitcoin. Instead they plan on regulating the industry without quashing development.

More positive updates like these could help improve the sentiment in the industry. Apart from that, the continuation of risk-taking in higher-yielding assets like stocks and commodities has also benefitted bitcoin.

Besides, the move all the way to the $10,000 area of interest could bring more buying interest as this could signal an end of the correction. A sustained move past the next $12,000 area of interest could confirm that buying momentum is in play, attracting even more buyers.

 

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Ethereum Price Technical Analysis – ETH/USD Eyes More Upsides

Key Highlights

  • ETH price is rising and is currently trading above the $920 level against the US Dollar.
  • There is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may continue to rise and it could even break the recent high of $936 for more gains.

Ethereum price is trading with bullish price action against the US Dollar and Bitcoin. ETH/USD may soon break the $935-940 levels to gain further upside momentum.

Ethereum Price Support

There were bullish moves above $860 during the past few sessions in ETH price against the US Dollar. The price was above the move above the $900 and $910 resistance levels. It traded as high as $936 and is currently consolidating gains. It moved down once and traded below the 23.6% Fib retracement level of the last wave from the $868 low to $936 high.

However, the downside move was limited and the pair found support near $890-900. Moreover, the 50% Fib retracement level of the last wave from the $868 low to $936 high acted as a support. There was an upside reaction and the price moved back above the $910 level. On the downside, there is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD. The pair is trading with a positive bias above the $920 level. Any dips from the current levels remain supported around the $900 and $890 levels.

Ethereum Price Technical Analysis ETH USD

On the upside, the pair may soon move above the $935 level once again. Once it break $935, it could even move above the $950 level. Further above $950, there could more gains toward the $980 level.

Hourly MACD – The MACD has slightly reduced the bullish slope, but it is still positive.

Hourly RSI – The RSI is once again moving higher after testing the 50 level.

Major Support Level – $900

Major Resistance Level – $935

 

Charts courtesy – SimpleFX

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Bitcoin Cash Price Technical Analysis – BCH/USD Zooms Above $1,400

Key Points

  • Bitcoin cash price surged higher and it was able to break the $1,400 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently correcting lower, but it remains well supported on the downside at $1,380.

Bitcoin cash price is gaining upside momentum above $1,400 against the US Dollar. BCH/USD may correct in the short term, but it remains in an uptrend.

Bitcoin Cash Price Uptrend

There were continuous gains in bitcoin cash price from the $1,300 swing low against the US Dollar. The price was able to move above two important resistance levels at $1,365 and $1,380. It cleared the path for an upside push above the $1,400 resistance. There was a major upside move and the price even traded above the $1,450 level and formed a high near $1,476.

A downside correction is underway from the $1,476 high, but the price is well above the 100 hourly simple moving average. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,295 low to $1,476 high. There is also a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD. The pair remains well supported on the downside around the $1.400 and $1,380 levels. Moreover, the 50% Fib retracement level of the last wave from the $1,295 low to $1,476 high is around $1,385.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, the $1,380-1,400 levels are decent supports. On the upside, the price may resume it uptrend above the $1,460 level. Above the recent high of $1,476, the price could even break the $1,500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is correcting lower from the overbought levels.

Major Support Level – $1,380

Major Resistance Level – $1,475

 

Charts courtesy – SimpleFX

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Asian Altcoin Trading Roundup: Top Cryptocurrency is VeChain

FOMO Moments

Xīn nián kuài lè, Happy New Year. It is the year of the dog but the bulls seem to be dominating the markets this morning in Southeast Asia. Most cryptos are trading higher today with the exception of Litecoin which has cooled off a little from its two day surge. Bitcoin has broken through the $10k barrier and its siblings are hanging on for the ride. One coin is of course trading higher than the rest this morning and that is VeChain.

According to stats from Coinmarketcap VEN is up 15% on the day. The token is currently trading at $5.82, up from $5 this time yesterday, over the week it has shown a 42% climb from just over $4. VEN spiked to an all-time high of $9.37 on January 22 and has been falling ever since until a turnaround on February 14.

VeChain

VeChain claims to be a product based crypto which has implemented blockchain solutions across various industries such as luxury goods, liquor and agriculture. The concept is to ensure quality and transparency for luxury brands and products to battle against a growing black market of counterfeit goods. Customers can use the system to claim ownership of luxury items which will be entered into their distributed ledger.

The company is set to rebrand on February 26 at a flamboyant event in Singapore. VEN tokens will be converted into VET tokens to reflect moving to a new advanced blockchain called VeChain Thor. This is likely to have spurred greater interest in the altcoin which is currently outperforming all others in the top 25.

VeChain is largely traded on Binance which has over 50% of the volume, $135 million of which has passed hands in the last 24 hours. VeChain is currently at 17 in the market capacity charts with a total cap of $2.7 billion. There is a total supply of 873 million tokens with 470 million currently circulating.

The only other altcoin enjoying double digit increases in Asia this morning is Bitcoin Cash, up an impressive 13.7% on the day.

More on VeChain can be found here: https://www.vechain.com/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

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Zero Edge Raised Significant Funds in Pre-Sale

Zero Edge Raised 5 million USD from Private Investors

Zero Edge is set to fully revolutionize the online casino industry with its brand new cryptocurrency-based online gambling model. In its run-up to Pre-ICO and ICO, Zero Edge has already attracted widescale global investment, giving it the impetus it needs to push through with their plans to turn the online gambling industry inside out.

At the time of writing, the Zero Edge online gambling model, which includes a unique cryptocurrency-based money system known as Zerocoin, has raised in excess of 5 million USD from a broad cross-section of private investors. However, more is predicted to stream in on the heals of pre-sale demand and an ever-increasing global interest in the Zero Edge 0% house edge casino model.

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Zero Edge Revolutionary Model Explained

ZeroEdge.bet offers 0% edge Casino games. World first 0% edge games attract demand for Zerocoin, because of this, its value rises. Players can play 0% games while Zerocoin price rises. Simply put, the ultimate solution to the problem is creating a platform where playing games is “free”. Players are not required to pay any fixed amount of money to be able to play at the casino. This can only be achieved by creating a closed loop economy with its own token where players purchase the token with fiat or crypto. Since the supply of ZERO is limited, its value is directly proportional to demand.

Blockchain & Smart contract technology allows to create a fully transparent and truly fair gambling environment where players have more opportunities to participate, can completely trust the platform, and have a real chance of winning while at the same time being a part of a bigger community which fosters social inclusion and mutual values.

Pre-ICO is Coming Soon!

Zero Edge is introducing its own unique cryptocurrency known as Zerocoin, the only way that gamblers will be able to participate in true 0% house edge online casino games through the Zero Edge online casino network. The value of Zerocoin is set to rise rapidly, as more and more people flock to Zero Edge to enjoy true 0% house edge games.

This is also the perfect opportunity to learn about the pre-ICO or Initial Coin Offering which is set to start on the 28th of February 2018, closing out on the 15th of March 2018. During the Zerocoin pre-ICO, Zero Edge is presenting a no soft cap, while the hard cap is initially set at 1000 ETH. Visit Zero Edge

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