Posted on

Bitcoin Cash Price: Investors Must Avoid These Levels To Prevent Losses

Investors, who are keeping a close eye on Bitcoin Cash and want to avoid losses, should steer clear of these crucial price points.

As of this writing, Bitcoin is still showing a little bit of bullishness, despite losing a few digits from its price. BTC retreated below the $20K mark, and now trades at $19,998, according to data from Coingecko.

Short-term support for the bears came from rejection wicks at the $20.5k level. Even Bitcoin Cash, the fork of BTC, isn’t immune to this issue.

BCH is in such a jam, despite Bitcoin losing the $20k psychological support.

There have been recent reports regarding a number of developments with potentially profound implications for BCH. This report indicates that Bitcoin Cash’s transaction volume has been below the average of 27,734 daily transactions.

Lower transaction volumes are a negative indicator to both potential and existing investors for BCH, thus this could be an issue.

Bitcoin Cash: Formidable Wall For The Bulls

Bitcoin Cash’s value fell 35.50% between the July 29 rally and the September 19 low, before rebounding 17.40%. After that time, however, Bitcoin Cash’s price remains stable.

These days, you can buy Bitcoin Cash for as little as $96.559 and as much as $166.025. Furthermore, BCH has a support level at $112.246 and a resistance level at $125,912.

Although CCI and Stoch RSI readings are optimistic, the stated resistance level remains a formidable obstacle for BCH bulls to overcome.

Even though the Chaikin money flow index is optimistic, it is establishing a downward trajectory, indicating that the velocity of selling is increasing.

The CMF index’s gloomy prognosis, on the other hand, is more pronounced on the 4-hour time range.

The 4-hour CMF is -0.05, indicating that sellers are gaining control of the BCH market. Currently, the question is whether BCH can still recover.

Possible Recuperation? Or Further Decline?

The BCH support line stays unchanged. However, there are two levels of resistance that investors and traders should target: $125.912 and $138.835.

Source: TradingView

The former level was breached twice on August 23 and September 9, but the bulls were unable to sustain the break, resulting in a price decline to $112.246.

A breach of the $125.912 resistance can be interpreted as a psychological buy signal for investors. Since the fall on September 13, a modest uptrend is building on the 4-hour time period.

A strong closing in today’s trade could aid the bulls in maintaining momentum and finally surpassing the indicated resistance levels.

BCH market cap at $2.28 billion | Featured image from CriptoFacil, Chart: TradingView.com

Posted on

After 68% Surge, Bitcoin Cash Burst Back Into Top 10 Crypto

On Thursday, Bitcoin Cash (BCH) re-entered the top ten market capitalization rankings after a 36% overnight gain that compounded to 68% growth for the week. BCH’s per-coin value jumped from $1,068 to $1,462 in less than 24 hours leading up to Thursday, extending a significant rise from its weekly low in the $800 region.

A Revival Before The Hard Fork

Bitcoin Cash has a lot of catching up to do to Bitcoin in terms of the size of its network. After reaching a high of nearly $4,000 back in 2018, it then dropped considerably and settled to around $300-400 for the next couple of years. A big jump in recent weeks has seen it climb back to more than $1,400.

The revival of what was once a mainstay of the top-10 lineup cryptocurrencies comes just over a week before Bitcoin Cash’s bi-annual hard fork on May 15, which will bring two minor but important network changes.

The unconfirmed transaction chain cap in Bitcoin Cash has been removed, allowing for more micro-transactions to be broadcast without having to wait for a block confirmation.

On Bitcoin Cash, blocks are mined every 10 minutes, and the old unconfirmed chain limit was set at 50 transactions. High-volume applications may now make 50 near-instant transactions before needing block confirmation. In the upcoming hard fork, this limit will be fully removed.

Related article | Bitcoin Cash Rallies 7%, More Upsides Likely If BCH Clears 100 SMA

The implementation of several “OP RETURN” outputs is the other big reform scheduled for May 15. Simply put, the Bitcoin Cash blockchain currently allows for the inclusion of miscellaneous data, such as text, images, and other data forms, into a transaction. At the moment, a transaction can only have one “OP RETURN” output — one image, text, etc. Multiple pieces of miscellaneous data may be used in a single transaction thanks to an imminent network update.

BCH/USD has surged over $1,400. Source: BCH/USD on TradingView

The Bitcoin Cash Network Upgrade aims to solve the issues with centralization and transparency by introducing the concept of CHIPs aka Cash Improvement Protocols. these are standardized proposals that will modify certain aspects of BCH. These CHIPs will work as full node client programmers aiming to find consensus and reject any significant modification.

The market price of Bitcoin Cash, like the rest of the cryptocurrency world, has been that since the beginning of the year. According to Bitinfocharts’ on-chain numbers, its overall consumption has also increased.

The number of regular Bitcoin Cash transactions increased by 650 percent from 20,000 in December to over 150,000 at the time of publishing. Between February and April, Bitcoin Cash handled more transactions every day than Bitcoin (BTC), peaking at 414,000 on March 21 compared to Bitcoin’s 229,000.

However, the number of transactions from unique addresses increased just 25% from 40,000 to 50,000, a percentage one-fifth of that seen on Bitcoin, according to the same data source.

Related article | Bitcoin Cash Near Key Inflection Zone: Here’s Why BCH Could Rally Again

Featured image from Pixabay, Charts from TradingView.com
Posted on

Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

Litecoin is currently trading at around $283, gaining 5.59% in the last 24 hours. LTC bulls are looking to hold the key support level for the coin at around $257 to prepare it for a fresh momentum.

Light It Up: Litecoin Targets $420 Around Toking (Not Token) Holiday

LTC price had a rough week falling nearly 30% from its high of $333. A recent mining center blackout in China left the cryptocurrency markets in the red the past few days.

The intraday gains have seen bulls recover losses incurred within the weekly time frame. Crypto analyst Altcoin Sherpa says LTC could surge to a new all-time high of $420 given its bullish outlook.

“LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this would be very significant IMO. Haven’t seen that since 2019.  I’m bullish on Litecoin still and think it’s going to go to $420,” he tweeted.

If this view is proven to be correct, LTC may see a rise close to nearly 52% from its current price level.

The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, even though bears might still have a say given the long shadow on the current candle.

Related article | 420 Day: Lifting The Smokescreen On Cannabis Crypto Coins

However, the RSI has climbed above the middle line and currently prints 52, while the MACD is strengthening after a bullish crossover.

As can be seen on the chart below, LTC/USD is gaining momentum and increasing above the 100 SMA. Uncertainty now seems to be resolving, with price heading upwards as bulls seek to strengthen their position after bouncing off $257.

litecoin usd

Litecoin is looking to light up the crypto market soon | Source: LTCUSD on TradingView.com

Alt Season Might Have Arrived

As Altcoins continue to gain momentum, it appears that investing in them might yield more profit than expected. With a three-year wait for the altcoins to rally again, those still holding will either make a move to sell, gain more, or trade amongst the alts. Either way, we’re likely looking at volumes shifting and transactions across the networks increasing.

Holders of Ethereum, Ripple, Litecoin, and Bitcoin Cash, will be excited in the next few months or years to see their investments surge. Ethereum gained over 10 percent while Bitcoin continues to move sideways with a one leg, two leg backward price action. Bitcoin dominance also continues to slide closer to 50%.

Related article | How Litecoin Can Follow DOGE To The Moon And Reach $2,000

Among the top DeFi tokens, Maker, Aave, UNI, SUSHI, and Bancor all recorded green candles. Notably, MKR recorded its new ATH value at almost $5,000.

It’s typical that when Bitcoin slides in dominance, the market shifts toward alt coins. For the alt season to fully kick off, analysts are waiting for Bitcoin to dip under 50% dominance. According to CryptoBull on Twitter, that’s where the real magic happens.

Featured image from Pixabay, Charts from TradingView.com