Bitcoin Cash Price Technical Analysis 49

Key Points

  • Bitcoin cash price recovered well from the $1340 low to well above $1700 against the US Dollar.
  • However, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair needs to overcome selling pressure around the $1900 and $2000 levels to gain momentum.

Bitcoin cash price has moved into the positive zone above $1700 against the US Dollar. BCH/USD now has to move past $2000 for more gains.

Bitcoin Cash Price Upside Hurdle

Yesterday, we saw the start of a decent recovery in bitcoin cash price from the $1340 low against the US Dollar. The price moved higher and succeeded in breaking the $1700 resistance. There was also a break above the 38.2% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low. The current price action is positive above the $1700 level, but BCH is facing a major hurdle on the upside.

At the moment, the 50% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low at $1870 is acting as a major hurdle. More importantly, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD. Therefore, there are two major resistance for more gains – $1900 and $2000. The pair has to move past $1900 and close above $2000 to gain further upside momentum.

Around the mentioned $2000, the price faces the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low is at $1997. On the downside, an initial support is at $1700 followed by the $1500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

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

Major Support Level – $1500

Major Resistance Level – $2000

 

Charts courtesy – Trading View, Kraken

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Binance and Cred Partner to Bring Decentralized Financial Services and LBA to Binance Chain 5005

Binance, the world’s largest cryptocurrency exchange by trading volume and developer of proprietary blockchain Binance Chain, and Cred, the leading platform for crypto lending and borrowing, today announced an agreement to work together to spur the decentralization of finance. As part of the agreement, Cred will migrate a portion of its ERC20 LBA tokens to Binance Chain and will become the official lending and borrowing platform for the DeFi ecosystem. As both an investor and partner in Cred, Binance will also look for opportunities to leverage and support Cred’s industry-leading services within the Binance ecosystem.

“We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless,” said Ted Lin, Chief Growth Officer of Binance.

Cred is a licensed lender, based in California and has secured over $300 million in lending capital. Cred enables crypto wallet providers, custodians, exchanges and crypto application providers the ability to offer some of the most competitive lending and borrowing rates in the industry. This year, Cred has announced partnerships with several influential organizations and custodians in the crypto community. Cred LBA holders will be able to commit their crypto to a fixed term and have the option to rollover assets for additional periods. Customers receive the best rates when staking Cred’s LBA token. No account minimum is needed and interest is paid out in Stablecoin. The principal is paid back in the crypto amounts that were initially received.

“Binance has been a strong partner and investor from Cred’s inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way,” said Dan Schatt, Co-Founder of Cred. “We look forward to continuing the Cred-Binance partnership.”

Cred is backed by some of the largest investors in crypto and tech including Binance Labs, 500 Startups, Arrington XRP Capital, Blocktower and FBG Capital. Cred is also a founding member of the Universal Protocol Alliance, a board member of the Blockchain Advocacy Coalition.

Dubai Land Department and Mashreq bank sign e-mortgage deal 4839

bz29-DLDMashreq

Dubai Land Department and UAE lender Mashreq bank unveiled a blockchain-based electronic mortgage system to speed up and strengthen the home loan registration process, as the emirate looks to digitalise its services and encourage greater investment in real estate.

“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits,” said DLD director general Sultan Butti bin Mejren.

Under the licence agreement, Mashreq mortgage holders will be linked up with DLD’s new electronic mortgage registration system following a property sale to ensure all mortgages are properly registered and recorded via the new platform. Mortgages can also be modified through the system, and liquidations and payment defaults logged.

The e-mortgage system is the latest initiative by Dubai government’s real estate department to adopt blockchain, the digital ledger technology, in its administrative processes. Last year, it launched the blockchain-based Real Estate Self Transaction, or “Rest”, system, intended to enable “the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures”, DLD said at the time.

The initiatives are part of the Dubai 10x initiative, which aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate. It is a key part of the UAE’s plans to advance its digital economy and further diversify from oil.

Following the deal with Mashreq, DLD will seek new bank partners for its e-mortgage system, it said.

“Applying the e-mortgage system requires synergy with leading UAE banks … to spread its benefits to the largest number of investors,” said Majid Saqer Al Marri, chief executive of registration and real estate services at DLD.

“We will continue to seek the best partners to ensure the comfort and happiness of our customers, as well as develop the system and support it with the latest technologies to keep pace with developments in real estate services.”

Tokenized Protocol for Bitcoin SV (BSV) – Beta Release 5171

Bitcoin SV

Tokenized Group Pty Ltd has announced the official public release of the Tokenized Protocol Beta. The Tokenized Protocol is a comprehensive, regulation-friendly solution for businesses to create tokens for real world assets on the Bitcoin SV (BSV) blockchain.  This is a huge milestone for the Tokenized team, and they are excited to share their work with the world.

“We look forward to helping everyone in the ecosystem add support for the open-source Tokenized Protocol in their own projects. We also welcome all users, organizations, developers, governments, and investors to reach out and find out how the Tokenized Protocol can benefit them. The best place to engage with us is in our Telegram group or our community forum,” said James Belding, Founder and CEO of Tokenized. “We believe our solution is the best token and smart contract system on the market, by far, and combined with the unrivalled scaling capabilities of the Bitcoin SV (BSV) network, we believe we can systemically improve the way our world engages in voluntary exchange.”

The beta version represents a major upgrade from the alpha version, and the Tokenized team released a comprehensive set of documentation to allow developers to get a proper sense of what it can do. The documentation has also been created in such a way that less technically inclined people will still be able to understand and get value out of reading through it.

The beta version has introduced many important and innovative features that make Tokenized a very compelling value proposition for tokenizing real-world assets on the BSV blockchain. The team focused on building a system that works ‘out of the box’. To make sure they achieved this goal, the Tokenized team tailored the protocol to work within the realm of current regulatory frameworks and within the confines of law in common jurisdictions around the world.

James adds, “There is still a lot of work to be done in educating regulators, however, we are confident that all of the pieces are now in place to allow the protocol to be adopted globally as a replacement for all of the current financial messaging protocols.”

Key Features of the Tokenized Protocol Beta:

  • Support for a diverse array of asset types: Common Shares (SHC), Loyalty & Reward Points, Coupons, Currencies, Admission Tickets, and Memberships (with many more assets types to be announced soon)
  • Multi-asset atomic swaps
  • On-chain messaging for orchestrating the signing of multi-signature, threshold signature, and token exchange transactions (and more)
  • Smart contract support for Identity Oracles ensuring issuers can comply with KYC, AML, CTF laws, even in secondary trading, all whilst maintaining user privacy
  • Governance features that allow for an improved UX for organizational governance, all on-chain and completely managed by smart contracts
  • Customizable voting systems that will allow for pseudonymous, secure and corruption-free votes. Votes can be cast from a smart phone or laptop computer.
  • The voting system is technically capable of being used for all types of votes from local all the way up to national elections. (Citizenship tokens coming soon)
  • Enforcement features that allow for legal authorities to issue on-chain and digitally signed court orders which can provide justification for smart contract-controlled freezing, thawing, and confiscation of tokens
  • Capable of allowing banks and governments to tokenize national currencies ushering in a new paradigm of ultra-low-cost transactions, microtransactions and ~2 second clearing and settlement times.
  • The Tokenized Protocol can replace traditional bank-to-bank financial messaging systems as well as payment systems provided by credit card companies
  • Business friendly and sensitive to the real needs of different regulatory environments worldwide.

Tokenized is a company on a mission to build tools and solutions to unlock the value in Bitcoin for mainstream business and consumer users. They are firm in their belief that BSV is the only protocol that adheres to Satoshi Nakamoto’s original design of Bitcoin, and they believe firmly that it’s the only protocol that can work at scale. Tokenized intends to release their 10-year plan publicly in the next 6-18 months. This Beta release represents their first step in the 10-year plan which is to bring practical smart contracts and tokens to Bitcoin SV.

In 2018, the Tokenized team was selected as winner of CoinGeek’s £5M tokenisation solution contest for Bitcoin. CoinGeek, founded by billionaire technology entrepreneur Calvin Ayre, is one of the key backers of Bitcoin SV (BSV) as the only project following Bitcoin’s original design, protocol and massive-scaling vision. Ayre comments:

“The original Bitcoin design and protocol – created by Craig Wright – had everything it ever needed to power a vast array of technical capabilities – including creating tokens of real-world assets.  Bitcoin is also massively scaling now, only in the form of BSV. Businesses will soon see their token needs won’t be satisfied by Ethereum’s scaling problems, but will instead be powered on BSV as the only blockchain with the scaling roadmap for enterprise token usage made easily possible by the Tokenized protocol.”

To learn more about the Tokenized solution, come to the CoinGeek Toronto conference on May 29-30 in Toronto, Canada. Tokenized CEO James Belding will be speaking about the updated Tokenized Protocol.

TrustED and Binance Launch Service, First ICO Offering With Binance Chain 5215

Binance Chain

What is likely the biggest cryptocurrency event worldwide, Consensus 2019, has just concluded. The exhibition included several keynotes from high profile speakers, breakout sessions, and thousands of noteworthy guests, including BitForex’s head of Business Development, Jason Luo. Main topics for discussion at the event included Cryptocurrency regulations, blockchain for the public sector, sanctions, and much more. Several networking events were scheduled, allowing industry professionals to make new connections, and share ideas & opportunities.

Although Consensus may be the largest event of its kind, there are other contrasting conferences in which cryptocurrency has a place. Benefiting from a more diverse audience of professionals, K.E.Y Platform in South Korea sees hundreds of attendants from both economic and political sectors come together to discuss “New Markets” — including future development trends, artificial intelligence, trade wars, Brexit, as well as blockchain. An excellent opportunity to help bring cryptocurrency and the surrounding movement into mainstream acceptance.

As the only representative of the Blockchain industry present in what remains one of the most important and sizeable cryptocurrency markets of the world, BitForex CEO Garrett Jin took to the stage to share his thoughts, visions, and future predictions for the development of the cryptocurrency industry, and the role of crypto exchanges in modern finance both in South Korea and beyond.

His panel was dedicated to the role of cryptocurrency exchanges, not just as a place to exchange tokens, but as a full-scale solution for digital currency deployment, and how this could play a pivotal role in the near future when considered as a new market for South Korea. Also present at this event was Lee Nak-yeon, current Prime Minister of South Korea, emphasizing the degree of seriousness with which the conference was held.

It is through events such as these that cryptocurrency gains both mainstream acceptance and momentum — by raising awareness in high-level professional environments, as well as on the consumer level and with the all-important userbase.

Following the event, BitForex has expanded its operations team in Korea, as the cryptocurrency market there is among the 5 biggest globally. Registered users from Korea on BitForex currently approaches one million, and the exchange aims to double that number in 2019 as it continues growing its already significant Korean presence. This will allow BitForex to continue bringing unparalleled service to its Korean users, and in neighboring regions — bringing cryptocurrency further into the mainstream market.

Avelacom Partners with Seed CX to Increase Speed and Stability for Institutional Investors Globally 6152

Avelacom

Avelacom, the high-performance global connectivity and IT infrastructure provider for the financial services industry, today announced a landmark partnership with Seed CX, the leading digital asset exchange built expressly for institutional investors.

Avalecom’s institutional investors will now have access to Seed CX’s real time market data and order-routing solutions. This will meet global institutions’ desire to trade digital assets in a way they are used to from using traditional exchanges.

Through its subsidiaries, Seed CX offers a licensed exchange for institutional trading and settlement of spot digital asset products, and plans to offer a market for CFTC-regulated digital asset derivatives.

“We began working in cryptocurrency in 2018 to respond to global institutional requirements,” said Aleksey Larichev, Managing Director of Avelacom. “What we found were massive tech issues, such as low uptime, slow matching engines, insufficient support and platforms that are not friendly for latency and jitter sensitive applications. Seed CX is a true benchmark in the digital assets space. We are delighted to support this healthy ecosystem by providing our clients with low latency access to the digital asset space to facilitate trading at the highest standards.”

“We are very excited to be working with Avelacom,” said Adam Leaman, Seed CX Head of Market Operations. “This partnership will not only expand Seed CX’s global presence but also allow clients already leveraging Avelacom’s high performance network to connect to our markets. It is our view that this and similar partnerships will aid in the adoption of digital assets by institutional investors.”

Avelacom’s IT infrastructure is located in Equinix NY4/NY5, providing clients with the fastest, safest, and highest quality access to Seed CX’s digital asset liquidity points globally. Through the partnership, both Avelacom’s and Seed CX’s customers including proprietary trading firms and hedge funds will be able to access Seed CX’s platform from across the globe.

Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin 6367

Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year’s end. The reason for the rise can be attributed to various positive developments in the crypto field and also to the ongoing trade war between the top two economies of the world, China and the United States. Digital Currency Group founder Barry Silbert believes that Bitcoin is acting like a safe haven, as it has done in the past during Brexit and Grexit.

The current recovery from the lows was backed by strong institutional flows, as indicated by the record volumes on the Bitcoin derivatives exchanges. Along with the different cryptocurrencies, stablecoins are also being sought by traders. According to crypto research firm Diar, the market capitalization of stablecoins has topped $4 billion. Even with all the controversy surrounding it, Tether continues to be the leader with trading volumes in 2019 already exceeding that of the entirety of 2018.

Early backers of EOS are likely to make huge returns on their initial investments if they sell out in the buyback offer announced by Block.one. The seed round in 2017 had valued the company at $40 million, while the buyback offer values the company at $2.3 billion.

BTC/USD

Bitcoin (BTC) continues to be in an uptrend. Both the moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls are in command. However, after a sharp rally, a minor correction or a consolidation is to be expected.

BTC/USD

The bulls are finding it difficult to breakout of the overhead resistance at $8,496.53, but on the downside, the bulls are buying the dips to the 20-day EMA. Until either level is crossed, the BTC/USD pair is likely to remain range bound for the next few days.

Contrary to our assumption, if the pair breaks out and closes (UTC time frame) above the overhead resistance, a rally to $10,000 will be in the cards. However, we do not expect this level to be crossed in a hurry.

On the downside, a break below the 20-day EMA and $6,933.90 support zone can plunge the pair to $5,900. This is an important level to watch on the downside because if it breaks, the trend will turn in favor of the bears. We will wait for a new buy setup to form before recommending a trade in it.

ETH/USD

Ethereum (ETH) has been trading in a tight range of $220–$270 for the past five days. The trend remains bullish as both the moving averages are sloping up and the RSI is close to the overbought zone.

ETH/USD

If the ETH/USD pair breaks out of $270, it can move up to $290.92. Above this level, a rally to the next resistance zone of $300–$322 is probable. The 20-day EMA will act as a strong support on the downside, below which, a dip to the 50-day SMA is likely. The bears have not been able to close (UTC time frame) below the 50-day SMA since breaking above it on February 17. Hence, a dip below this support will indicate weakness.

XRP/USD

The bulls are struggling to sustain Ripple (XRP) above $0.40. This shows profit booking at higher levels. A failure to break out of $0.45 will indicate a loss of momentum. A break below the 20-day EMA can result in a fall to $0.33108. If this support also gives way, the digital currency can slide to $0.27795.

XRP/USD

Conversely, if the XRP/USD pair rebounds off the 20-day EMA, it can rise to $0.45 and if this level is crossed, a new uptrend is likely. The level to watch on the upside is $0.60 with minor resistances at $0.50 and $0.55.

The 20-day EMA is trending up and the RSI is in the positive territory, which suggests that the bulls have a minor advantage. Therefore, traders can hold their long positions with the stops at $0.2750.

BCH/USD

Bitcoin Cash (BCH) turned down from close to $450 for the third time on May 21. The zone between $450 and the resistance line of the channel is likely to act as a stiff resistance. If the bulls scale this resistance zone, a rally to $600 is probable.

BCH/USD

On the other hand, if the bears sink the BCH/USD pair below the 20-day EMA, it can drop to the support line of the channel. A breakdown of the channel will signal weakness. Currently, bulls have the upper hand as both the moving averages are sloping up and the RSI is in the positive zone.

EOS/USD

EOS has made an inside day candlestick pattern for the past two days. This shows indecision between the bulls and the bears. If the bulls reassert their supremacy, a rally to $6.8299 is probable. A breakout of this level can push the price to $9.00.

EOS/USD

Conversely, if the bears sink the EOS/USD pair below $5.78, a drop to the 50-day SMA is likely. If this level also fails to support the pair, it can drop to the critical level of $4.4930. We expect this level to hold. If that happens, the cryptocurrency will remain stuck inside the large range of $4.4930–$6.8299 for the next few days.

LTC/USD

Litecoin (LTC) has been trading close to the breakout level of $91 for the past two days. The small trading range of the past two days shows indecision. If the price bounces off $84.3439, it will again try to move up to $107. Above this level, the next target is $158.91

LTC/USD

On the other hand, if the LTC/USD pair fails to break out of the overhead resistance, it might remain range bound for a few days. The pair will turn negative if the $84.3439–$74.6054 support zone breaks down. Therefore, the stops on the long positions can be kept at $70.

Currently, with both the moving averages trending up and the RSI above 50, the advantage is with the bulls. However, the developing negative divergence on the RSI is a red flag.

BNB/USD

Though Binance Coin (BNB) did not breakout of the resistance line on May 21, it has not given up much ground. Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are firmly in the driver’s seat.

BNB/USD

A breakout of the resistance line can propel the BNB/USD pair to $40.2919564. But if the pair reverses direction from the current levels, it can dip to the 20-day EMA, which should provide support. Below this, the next strong support is at the 50-day SMA. A breakdown of this support will signal a deeper correction.

XLM/USD

Stellar (XLM) has turned down from the overhead resistance of $0.147620. It can now fall to the 20-day EMA, which is likely to offer some support. If the digital currency bounces off the 20-day EMA, it will attempt to ascend the overhead resistance once again.

XLM/USD

On the other hand, if the bears sink the XLM/USD pair below the moving averages, it can drop to $0.088542. The 50-day SMA is flat and the 20-day EMA is also flattening out. This points to a consolidation in the next few days.

The trend will turn bullish on a break out and close (UTC time frame) above $0.14861760. The next target to watch on the upside is $0.22466773. We will wait for the price to sustain above $0.14861760 before recommending a trade in it.

ADA/USD

Cardano (ADA) is trying to hold above the moving averages for the past five days. However, failure to rebound from the strong support shows a lack of demand at higher levels. If the bears break below the moving averages, the digital currency will weaken and can decline to the next support at $0.057898.

ADA/USD

Conversely, if the ADA/USD pair bounces off the moving averages, the bulls will again try to break out of the overhead resistance at $0.094256. If successful, it will complete the rounding bottom pattern that has a target objective of $0.161275. Hence, we retain the buy recommendation given in an earlier analysis.

TRX/USD

Tron (TRX) has been consistently rising above $0.02815521 for the past three days but is struggling to hold on to higher levels. The price is stuck at the breakout level. If the bulls succeed in sustaining the digital currency above $0.02815521, it can move up to the next target objective of $0.040. If this level is crossed, the next level to watch on the upside is $0.050. Therefore, traders can keep the stop loss on the long positions at $0.0209.

TRX/USD

Contrary to our expectation, if the TRX/USD pair breaks down of the moving averages, it will lose momentum and can drop to the support at $0.02094452. In such a case, the pair might remain range bound for a few days. The 20-day EMA is marginally sloping up and the RSI is just above 50, which suggests that the bulls have a slight advantage.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.