Bitcoin Cash [BCH/USD] Technical Analysis: Support break gives no help as cryptocurrency prepares for hard fork

Bitcoin Cash [BCH]’s hard fork was preceded by a massive market crash that saw almost all the cryptocurrencies break their price support. The hard fork slated to commence on November 15 is seen as a marked change in the cryptoverse, with two different parties lobbying for two ideologies on the blockchain.
1 hour:

The BCH one-hour chart shows a downtrend that has taken the price from $518.05 to $449.42. The resistance has been holding at $633.92 while the new support is at $411.69.
The Chaikin Money Flow [CMF] indicator has stayed just below the axis, which is a sign of the bearish market taking over. The graph also points to the monetary outflow being more than the inflow.
The Awesome Oscillator has picked up on the graph which indicates that the market momentum has drastically increased.
1 day:

The one-day graph shows an uptrend and a downtrend which paints a picture of bearish atmosphere. The uptrend saw the prices shot up from $438.21 to $625.21. The succeeding downtrend brought the prices down from $615.26 to $503.36.
The MACD indicator has witnessed a bearish crossover with the signal line and the MACD line both heading towards the bear zone.
The Relative Strength Index [RSI] is tending towards the overbought zone which is a sign of the selling pressure being more than the buying pressure.
Conclusion:
The indicators show the cryptocurrency market succumbing under the bear pressure. The CMF, AO and the MACD have all taken the side of the bear, which might result in sustained price movements interspersed with bullish spikes.
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Source: AMB Crypto

Breaking: Bitcoin Cash [BCH]’s ABC implementation takes the lead in the hard fork; ‘BAB’ and ‘BSV’ appear as new ticker symbols

The November 15 Bitcoin Cash [BCH] hard fork took off to a start with the Jihan Wu and Roger Ver led ABC implementation of the cryptocurrency gaining the first two blocks as per the new consensus rules. At press time, the ABC team was still in the lead by one block after the SV Pool mined their first block.
The split has also resulted in Bitcoin Cash charts being unavailable on Tradingview with the ‘BCH’ ticker symbol going missing. The new charts after the split are holding as BSV and BAB on Tradingview. Bitfinex, a popular cryptocurrency exchange, also announced that the new ticker symbol will be decided once the hard fork is complete.
The hard fork has been making news for the past couple of days with the fourth-largest cryptocurrency seeing massive conflicts within the network. At the time of writing, the ABC implementation of Bitcoin Cash was leading compared to the Bitcoin Satoshi Vision led by nChain’s Craig Wright.
Craig Wright was also in the news recently when he talked about Bitcoin’s connection to the infamous Silk Road. He had stated:
“Adoption didn’t happen because of Silk Road. If you looked at other centralized coins that happened in the 90s and things like this within the first three years, you actually had banks starting to use them; Deutsche Bank was using DigiCash, others were using it. So Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”
Ver, on the ABC side had stated:
“Even when the big blockers wound up having basically the majority of the hash rate – they had more than 50% at one point – they were still scared to set a flag date… Like, okay here’s the date we’re gonna mine the bigger block. And because they were all scared to actually take action we wound up where we are.”
The post Breaking: Bitcoin Cash [BCH]’s ABC implementation takes the lead in the hard fork; ‘BAB’ and ‘BSV’ appear as new ticker symbols appeared first on AMBCrypto.
Source: AMB Crypto

How Low Can It Go? Bitcoin Settles Below $5,600 as Altcoins Continue to Drop

Following yesterday’s widespread and significant drop across the entire cryptocurrency markets, Bitcoin has settled below $5,600, the lowest price it has seen this year, and many altcoins have continued dropping.
At the time of writing, Bitcoin is trading down over 8% at its current price of $5,560, recovering slightly from its low point of $5,350, which as of now is BTC’s lowest price of the year. Bitcoin’s massive drop over the past couple of days has caused its market cap to fall below $100 billion to its current levels of nearly $97 million.
Following the drop, trading volume has continued rising, likely signaling that further volatility could be on the way. Prior to dropping yesterday, Bitcoin’s trading volume was stable around $4.4 billion, but it has since nearly doubled to its current levels of approximately $8.7 billion.
Altcoins Continue Falling
Bitcoin’s drop has led to significant declines amongst the altcoin markets, with many coins trading down nearly 20% yesterday.
At the time of writing, XRP is one of today’s best performing altcoins, currently trading up nearly 1% over a 24-hour trading period, with its current price showing relative stability at nearly $0.47.
The recent drop has led XRP to lows of $0.43, from which it has recovered. XRP’s good performance despite the drop has allowed it to claim the coveted number two spot in the crypto markets from Ethereum (ETH), which is currently behind XRP’s market cap by approximately $300 million.
Bitcoin Cash (BCH), is currently trading down over 5% at its current price of $430 despite today’s hard fork event. Clearly, investors are not that interested in the units resulting from this hard fork, as its price has been crashing ever since it reached highs of $635 in early-November.
Donald Bullers, the North American representative for Elastos, a blockchain-based security service, explained that BCH’s hard fork event may be partially to blame for the crypto markets poor performance, saying to MarketWatch that:
“Price volatility is not unusual in the crypto landscape—however, [Wednesday’s] dip is significant enough to prompt industry players to stop and take stock of the reasons why. It’s safe to say that Bitcoin Cash’s upcoming hard fork was stirring uncertainty amongst crypto investors, and forecasters across crypto and traditional markets alike have predicted a prolonged bear market heading into 2019.”
Brian Kelly, cryptocurrency enthusiast and analyst, expressed a similar sentiment while speaking on CNBC’s Fast Money, saying:
“When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a crypto civil war.”
Kelly further added that downward spirals tend to perpetuate themselves.
“People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down,” he said.
It is likely that the recent market carnage has significantly hampered the chances of an end-of-year rally, and the persisting bear market may continue well into 2019.
Related Reading: Tumultuous Crypto Market: Bitcoin Market Cap Finds YTD Low Under $100 Billion
Featured image from Shutterstock.
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OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

CoinSpeaker

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

Licensed exchange now offers Argentine peso funding to trade with several major cryptocurrencies, other Latin American fiat currencies coming soon.

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

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Source: CoinSpeaker

Bitcoin Falls to Lowest Monthly Level to $5,850, Leads to Widespread Market Carnage

Bitcoin has fallen to its lowest levels in the past month and has officially broken through the bottom of its previously established trading range between $6,200 and $6,700. Bitcoin’s drop has led to a widespread market loss, with most major altcoins trading down 10% or more.
At the time of writing, Bitcoin (BTC) is trading down 7% at its current price of $5,850, the lowest price it has seen in a month. Today’s drop has decisively pushed its price below its previously established support level of $6,200, which it has held on multiple occasions in the past couple of months.
It now appears that Bitcoin will test its yearly lows of approximately $5,800, and an end-of-year rally is looking significantly less likely.
Ricky Li, the co-founder of Altonomy, a cryptocurrency trading and asset management firm, spoke to MarketWatch about BTC’s latest price action, explaining that it is unlikely that it will see any immediate positive price action due to a lack of interest from retail traders.
 “Bitcoin is not only going through low volatility, but also very low volume. It’s at the lowest trading volume in 2018, especially the spot market. This signals a very low retail participation. So without enough external funding or retail participation, the market is probably going to stay around the current price with low volatility and volume in the near future,” Li said.
Related Reading: Bitcoin Drifts Lower Under $6,400 as Altcoins Have Mixed Trading Session

Altcoins Experience First Massive Drop in Months
Altcoins, many of which have seen positive pricing action in the months and weeks prior, have been the worst affected by today’s drop, many of which are nearing drops of 20%.
At the time of writing, XRP is trading down over 15%, at its current price of $0.438. Yesterday, XRP was retesting highs of approximately $0.53, and its pricing action was looking bright. Today’s drop is now bringing yearly lows back into play, with XRP’s year-to-date low hovering around $0.25.
Bitcoin Cash (BCH), which is undergoing its controversial hard fork event tomorrow, is also having a terrible day, currently trading down over 17% at its current price of $434.76, virtually erasing all its previous gains that resulted from hype surrounding the hard fork event.
BCH rose from lows of $415 in late October to highs of $635 in early-November, before crashing to its current price. The high selling volume preceding the hard fork event likely signals that investors are not interested in the crypto units resulting from tomorrow’s hard fork event.
Ironically, Tether (USDT) has also seen some volatility today, temporarily moving above the ever-so-important $1.00 figure that it has been struggling to reach, before crashing back to its current price of $0.98. This signals that traders are rapidly buying and exchanging USDT units in order to execute trades and could signal that there is more volatility to be seen in the day ahead.
Featured image from Shutterstock.
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Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community

The upcoming Bitcoin Cash [BCH] hard fork has created quite a sensation in the cryptocurrency community, with several major players announcing their perspective on the event. On November 13, Coinbase, the largest cryptocurrency exchange in terms of users, released a set of guidelines that BCH holders will need to follow during the fork.
The exchange, which had earlier released a circular that talked about the pause on sends and receives of Bitcoin Cash on the platform, revealed a new addendum. Coinbase said:
“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase.”
The company has also informed users that if they need to access their respective BCH during the fork, they will have to remove it from the exchange before the process begins. Coinbase has also laid out a detailed instruction list for users that will enable them to handle the cryptocurrency during the hard fork.
Coinbase has stated that after the BCH transactions are paused, a snapshot will be taken of the existing BCH balances. The exchange will then monitor the fork for network consensus to ensure that the fork happens successfully. The circular further said:
“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”
The Bitcoin Cash hard fork was also in the news recently when Bitinex announced pre-fork trading on their platform. The exchange had stated:
“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.
 
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Source: AMB Crypto

BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke it Out Ahead of Hard Fork

The cryptocurrency industry is still in its infancy, or so we keep being told. That infancy, or childishness, is often revealed on the crypto-sphere’s primary tool for communication, Twitter. No greater example has been seen than the recent battles between rival camps over the upcoming Bitcoin Cash hard fork.
Three Camps, One Vision
The Bitcoin Cash hard fork, set for November 15, is part on an ongoing network upgrade published in its roadmap. It is a high possibility that the two or even three versions of the fork will be updated from BCH in different ways. The three current proposals are Bitcoin ABC, Bitcoin SV (Satoshi’s Vision), and Bitcoin Unlimited.
The first version is Bitcoin ABC which is essentially Bitcoin Cash in its current state with no major changes aside from a few network updates. This was founded by Bitcoin’s own ‘antichrist’, Roger Ver, last year when it split from the original chain in order to increase block size for faster transactions at lower cost. It currently has the majority of the mining power.
Bitcoin SV is an opposing liberal branch led by the man often referred to as ‘Faketoshi’, Craig Wright. Its vision is to overwrite existing code and increase block size even further, from 32Mb up to 128Mb in order to scale the network even further. It does not have the community support of the other two.
In the third corner is Bitcoin Unlimited which is a compromise between the two above headed by lead developer, Andrew Stone. The upgrade gives more voting power back to the miners to select the changes they want in the network. This would be achieved by switching to the Bitcoin Unlimited client and submitting a Bitcoin Improvement Proposal for proposed changes.
BCH Fight
The social media outbursts and claims from some of these ‘crypto pioneers’ leading up to this technological division have been a source of entertainment in themselves so here are a few …

And, no you ABSOLUTE cuck
Bitcoin IS not even close to a soy boy commitee
It is all use hard assed buggers bending you over to show you the light.
It is capitalism. Enjoy pic.twitter.com/oLsr2I407v
— Dr Craig S Wright (@ProfFaustus) November 13, 2018

The #BitcoinCash Civil War camps, $BCHSV $BCHABC summarized in a few quotes by @ProfFaustus who advocates Bitcoin Satoshi Vision and @rogerkver on the side of Bitcoin ABC. Billions at stake for both sides… Who is right at the end? $BCH #November15th #HardFork pic.twitter.com/s0KyKd94Si
— Global Chain (@global_chain) November 14, 2018

BTC supporters are too incompetent to even keep the blocks full like they want. #FAIL https://t.co/7BkqaVqLZS
— Roger Ver (@rogerkver) November 1, 2018

The whole BCH community are working together to kick Fake Satoshi out. The resisitence against cult leader proves the inner strength and sophistication of the BCH ecosystem!
— Jihan Wu (@JihanWu) November 9, 2018

Will be interesting af to see how the $BCH hash rate reacts when #Bitmain turns on 70,000 asics to signal for $BCHABC.
Does the crazy CSW have a hidden move for $BCHSV to outpower @JihanWu and @rogerkver?
This #Decentralised hash war is gona be so exciting for the bystanders
— Crypto Galacticos (@CryptoGalactico) November 13, 2018

If @jihanwu, @Rogerver & ABC devs want to make #Permissionless Kiddie porn sites and Silk Road Version2.0
They can piss off to #Dash
They are NOT adding this to #BCH
This is the ONLY real use case they have and it is not happening!
— Dr Craig S Wright (@ProfFaustus) November 8, 2018

Bitcoin maximalists on the other hand are reveling in it all, harking back to their own battles when BTC split back in November 2017 to create the BCH fork;

Oh well.. Karma's a $BCH. ¯_(ツ)_/¯
— WhalePanda (@WhalePanda) November 13, 2018

 
Regardless of ideology or fork preference, the petty squabbling is detracting from the real enemy, at least according to the original Satoshi; the centralized banking system. Essentially everyone wants the same thing, to improve the system, but they can’t seem to get over their egos to come to a human derived consensus yet. And so the tweet wars continue, at least until tomorrow when it looks like the miners will decide. Current stats on miner, node and hashrate divisions between all versions can be found on Coin.dance.
 
Image from Shutterstock
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Bitcoin Cash Price Analysis: BCH Finds Support at Moving Average Support; Are the Bulls Ready for Another Push?

Bitcoin Cash has seen a small 0.85% price decline over the past 24 hours of trading as the coin currently is exchanging hands at a price of $481.53, at the time of writing.
Key Highlights:

Bitcoin Cash has retraced to support at the 21 days EMA.
Is the market is positioned to make another rally ahead of the fork?
Support moving forward;  $480, $461, $437, $420, $400.
Resistance moving forward; $528, $556, $581, $600, $641, $667, $704.

If the candlestick closes at the current level it will form a Doji candlestick indecision strong indecision within the market which is expected with the upcoming expected hard fork.
The cryptocurrency has seen a steep price drop over the past 7 trading days which has totaled -16.55%.
Bitcoin Cash is currently ranked in 4th position ahead of the fork as it holds a market cap value just underneath $9 million. The 16-month-old project is currently trading at a price that is -87% lower than the all-time high value.
Let us continue to analyze price action a little closer over the short term and highlight potential support and resistance zones.
Bitcoin Cash Price Analysis
BCH/USD – SHORT TERM – DAILY CHART
Chart Source by Tradingview
Analyzing price action from the short term perspective above, we can see that the market has continued to retrace after placing the high at $646 on the 7th of November 2018. The market had surged from a low of $410 increasing by over 58%.
Price action has dropped below support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $528 to where it is currently trading at the support provided by the 21 days EMA around the $520 handle.
Looking ahead, if the bearish pressure continues to push price action below the support at $520 we can expect immediate support below to be located at the short-term .618 Fibonacci Retracement level priced at $500. This support level is supported by a downside 1.272 Fibonacci Extension level (drawn in blue) and added psychological round number level support.
If the sellers continue to break below $500 we can then expect further support beneath to be located at the short-term .786 and .866 Fibonacci Retracement level priced at $461 and $437 respectively. The final level of strong support to highlight is located at the downside 1.414 Fibonacci Extension level (drawn in blue) priced at $420.
On the other hand, in our bullish outline, if the buyers can regroup and start to drive price action above the resistance at $528 we can expect higher resistance to be located at the .382 and .236 Fibonacci Retracement levels (drawn in green) priced at $556 and $591 respectively.
If the buyers can continue to drive the market back above $600 we can then expect higher resistance above to be located at the 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $641 and $667 respectively. The final level of resistance to highlight is located at the 1.618 Fibonacci Extension level (drawn in red) priced at $704.
The RSI has returned to the 50 handle which indicates that the market is in a period of indecision. If the bulls can push the RSI back above the 50 handles we could expect BCH to make another rally ahead of the fork once again.
The post Bitcoin Cash Price Analysis: BCH Finds Support at Moving Average Support; Are the Bulls Ready for Another Push? appeared first on Coingape.
Source: CoinGape

Bitcoin Cash Price Analysis: BCH/USD Trends of November 14–20, 2018

CoinSpeaker

Bitcoin Cash Price Analysis: BCH/USD Trends of November 14–20, 2018

Should the bears maintain or increase their pressure, the support zone of $501 will be broken and expose the support zone of $410 for Bitcoin Cash price to find its low.

Bitcoin Cash Price Analysis: BCH/USD Trends of November 14–20, 2018

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near $500

Key Points

Bitcoin cash price stayed above the $496 swing low and consolidated against the US Dollar.
There was a break above a key bearish trend line with resistance at $510 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair struggled to move above the $530 resistance and the 100 hourly simple moving average.

Bitcoin cash price mostly consolidated near $500 against the US Dollar. BCH/USD must break the $530-540 resistance zone for a decent recovery.
Bitcoin Cash Price Analysis
Yesterday, there was another break below the $500 support in bitcoin cash price against the US Dollar. However, the BCH/USD pair found support near the last swing low at $496 and later recovered. It traded above the $505 and $510 resistance levels to start a recovery. The price climbed above the 50% Fib retracement level of the recent decline from the $562 high to $496 low.
Moreover, there was a break above a key bearish trend line with resistance at $510 on the hourly chart of the BCH/USD pair. However, the price struggled to break the $535-540 resistance zone and the 100 hourly simple moving average. Besides, the price was rejected near the 61.8% Fib retracement level of the recent decline from the $562 high to $496 low. As a result, the price retreated and traded below the $520 level. At the outset, the price seems to be consolidating above the $500 level. Buyers must clear the $530, $535 and $540 resistance levels to start a decent rebound.

Looking at the chart, BCH price may continue to stay above the $500 support area. Having said that, if buyers continue to fail near the $535 level, the price may perhaps break the $500 and $495 support levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is still placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 levels.
Major Support Level – $500
Major Resistance Level – $535
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Bitmain Restructures Leadership Board Positions Ahead of IPO

According to recent reports, Chinese cryptocurrency mining giant, Bitmain, is undergoing a major leadership shuffle as the company restructures its board of directors ahead of its imminent IPO on the Hong Kong Stock Exchange (HKEX).
Bitmain’s upcoming IPO is expected to set a record for the cryptocurrency industry and will likely solidify Bitmain’s market share of the mining industry and help further position the company as one of the largest cryptocurrency-related companies in the world.
Recent reports from a Chinese-based cryptocurrency news outlet, 8Btc, claim that four out of six directors have resigned from Bitmain’s board ahead of the IPO, with the company’s founder and CEO, Jihan Wu, resigning as the board’s executive director, and now serving as the supervisor.
A lawyer familiar with the company spoke to 8Btc, saying that Jihan’s position change has forced him to forfeit his voting rights.
“As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor,” the unnamed lawyer explained.
The report importantly noted that the shakeup of the board does not affect the roles that the leaving members play in the company itself, and that their departure from Bitmain is isolated to the board.
The report explained this, saying that:
“According to a securities authority close to Bitmain, media reports about the company’s directors quitting the board was misread. The main body of Bitmain to be listed is Bitmain Technology Holdings Limited, while the personnel change happens in a wholly-owned subsidiary of Bitmain.”
Although the reasons behind the restructuring of the board remain somewhat unclear, it is likely that it is in an effort to meet requirements from regulators or exchanges that may require companies to streamline their management operations prior to their listing.
“Companies preparing for IPO usually set up new board of directors to meet the requirements of listing regulations and simplify the board structure to facilitate management. The board adjustment is only a simplification of the structure of its wholly owned subsidiary,” an unnamed securities authority with knowledge of the situation said.
Related Reading: IPO of Crypto Mining Giant Bitmain Could Pose More Risks Than Benefits
Structural Changes Come Amidst Possible Bitmain Strategy Shift
There are multiple major events that could be attributing the board of director shakeup at Bitmain, mainly consisting of the recent release of their advanced Antminer S15 setup, and the upcoming Bitcoin Cash hard fork.
Bitmain’s crypto reserves have been hammered over the past year, mainly due to their decision to shift the bulk of their reserves from Bitcoin (BTC) to Bitcoin Cash (BCH). This decision has been costly thus far, as BCH has significantly underperformed BTC in 2018.
It is unclear how the mining giant will deal with their share of the Bitcoin Cash hard fork, as Wu has been a notable proponent of the official Bitcoin Cash version, and a critic of the Craig Wright-affiliated Bitcoin SV, who is behind the imminent BCH hard fork.
Featured image from Shutterstock.
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Bitcoin Drifts Lower Under $6,400 as Altcoins Have Mixed Trading Session

Bitcoin drifted lower on Tuesday leading to a mixed trading session for altcoins. Most major cryptocurrencies by market capitalization are currently trading sideways, either trading up or down by a marginal percentage.
At the time of writing, Bitcoin is trading down 0.5% at its current price of $6,370. It is beginning to gradually drift nearer to its historical region of support in the $6,200 region, which must be defended by bulls or else it runs the risk of falling to its year-to-date lows in the $5,800 region.
Altcoin Markets Post Mix Results Amidst Bitcoin Stability
Although Bitcoin has been gradually declining over the past couple of days, it has not led the altcoin markets, which have beared witnesses to incredibly mixed trading over the past weeks. The most volatile altcoins of this week have been primarily Bitcoin Cash (BCH), Ripple (XRP), and Basic Attention Token (BAT).
Bitcoin Cash has been one of the most volatile major altcoins recently, mainly due to increased trading volume stemming from its upcoming hard fork event that is scheduled to occur on November 15th.
This event caused BCH’s price to see a massive price rise earlier this month, rising from lows of $413 to highs of $636 on the aggregated markets, a staggering 54% rise over a one-week period, from October 31st to November 7th.
Since then, however, BCH has gradually drifted downwards, to lows to $510 before jumping slightly to $540 earlier today. It has since fallen and appears to have stabilized at its current price of $530.
XRP has had a somewhat volatile week that has been good for investors, rising from weekly lows of $0.48 to its current price of $0.521. XRP’s positive price action comes as the cryptocurrency sees increased adoption rates in Asia, with Japan’s MUFG Bank signing a new Memorandum of Understanding with the Brazil-based bank, Banco Bradesco S.A., creating a new payment corridor that will be powered by Ripple-based technology.
Basic Attention Token has also had an incredibly volatile week, and is one of today’s best performing alts, currently trading up 3.5%. BAT’s volatility can be largely attributed to its recent Coinbase listing, which led to a major price rise prior to the listing, rising from $0.23 to $0.37, and then falling sharply to $0.24 after it was listed on Coinbase’s consumer platform.
Also, NEM (XEM) has seen positive price action today, stabilizing above $0.10 after yesterday’s massive gains. Yesterday, NEM spiked after Tokyo-based cryptocurrency exchange, Coincheck, announced that they were resuming NEM trading on their platform nearly a year after they closed their operations after being a victim of the notorious $500 million hack.
Related Reading: NEM Skyrockets as Coincheck Resumes Trading, Altcoins Trade Up Amidst Bitcoin Stability
Although altcoins have seen mixed trading while Bitcoin trades sideways, they will likely go back to following Bitcoin’s lead after it breaks above, or below, its long-established trading range.
Featured image from Shutterstock.
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NEM Skyrockets as Coincheck Resumes Trading, Altcoins Trade Up Amidst Bitcoin Stability

NEM (XEM) is currently trading up nearly 20% as cryptocurrency exchange Coincheck resumes its normal trading activity.
NEM’s meteoric price rise comes amidst overall market stability, with Bitcoin (BTC) trading steadily at $6,400, and most altcoins trading up.
At the time of writing, Bitcoin is trading at $6,400, recovering from a slight dip into the mid-$6,300 region. Bitcoin is still trading firmly in its long-established trading range between $6,200 and $6,700, and its prolonged sideways trading trend has proved to be a positive thing for the altcoin markets.
Currently, NEM is leading Monday’s market surge, trading up 17.8% at its current price of $0.11. Following Coincheck’s announcement that they were resuming trading activity on their exchange, NEM surged to highs of $0.114, before falling to $0.103 as a result of profit taking. Its price has since climbed back up and is currently sitting near its current highs.
NEM’s sustained price pump has also been fueled by rising trading volume, which jumped from about $5 million prior to the Coincheck announcement, to its current levels of over $48 million.
Following the massive $500 million hack Coincheck was the victim of early this year, the exchange has had a difficult time fixing their management issues, security issues, and meeting the new, stricter, regulatory requirements being set forth by Japanese regulators.
The Tokyo-based exchange first announced that they would be resuming new account openings and customer deposits in late-October, but limited the cryptocurrencies available to trade to BTC, ETC, LTC, and BCH.
Related Reading: Cryptocurrency Market Update: Has NEM Awoken
Altcoins Trade Up
Although NEM has thus far been the leader of today’s cryptocurrency market surge, other altcoins have posted gains as well.
At the time of writing, XRP is the highest preforming major alt, currently trading up nearly 4% over the past 24-hours, at its current price of $0.52. XRP has had a choppy week of trading, first rising to highs of $0.56 on November 6th before falling to lows of $0.49. Since then, its price has gradually drifted upwards towards its current levels.
Bitcoin Cash (BCH) is one of today’s worst performing major alts, currently trading down just over 1% at its current price of $520. It is currently down 18% from its weekly highs of $635.
Bitcoin Cash’s poor performance over the past few days comes after it witnessed a massive rise from lows of $415 in mid-October, to highs of $635 earlier this week. This rise was fueled by increased buying volume stemming from the imminent hard fork event which is scheduled to occur in three days, on November 15th.
Many investors expected its price to continue rising prior to this event, but it now appears that investors are less interested in acquiring the forked units than they are in profiting from its rise prior to the event.
Featured image from Shutterstock.
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Here’s Why Fast Approaching Bitcoin Cash [BCH] Hard Fork is Dominating Crypto Market

The bi-annual event of Bitcoin Cash that is shaping up way different than its predecessors is all set to hit the market on November 15. This hard fork of 4th largest cryptocurrency has already gained support from top crypto exchanges and taken a hike of around 42 percent.
Bitcoin Cash (BCH) Surges about 42 percent
The world’s fourth largest cryptocurrency Bitcoin Cash (BCH) is having a good couple of days as it takes a hike of about 42 percent over the last five days as it surged from $412 to $585. At the time of writing, Bitcoin Cash has been trading at $564.34 against US dollar with 24-hours gains of 0.65 percent.
Bitcoin Cash Price Chart Source by CoinMarketcap
The $9.8 billion market cap cryptocurrency’s daily trading volume is also seeing a spike as yesterday it jumped to $1.4 billion. At the moment, it is over $779 million.
With its hard fork looming, Bitcoin Cash is expected to make its move even higher. If BCH/USD breaks above the $570 resistance yet again, Bitcoin Cash price is expected to rally.
The Talk of the Town: Bitcoin Cash Hard Fork Details
Scheduled for November 15, Bitcoin Cash hard fork will mean two separate and independent BCH blockchains and in result two coins. Bitcoin Cash was the result of a divided community on increasing the block size of the Bitcoin (BTC). And now, Bitcoin Cash is trading the same waters.
Twice in a year, Bitcoin Cash undergoes a hard fork for protocol upgrades which goes unnoticed. However, this time the community has failed to come to a consensus and is divided over the future of Bitcoin Cash blockchain.
nChain, a blockchain group led by Craig Wright and has support from Coingeek is basically running its own upgrade and raise the block size to 128 MB.
Ryan X Charles, CEO of Money Button, which is a digital currency payments button for websites and apps that allow payments to be nearly instant and nearly free but cannot be reversed or blocked, recently shared details about this with,
“What we do is we run both nodes. When a transaction comes in either somebody sends money to the wallet or send money to another user… we only recognize a transaction if it’s on both chain simultaneously otherwise we either mark it as a split transaction or you invalidate it or something like that.”
When it comes to supporting, Binance, Coinbase, and Poloniex have already announced their support. Whereas, BitMEX has launched a new website called, ForkMonitor.info that “connected to several different nodes, both Bitcoin and Bitcoin Cash implementations.”
As for price movements, events like hard fork tend to be seen as bullish by traders as they will be getting free coins adding to the ones they already hold. And if traders do find potential in Bitcoin SV (Satoshi Vision), BCH will surge higher.
The post Here’s Why Fast Approaching Bitcoin Cash [BCH] Hard Fork is Dominating Crypto Market appeared first on Coingape.
Source: CoinGape

Bitcoin Cash [BCH/USD] Technical Analysis: Bull tries to emerge in the midst of the bear reign

The cryptocurrency market has succumbed to the bear attack with several coins seeing red across the spectrum. Cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] have all started on a downtrend with the so-called crypto winter going on in full flow.
1-hour:

The one-hour BCH graph indicates a downtrend that has seen the price drop from $581.46 to $545.56. The earlier uptrend saw the price being lifted from $421.22 to $585.84.
The BCH support has been holding at $408.09 and the immediate resistance has been raised to $633.12.
The Relative Strength Index has crashed to the bottom of the oversold zone. This is a sign of the selling pressure being more than the buying pressure. The cryptocurrency has predominantly stayed in the overbought zone.
The MACD graph has fallen below the histogram with the occurrence of a crossover. Post the crossover, the signal line and the MACD line have shown uptrend tendencies.
1-day:

The one-day BCH graph shows the support at $411.29. The downtrend bought the prices down from $832.39 to $568.57. The recent bullish run also took the price from $434.12 to $624.38.
The Bollinger bands have started diverging, which points to a bullish run. Some of the bullish spikes have left the Bollinger cloud swollen due to massive price hikes.
The Chaikin Money Flow indicator is still above the axis, which indicates that the money flowing into the market is still more than the money flowing out of it.
Conclusion
The upcoming hard fork has certainly created a change in the investor sentiment with several proponents of the hard fork building its case. The Bollinger band, CMF, and the MACD all point to the prices still trying to climb back on the bull, which may be interspersed with sideways price movements.
The post Bitcoin Cash [BCH/USD] Technical Analysis: Bull tries to emerge in the midst of the bear reign appeared first on AMBCrypto.
Source: AMB Crypto