Skip to content Skip to sidebar Skip to footer

Bitcoin Cash Prices Enjoy Short-lived Recovery on USD 200m Fund News 101
Roger Ver. Source: a video screenshot.

Bitcoin Cash was briefly the only token in the green among the top 10 cryptocurrencies by market capitalization today – likely boosted by news of the launch of a new USD 200 million fund.

The token’s chief proponent, Roger Ver, announced yesterday that would be launching what he called an “ecosystem investment fund” to boost the token’s growth. He stated that the fund would be used to invest in businesses that want to build on the Bitcoin Cash network.

As Bitcoin tumbled toward the USD 8,000 threshold, the price of BCH was growing by just under 0.6% in the past 24 hours, with every other top-10 coin down at around 05:00 UTC. However, at the time of writing (08:28 UTC), the token was back in the red with Bitcoin and the rest of the chasing altcoin pack, with a 24-hour growth rate of -0.7%. It either case, it’s still the best performing top coin, as other major tokens dropped up to 5%.

BCH price chart:

Bitcoin Cash Prices Enjoy Short-lived Recovery on USD 200m Fund News 102

Ver and have been on a push aimed at driving up interest in Bitcoin Cash of late. At an event in London, Ver claimed, per Coinrivet,

“With some of the business development deals we have brewing at, I am certain there will be significantly more places accepting Bitcoin Cash than any other cryptocurrency shortly.”

The Bitcoin Cash network was upgraded earlier this month, with prices falling ahead of the operation.

Ver and have high hopes for the token, which the former has stated will be worth “99,900% more” than its current value at some point in the future.

Tim Alper , 2019-11-21 08:35:52 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

Source link