The Bitcoin Cash price line fell towards the $297 mark on the 9th of August. Project Syndicate is a crypto analyst on Trading View who believes that the BCH price is about to observe a 20% correction towards the downside soon.
1-Day Bitcoin Cash price analysis
Bitcoin Cash price chart by Trading View
BCH stood at $306.0 at the start of the trade, while it stepped down on the 1-Day chart as the day went by. In the afternoon, the cryptocurrency’s price turned bearish, and after 14:00 GMT, it had fallen below $294, where it saw a day’s low of $292.73. At the time of writing, Bitcoin Cash stood at $297.21 US Dollars.
The 20-Day Exponential Moving Average (20EMA) closed at $298.07, whereas the 50-Day Moving Average (50MA) stood at the $297.21 level at the time of writing.
The Relative Strength Index (RSI) rose to a day’s high of 79.23 at 00:26 GMT, which means that the cryptocurrency was overbought at the time. The technical indicator closed the day’s trade at 54.42.
Bitcoin Cash price to see a correction?
The Trading View analyst Project Syndicate believes that there will be a 20% correction for the BCHUSD pair.
Bitcoin Cash price chart by Trading View
The analyst believes that the BCH price will be rejected at $310, after which it will turn bearish, which is why they suggested that traders should go short on the pair for now.
Bitcoin Cash had been accumulating between April and till after July in the $214 to $264 range. The cryptocurrency’s price finally shot up across the $330 mark, where it tested a resistance level and bounced back.
After the cryptocurrency market exhibited a price dump on the 2nd of August, the BCH price returned between the $280 to $310 range.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
Market Watch: Bitcoin Tumbles to $10,130 as Equity Markets Finish in Deep Red
After reclaiming some ground yesterday, Bitcoin has returned to its recent bearish trend by dropping below $10,300. Most altcoins follow with some notable price dips, resulting in a near $10 billion evaporated from the total market cap.
Bitcoin Dips Below $10,300
As reported yesterday, the primary cryptocurrency recovered some of the recent losses and traded around the previous 2020 high from February at $10,500. However, the asset couldn’t maintain its position and began free-falling once again.
In just a few hours, BTC went from its daily high of above $10,500 to its intraday bottom of $10,130 (on Binance). Since then, the digital asset has recovered some ground and is trading now just around $10,300.
Bitcoin’s current position places it close to the support level at $10,290. If BTC further breaks below, it could head towards $10,200 and the psychological $10,000.
Adverse price developments are evident among most financial markets. Gold, which typically performs similarly to Bitcoin, dipped from its high of $1,900 per ounce to about $1,850.
The most prominent Wall Street stock market indexes also closed in the red yesterday’s trading session. The S&P 500 went down by 2.4%, the Dow Jones Industrial Average by 2%, and Nasdaq lost the most value (-3%).
Red Dominates The Altcoin Market
Most alts bleed out today. Ethereum has declined by nearly 4% and it trades at $325. Ripple (-3%) fights to stay above $0.22. Bitcoin Cash, Binance Coin, Crypto.com Coin, and Litecoin have also dropped by about 3%.
Some lower-cap alts have decreased by double-digit percentages. DigiByte (-18%), Ren (-15%), Orchid (-13%), Reserve Rights (-12%), UMA (-12), OMG Network (-10.5), and Algorand (-10%) lead the way.
A few coins trade in the green as well. Helium has surged by 40% after being listed on the leading cryptocurrency exchange Binance. Uniswap (13%) and HedgeTrade (10%) follow.
Ultimately, though, the crypto market cap has dropped from yesterday’s peak at $332 billion to $325 billion.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Trader Who Transformed 0.2 BTC Into $100,000 Sounding Alarm on Bitcoin, Crypto, and Stock Markets
A popular Bitcoin trader who turned 0.2 Bitcoin into $100,000 in a recent trading contest is now putting out bearish warnings about both the stock market and BTC.
The pseudonymous trader SalsaTekila just shared a chart of the plunging S&P 500 Index, quoting rapper Eminem and noting he “wouldn’t want to be long on anything right now.”
The trader, who is known as one of the most transparent in the crypto community, says he’s surprised “BTC isn’t nuking already.”
$SPX drowning hard I wouldn’t want to be long anything right now… Every market I watch heavy, vomit on the sweater already, mom spaghetti he’s nervous, but on the surface he looks calm and ready, he punts shorts, on $BTC already pic.twitter.com/QH602kcnw1
— SalsaTekila (@SalsaTekila) September 23, 2020
Although he’s concerned about the macro economy, the trader says the bottom might be in for Chainlink (LINK). He says he placed a substantial bet on the coin below $7.80, hoping it makes a big move to the upside.
The day trader, who finished second in the profit-and-loss individual rankings of Bybit’s World Series of Trading, now plans to sit back and watch the market for a while.
“I’ll probably keep my green button disabled on BTC until and unless legacy and commodities bounce. All those markets feel heavy together, rather stay side-lined. Big expiry coming Friday.
React to upcoming moves or events rather than predict them. Don’t give today’s gainz back.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Gemini Enables GBP Deposits for Crypto Purchases in the UK
The exchange received FCA recognition last August.
Gemini, a cryptocurrency exchange and custodian, has announced on Thursday its expansion into the United Kingdom by ‘fully’ launching its services and adding support to the British pound.
This came after the Winklevoss twins’ exchange received recognition from the Financial Conduct Authority (FCA) in August as a crypto exchange for its locally formed entity and also received an electronic money institution (EMI) license.
The registration process was made mandatory by the market regulator under the European Union’s Fifth AML Directive (AMLD5), and Gemini became one of the first to register itself as a local crypto exchange.
According to the official announcement, both ‘individuals and institutions’ in the UK can now access Gemini’s services and purchase digital assets with the British pound. The exchange has opened debit card support along with other bank transfer options, including Faster Payments, CHAPS, and SWIFT.
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“Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto,” Gemini CEO, Tyler Winklevoss said in a statement.
Institutions Remain in Focus
Additionally, the exchange highlighted that UK institutional investors can access crypto trading, market data, and custody services on the platform on behalf of their clients.
Though headquartered in New York, Gemini is aggressively expanding its international presence and has services also in Canada, South Korea, Hong Kong, Singapore, and Australia. It is strengthening its overseas presence with major hires as well.
“The UK is a global center of financial innovation with a stringent and progressive regulatory regime…We look forward to welcoming consumers and institutional customers to our platform,” Winklevoss added.
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