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#Daily Price Analysis

Cryptocurrency Market Cap drops sharply. Is Bitcoin Dead?

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The cryptocurrency market crash of this year will be remembered throughout the lifetime by the whole community especially the current week.

The cryptocurrency market crash of this year will be remembered throughout the lifetime by the whole community especially the current week. Bitcoin price fell up to $4000 which is the worst fall of the year.

 

The market cap fall

The cryptocurrency market capitalization has fallen approximately $700 Billion this year. Talking about the current week after prominent coins fell up to 70% in just a matter of days, analysts are predicting that bitcoin may fall to $3000 this month end if the most major support of $4000 is broken and may even fall up to $2500. Not only bitcoin, but all major altcoins including XRP, Ethereum, and Litecoin, are all experiencing a massive decline in pricing. The market capitalization of cryptocurrencies was around $830 in January this year and now it is only about $140.

 

Share Market is riding on the same boat:

The shares markets are experiencing an even worst scenario with over $1.3 Trillion lost in just this week. Major global shares have fallen down including industry giants such as Apple, Goldman Sachs, and General Electric.

 

Bitcoin Hash Wars: Mining at huge losses

Both sides of the bitcoin cash hard fork are mining at magnificent losses according to Bitmex, a cryptocurrency derivatives platform who revealed about the same in a tweet:

 


Both the teams – Bitcoin ABC led by Roger Ver and Bitcoin SV led by Craig Wright AKA ‘Faketoshi’ are said to be mining with huge losses amounting to approximately $278,000 and $439,221 per day respectively and which is likely being met by a large amount of BTC sellings. A third team which is being considered as ‘neutral’ known as Bitcoin Unlimited is being led by Andrew Clifford. The hash wars are being considered as a major reason for the start of the cryptocurrency market downfall.

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10 Comments

10 Comments

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#Bitcoin Price Analysis

Bitcoin Price Analysis: Will BTC Rise Again?

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Bitcoin price improved more than 8% yesterday after the successful bitcoin cash hard fork completion. Bitcoin price fell down from $6500 to a whopping low of $5190 before the BCH hard fork. The price started to experience improvements after the hard fork and went above the $5770 mark but the market could not sustain the bullish momentum for a long time and fell down up to $5555. BTC is currently trading at $5615 (at the time of writing).
The bitcoin market volume has decreased and the bull run is expected not before the upcoming week. The support level of the BTC lies around $5598 and the resistance around $5622. Bitcoin price needs to break the resistance level in order to move above the desired $6000 mark.

 

BTCUSD 5 day chart

BTCUSD 5 day chart

 

BTC is currently trading at the year’s lowest price range where the traders are worried about further losses. However financial analysts believe that bitcoin price is likely to rise a little at the end of 2018 up to the start of 2019. Traders also believe that 2019 end and 2020 will be the year of a major cryptocurrency bull momentum because of the predicted financial crisis of 2020. Investors and financial analyst believe that people will be forced to move towards assets such as gold and cryptocurrencies with the predicted downfall of the US dollar.

 

BTCUSD 24 hour chart

BTCUSD 24 hour chart

 

Looking at the 24-hour chart bitcoin price fell down from $5750 up to $5555. The price is currently trying to tackle the bear attack but is experiencing hurdles. Bitcoin price may likely improve up to $5700 today but the major improvement is predicted when the volume increases, most likely next week.

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#Bitcoin Cash Price Analysis

Bitcoin Cash Price Analysis: BCH post fork downfall

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Bitcoin cash price exchanged beneath the key $400 support. BCH/USD could amend higher, however, dealers are probably going to show up close $420 or $450. 

MACD – Set in the bullish zone.

Relative Strength Index – Cose to the 40 level.

Significant Support Level – $360

Significant Resistance Level – $405

 

Key Points

  • Bitcoin cash price expanded misfortunes and exchanged beneath the $400 level against the US Dollar.
  • There are two key bearish pattern lines set up with resistance at $420 and $450 on the hourly diagram of the BCH/USD pair (information feed from Kraken).
  • The pair stays at a danger of more misfortunes underneath the $360 level in the close term.

Bitcoin cash price exchanged beneath the key $400 support against the US Dollar. BCH/USD could amend higher, however, dealers are probably going to show up close $420 or $450.

 

Bitcoin Cash Price Analysis

Recently, we examined that bitcoin cash price could broaden misfortunes beneath $400 against the US Dollar. The BCH/USD pair remedied a couple of focuses as of late, yet it neglected to break the $450 resistance. Afterwards, there was a sharp drawback move and the price declined underneath the $420 and $400 supports. A new low was shaped at $360 and the price is currently exchanging admirably beneath the 100 hourly basic moving normal.

Right now, the price is solidifying misfortunes around the $380 level. It appears as though the 23.6% Lie retracement dimension of the last slide from the $451 high to $360 low is going about as a resistance. In addition, there are two key bearish pattern lines set up with resistance at $420 and $450 on the hourly outline of the BCH/USD pair. The principal bearish pattern line concurs with the half Lie retracement dimension of the last slide from the $451 high to $360 low. Consequently, the $400-405 zone could forestall gains in the close term.

 

BCH USD 1 day chart

BCH USD 1 day chart

 

Taking a gander at the diagram, Bitcoin cash price could rectify a couple of focuses above $390. Notwithstanding, purchasers are probably going to battle close $400, $405, $420 lastly $450. On the drawback, the following focus for sellers could be $350.

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#Daily Price Analysis

Cryptocurrency Market losers of the day: BCH, XLM, IOTA, ETC and ADA

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The Cryptocurrency market faced huge bearish momentum in the last 24 hours with the upcoming bitcoin cash hardfork on the head.

The Cryptocurrency market faced huge bearish momentum in the last 24 hours with the upcoming bitcoin cash hardfork on the head. All major cryptocurrencies fell at least 15% to 20% in just a few hours.

Bitcoin Cash Price Analysis

BCHUSD 1 day chart

BCHUSD 1 day chart

Bitcoin Cash Price fell down from $534 to a sliding price of $421 falling more than 23% in the last 24 hours. The price fall is probably because of the upcoming hardfork of the cryptocurrency. BCH has major support at $426 and the major resistance at around $450. BCH is currently trading at $439.4 (at the time of writing). The price is expected to rise after the hardfork is successful.

 

Stellar Price Analysis

XLMUSD 1 day chart

XLMUSD 1 day chart

XLM Price showed massive bearish momentum in the last 24 hours with the cryptocurrency falling from $0.262 up to $0.222. The cryptocurrency is currently trading around $0.2318 with the major support at $0.2258 and the resistance at $0.2374. XLM price may experience some more bearish momentum before gaining bullish pace again.

 

IOTA Price Analysis

IOTAUSD 1 day chart

IOTAUSD 1 day chart

IOTA Price fell massively ranging between $0.51 up to $0.405 showing a massive downfall of more than 19% in the last 24 hours. The cryptocurrency is currently trading at around The major support is $0.406 with the major support at $0.4 and the resistance at around $0.416. A little bullish momentum is foreseen in the upcoming few hours.

 

Ethereum Classic Price Analysis

ETCUSD 1 day chart

ETCUSD 1 day chart

ETC Price fell more than 18% in the last 24 hours with the cryptocurrency trading at $9.42 yesterday falling up to $6.8 today. The cryptocurrency is currently trading at $7.77 (at the time of writing) with the major support at $7.56 and resistance at $8.22.

 

Cardano Price Analysis

ADAUSD 1 day chart

ADAUSD 1 day chart

Cardano also followed the market downtrend with ADA Price falling over 17% in the last 24 hours. The coin experienced massive bearish attack with the price falling from $0.074 up to $0.054. The cryptocurrency is currently trading around $0.059 with the major support at $0.058 and the resistance at $0.064. The coin is expected to rise and settle at a better price in the upcoming few hours.

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