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Bitcoin Cash price forecast: oversold?

1:51 pm ET, 24 Jul 2018

Bitcoin Cash (BCH.X) is trading at $789.03, down 2% from yesterday. There is a downside correction in the Bitcoin Cash price from $871 earlier this month. Previous week's bullish trend was breached, and now we're seeing a new support level at $750.

What is Bitcoin Cash price forecast, i.e., prediction? Will it get in the bullish territory again?  What news should investors be paying attention to?

Some developers have remarked that Bitcoin Cash protocol development has slowed down, but this should not present a concern to investors, because BCH development occurs mostly outside the protocol.  Some positive developments include the proposals for colored coins, Bitmain’s Omni layer protocol concept, and progress on the smart contract front.

The Bitcoin Cash community is debating over Pre-Consensus, a recent proposal by Amaury Séchet, Bitcoin’s lead developer. Pre-Consensus is a series of technologies that make it possible to establish standards to determine the characteristics of the next block before it is uploaded to the blockchain.   People who are positive about Pre-Consensus believe its implementation would help increase the adoption and functionality of Bitcoin Cash (BCH) and would also promote scalability solutions. 

Let's talk about BCH price now.  Here are some major technical indicators:

  • MACD  has entered into a bearish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is below 40 level, coming closer to the oversold territory.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $750.
  • A new major resistance level is forming at $810.

Over the last 30 days, BCH.X lost -9.92%, which is 21.47 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Depressed volatility driving bitcoin (BTC) price down?

6:34 am ET, 22 Jun 2018

Bitcoin (BTC.X) is trading at $6,407.53, down -4.79% from yesterday, wiping away the gains from the most recent steady recovery.    What's driving the bitcoin price down and what's the BTC price forecast?

Looking at the technical analysis for the cryptocurrency, we notice some bearish signals for bitcoin:

  • Bitcoin price failed to hold gains and broke a major support at $6,700 against the dollar.
  • MACD is trending down, entering the bearish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is now in the oversold region.   RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new support level is forming is $6,300.

What do the experts say?  Bill Baruch, Blue Line Futures President, told CNBC bitcoin's "bottoming process can begin" following signs that volatility is depressed.  Bitcoin's 30-day volatility is now at 61 percent, and slightly up from its low of 50 percent earlier this month. This volatility is significantly below the annualized volatility seen last year, north of 150 percent.

After bitcoin's volatility has become quite depressed and the cryptocurrency has lost as much as 70 percent from its December peak, it's time for it to find a new bottom.  

It's no secret that the bitcoin price is going to remain unpredictable. There are massive spikes and declines, and nothing is preventing $5,000 from being the bottom.  Bitcoin challenges for 2018 involve regulation and market maturing; with larger sums, crypto is becoming a grown-up game.

However, one reason for optimism is the amount of crypto-financing in 2018 thus far, which is exponentially larger than the amount spent on financing in 2017. 

Over the last 30 days, BTC.X lost -22.54%.

Are hacking issues alone responsible for cryptocurrency price drop today?

8:41 am ET, 11 Jun 2018

The Bitcoin price dropped 7% today.  Ripple, Ethereum and Litecoin have followed suit.  

A closer look into altcoin prices reveals that some other cryptocurrencies have suffered even more--EOS is down 17%, while Tronix is down 12% and Bitcoin Cash declined 10%.

The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.

The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?

It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.  

Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically.  However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.  

Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies.  What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions. 

The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.

To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).

Bitcoin Cash (BCH.X) price prediction

6:36 am ET, 07 Jun 2018

Bitcoin Cash (BCH.X) is trading at $1,149.22, up 1.76% from yesterday.  There were some notable developments about Bitcoin Cash in the last few days; nevertheless, the price didn't move dramatically. 

What is the price prediction for Bitcoin Cash now? And which events should investors be aware of?

The development efforts on Bitcoin Cash are going strong.   Not even a week ago, over a 100 programmers gathered for the ‘BCH Geek’ in Hangzhou, China.  The event focused on developers creating BCH-based apps in order to make bitcoin cash available to all users.

On the negative side, a prominent Bitcoin Cash evangelist, as featured on his LinkedIn profile, was accused of stealing a military armored vehicle in Virginia this Tuesday and joyriding it 60 miles before being arrested.

Some speculators believe that a bull run is just around the corner for Bitcoin Cash. Roger Ver, a prominent BCH promoter thinks that the cryptocurrency will get adopted by thousands of Japanese retailers as a payment method.

According to Ver, convenience stores and retailers in Japan will opt to accept Bitcoin cash in the near-term (next 3-6 months). He also points out to the pending partnership with Menufly to accepting BCH as payment for the company's large-scale operations in major cities.

Bitcoin Cash is on an upward trend, although it is fighting off the bear pressure that's starting to show. If the bullish trend continues, this will likely result in a new breakout around $1,200.  The bear pressure will likely exacerbate if the price falls below $1,050. 

Here are some technical parameters to consider:

  • The hourly Moving Average Convergence Divergence (MACD) shows some bullish signs.  MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices and is calculated by subtracting the 26-day Exponential Moving Everage (EMA) from the 12-day EMA.
  • The RSI (Relative Strength Index) is now well above the 50 level.
  • Support level can be found at $1,100.
  • Resistance level can be found at $1,200.

Over the last 30 days, BCH.X lost -28.31%, which is:

  • 9.81 percentage points lower than the 30-day return of Finstead’s Crypto Index;
  • 11.23 percentage points lower than the 30-day return of Bitcoin (BTC.X);

Bitcoin Cash (BCH.X): price forecast

12:11 am ET, 27 May 2018

Bitcoin Cash (BCH.X) price retracted to November 10, 2017 levels.  It's also 43% down from its May 5 local peak, and a far cry from its December heights of roughly $3,650.  

The much-hyped May 15 fork didn't really create much of a rally.  While Bitcoin Cash is focused on becoming an everyday payments network (that Bitcoin is not well-suited for), investors are reacting to this lofty mission with much skepticism.  

Why did the hard fork matter for BCH investors?  

Let's explain how things work.  A hard fork is a software update to a crypto network that results in the creation of an entirely new blockchain network.  Anyone who holds any amount of a coin that goes through a hard fork is entitled to receive a corresponding amount of the new coin. 

So any cryptocurrency that experiences a hard fork generally tends to see upward price movement in the days and weeks leading up to it.

Now that the fork is water under the bridge, what is the Bitcoin Cash price prediction?

Here are our thoughts.  Bitcoin cash price will remain under pressure, given that it declined below the $1,000 support level.  Looking at the technical indicators, here are the key things to point out:

  • Moving average convergence divergence (MACD ) is mostly negative in the bearish zone.  MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA.
  • Relative strength index (RSI) is declining towards the 30 level.
  • Major support level can be found at $950.
  • Major resistance level is at $1,060.

Out thoughts?  Be cautious, since the momentum doesn't look particularly encouraging. 

Bitcoin Cash (BCH.X): price analysis and prediction

12:56 pm ET, 12 May 2018

Bitcoin Cash (BCH.X) is widely touted in the cryptocurrency community as an altcoin that can avoid many of the mistakes Bitcoin (BTC.X) made.  

One of the things that went wrong about BTC.X is the centralization of protocol development.  Bitcoin is distributed in many ways, but for quite some time there was only one main core group of developers (a.k.a., Bitcoin Core) on it.

Bitcoin  Cash, on the other hand, is completely decentralized (e.g., nodes, wealth and mining pools).  There are several independent teams of developers along with multiple full node implementations.

The value proposition for Bitcoin Cash is as strong as ever.  

But why is the price going down?  What is the Bitcoin Cash price analysis and prediction?  

At this point, we think that the cryptocurrency may be forming a bottom, which can take anywhere from a few days to a few weeks.  Prices in the $1,000 -$1,200 range should not be a surprise.

The price is likely to remain volatile as the bears and the bulls battle it out to establish their reign. The latest news about the investigation of South Korean exchange Upbit by the country’s Financial Supervisory Commission (FSC) triggered the decline of Bitcoin Cash.  Also, negative statements from the likes of Warren Buffet and Bill Gates also influenced retail investors' opinion about cryptocurrencies.  

We will see a positive price movement for BCH.X when commercial institutions publish their plans to use the cryptocurrency.  Stay on top of the latest developments, and keep checking Finstead for news and price updates (just type "BCH.X news" and "BCH.X" price).


Bitcoin Cash (BCH.X): will the bull run continue?

1:04 pm ET, 23 Apr 2018

Bitcoin Cash has surged almost 80% in the last 7 days. There are speculations in the Bitcoin Cash community that this trend will continue for a notable period of time. 

Bitcoin Cash is a cryptocurrency that forms a decentralized payment system. It was hard forked from Bitcoin on August 1, 2017.   During the fork, a bitcoin owner possessed the same number of Bitcoin Cash units.

Why has the Bitcoin Cash price increased so rampantly? Here are some key developments to be aware of:

  • Another Bitcoin Cash hard fork is going to occur on May 15.
  • The rise in demand for Bitcoin Cash occurred partially because Bitpay, a global bitcoin payment service provider, incorporated additional features in its merchant services solutions.
  • An additional security has been enabled for the coin through the use of new transaction signatures along with a difficulty adjustment algorithm.
  • Bitcoin Cash received a lot of infrastructure support from wallet providers and major exchanges after its hard fork last August.
  • A social media system known as Memo has been powered by Bitcoin Cash micro-transaction. This system lets its users follow various profile fields and maintain the stability of the content that is being shared through the use of BCH chain.
  • To sustain digital scarcity, the mining operation Antpool has announced to burn 12% of BCH. 
  • Compared to other blockchain networks, Bitcoin cash networks are cheaper—and that makes them quite enticing.

Before you invest your money in Bitcoin Cash, we wanted to want you that the unregulated cryptocurrency market is extremely volatile. Exercise caution before you place your bets—and be prepared to lose all your money!  

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