Bloody Week: Is the Crypto Market Recovering Anytime Soon?

2018-12-8 22:34

The bears continue to dominate the markets following the aftermath of the Bitcoin Cash hard fork last month. The hard fork had a negative ripple effect on the rest of the cryptocurrency markets as prices nose-dived beyond initial support levels.

Over the last 24 hours, most pairs turned red on price analysis charts, a phenomenon is seen throughout the week. Most altcoins took a heavy loss today, recording a double-digit percentage loss.

Bitcoin (BTC/USD)

Bitcoin lost by 7.87% since yesterday. It began the day trading at $3771 against the current exchange rate of $3474 against the dollar. The downward rally has seen Bitcoin test the $4000 support level and breaches it. Resistance still holds at the $4000 mark but support has come down to around $3400 as indicated in the chart.

On 3 hour charts, the BTC/USD pair hit a high of 3920 over the last 24 hours and a low of $3368.Both moving averages, marked A and B, are headed downwards, indicating the strong bearish momentum that has engulfed the markets. Also, the 21 day EMA (A) is above the 7-day moving average (B), further signaling the bearish momentum may last a while.

Point D shows a contracting triangular pattern formed by the downward spiral that is also an indicator of a bearish trend.

Investor sentiments have turned negative as a result of the bearish outlook. The Relative Strength Index (RSI)-marked C has today dipped into the ‘oversold’ area and is at 25, signaling that selling pressure has overpowered the buying pressure.

Bitcoin Cash (BCH/USD)

Bitcoin Cash continues to take a beating in the post-fork period. Yesterday, it was trading at $128 before embarking on a downward spiral to the current exchange rate of $108 against the dollar. This represents a 15% loss for BCH.

Marked C and B are the 21 and the 7-day moving averages respectively. The 21 days EMA has been above the 7 days EMA over the last 24 hours indicating the heavy magnitude of the loss being experienced by BCH. Support has also dropped to below the $100 mark and is at $94 while resistance stands at $130. The highest point reached was $127 and $94 on the lower side.

A shows the RSI miles below the ‘oversold’ region. It is currently at 9, showing that there has been a negative attitude by investors towards BCH since the fork.

The post Bloody Week: Is the Crypto Market Recovering Anytime Soon? appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Forkcoin (FORK) на Currencies.ru

$ 0.0168804 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0168804 - H: $0.0168804
Капитализация $87.143k Rank 99999
Цена в час новости $ 0.1972 (-91.44%)

hard markets fork bloody soon market week

hard markets → Результатов: 61


Фото:

Who SODL? Bitcoin Investors Are Buying Up Cheap Coins, Says eToro

Bitcoin prices crashing lower this week have failed to dent investor confidence, businesses reporting upticks in purchases while fiat rates are lower. A ‘Small Yet Clear Uptick’ The result of uncertainty over a contentious hard fork of altcoin Bitcoin Cash (BCH), Bitcoin has led cryptocurrency markets into a new period of volatility, with some major assets shedding 15 percent November 19 alone.

2018-11-20 02:00


Фото:

Such Hard Fork, Much Hot Air? Dogecoin Still Used 4X More Than Bitcoin Cash

Bitcoin Cash may be in the spotlight as cryptocurrency markets tumble, but some have already played down the altcoin’s importance – even compared to Dogecoin. Much Ado About Forking Nothing While commentators from social media pundits to mainstream media networks focus on the Bitcoin Cash (BCH) hard fork to explain the sudden return of volatility to cryptoassets, the extent to which markets are overreacting may already be plain to see.

2018-11-15 14:00


Биткоин-биржа Poloniex добавит поддержку возможного форка Bitcoin Cash

Криптовалютная биржа Poloniex намерена поддержать обе цепи Bitcoin Cash, которые могут появиться после запланированного на 15 ноября апгрейда сети. Please see our statement on the upcoming BCH hard fork: https://t.

2018-11-7 14:05


Фото:

Siacoin Rejects Bitmain and Innosilicon ASICs Through Future Hard Fork

Siacoin has been a rather interesting cryptocurrency to keep an eye on throughout 2018. Not because of its price movement, as that has been in line with all other bearish markets. Instead, there has been an ongoing debate as to whether or not the project needs to fork its code to prevent Bitmain ASICs from […] The post Siacoin Rejects Bitmain and Innosilicon ASICs Through Future Hard Fork appeared first on NullTX.

2018-10-2 19:00


Фото:

Why Is Everyone Waiting for Tether?

Crypto markets are hard to predict. It’s true. It’s doubtful that Satoshi (whoever he or she may be) would have anticipated the 2017 Bitcoin bubble. However, with so much now in play here and an excessive amount of wealth held by crypto whales and institutions, why are we–the majority of the crypto community–allowing the markets […] The post Why Is Everyone Waiting for Tether? appeared first on NullTX.

2018-9-18 02:53


Фото:

The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin

As his Hungarian parents had fled post-war Soviet regime to settle in the United States, Nick Szabo came to call the Californian Bay area of the 1990s his home. Here, he was among the first to frequent the in-person “Cypherpunk” meetings organized by Timothy May, Eric Hughes and other founding members of the collective of cryptographers, programmers and privacy activists centered around the ’90s mailing list of the same name.

2018-7-13 17:16