Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/11/17

Bitcoin Cash – Looking for a Comeback

The pressure is really on Bitcoin Cash at the moment, falling to sub-$1,000 levels earlier in the day. A post rally low of $851.12 early has led to a rebound however, with Bitcoin Cash also seeing strong support at sub-$1,000 levels.

At the time of writing, Bitcoin Cash sits at $1,094.3, a 20.11% gain for the day and there may well be a move beyond $1,300 over the near-term.

The dust has certainly settled from all the forks and the cancellation of the SegWit2X fork, with Bitcoin hitting an all-time high of $7,997 in the early hours of this morning.

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An inverse correlation between Bitcoin and Bitcoin Cash is evident and will likely to continue to evolve as investors and miners flip flop between the two in search of better earnings.

Bitcoin Cash is going to need to break through $1,130 to have a run at $1,300 though following the recent sell off, there’s likely to be plenty of resistance. Bitcoin’s $10,000 projection won’t be helping Bitcoin Cash’s cause.

BCHUSD171117

Litecoin Trying to Stay Clear of its Recent Ranges

Litecoin managed to finally break free from the shackles, breaking out beyond $70 before being pulled back. Investors are clearly wary of the ranges and quick to hit the sell button.

Resistance at around the $70 level will be a constraint for Litecoin over the near-term and the key for now will be for the current range to hold to give investors a chance of a run at record levels in the coming days.

A fall back to $58-$62 levels could lead to investors looking elsewhere, with other cryptocurrencies making headlines.

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At the time of writing, Litecoin was down 5.68% at $66.55 with direction through the remainder of the day likely to be relatively range bound, titled to the downside.

LTCUSD 171117

Ripple – It’s Looking Choppy

Ripple joined Litecoin and Bitcoin in a breakout in the early hours from its recent ranges to move into $0.25 levels before going into reverse.

Currently sitting at $0.2203, down 3.1% on the day, there will likely be strong support at $0.21 levels, with Ripple needing to break through to $0.23 levels for another run beyond $0.25.

There’s been plenty of news on Ripple of late, with Ripple CEO saying that Central Banks are likely to adopt blockchain technology to settle high value interbank transfers. This comes after Ripple worked with the BoE on a blockchain trial, whilst also hosting a number of Central Banks at a summit in the U.S.

The outlook certainly looks promising and with Ripple’s current value, there’s likely to be more interest in Ripple in the coming months, suggesting that ranges will likely be on an upward trend. It’s not going to be without volatility however and cryptocurrency investor resolve will continue to be tested.

XRPUSD 171117

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Bitcoin and Ethereum Price Forecast – BTC Prices Skyrocket as ETH Lags

Bitcoin prices crashed through the all-time highs over the last 24 hours to set a new record high as the prices have recovered massively and quickly ever since the drop that we saw a week back on  the back of cancellation of the hard fork. This cancellation saw many miners and investors leave the main bitcoin in search of more stable coins but as the prices have since shown some stability and we are seeing more and more companies also begin to adopt bitcoins, it is only a matter of time that the prices began to gain again.

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Bitcoin Prices Push Towards $8000

We had mentioned as such in our previous forecast and had advised traders to view the drop in prices as only a correction. We had also pointed out to the gaining momentum in the prices and we have seen the impending breakout over the last 24 hours. There does not seem to be anything that can stop the train at this point of time and we should see $8000 pretty easily in bitcoin over the next few hours or within the next 24 hours. The next stop after that would be $8300 followed by $8700 over the weekend.

Bitcoin 4H
Bitcoin 4H

The Ethereum markets have been buoyed by the fork cancellation in bitcoins but the prices have not been able to build on the momentum. The buoyancy helped the prices to push through $300 and now trade comfortably above that region but the market has found a lot of selling in the $340 region over the last 24 hours which has capped the prices for now. The lack of further momentum could make the investors lost interest and we would see a correction back to $300 unless momentum picks up quickly.

Forecast

Looking ahead to the rest of the day, we are expecting the bitcoin prices to crack $8000 during this period and continue onwards with its merry ways. The Ethereum market is clearly lagging behind and as said above, it could lead to a correction back to $300 over the weekend.

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Getting Back to Normal: Bitcoin Back Above $7,500, Bitcoin Cash Fall

Bitcoin has enjoyed a rather expedient recovery after its latest drop-off to the $5,555.55 weekly low, in what amounted to a drawn-out 29.57% pullback, which ended up lasting almost 4 days. The nominal decline totaled $2,332.1 and began after last weeks $7,888 all-time high was achieved. A breach of the $5,101.36 monthly support appeared highly likely at the time, and the subsequent reaction of alternative cryptocurrencies, seemed to favor the former price level. At the time, market sentiment was being heavily orchestrated into this direction, in what felt like an endless barrage of mainstream and alternative media articles alike. Regardless, Bitcoin has managed to bounce back and yesterday has broken above $7,000.

Interestingly enough, bitcoin cash enjoyed massive gains during the last breakdown of bitcoin’s market dominance. The BitFinex BCH/USD trading pair registered a new $521.21 November 8 weekly low (GMT 18:00), which practically coincided with the Bitstamp’s BTC/USD $7,888 November 8 all-time high (GMT 17:00). The inverse correlation could not have been more obvious, and an extremely violent run-up resulted in the $2,799 bitcoin cash all-time high. Understandably, this high has now become a focal point of many trading plans. Bitcoin cash dropped 19.35% on Thursday to trade at $1019 at time of writing.

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The jump above the $7,000 psychological level has also managed to stir up additional media attention. Two articles stood out among the crowded interwebs, the first was from Bloomberg, and covered trading activity on the Zimbabwe’s Golix exchange. The second was published by bitcoin.com and was chiefly based on citing the thoughts of Alan Greenspan on bitcoin.

Bitcoin entered into a conventional reversal from the $7,888 all-time high on November 8 (GMT 17:00) and currently is near the record high. Bitcoin is trading at $7375, +1.39%, at the time of writing.

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Why Bitcoin Cash is Better than Bitcoin

Bitcoin experienced its first hard fork during the summer. The hard fork was as a result of a disagreement between Bitcoin’s core developers and miners. The dispute continues and is ultimately an attempt by Bitcoin’s mining cartel to hold on to all of the hashpower for Bitcoin mining, while the core developers are looking to decentralize away from the mining cartel.

The entire ethos of Bitcoin is for decentralization. The removal of a centralized control over Bitcoin’s future has been what many within the Bitcoin community have called for. Bitcoin may have removed control away from governments and central banks, but as Bitcoin evolved, the capabilities of miners have also advanced and with it has a new battle has born, control over the mining of Bitcoin.

Things have become more complicated since the cancellation of the SegWit2X hard fork that was scheduled for this month. The Bitcoin world has been left with the choice of three as a result of the fork cancellation. The original Bitcoin and Bitcoin’s offshoots, Bitcoin Cash and Bitcoin Gold that have come about from the much talked about hard forks.

Bitcoin Gold supports the desire to prize away from the hashpower monopoly held by the Bitcoin mining cartel. Following Bitcoin gold’s collapse in recent days, however, it’s clear that the cryptoworld and Bitcoin’s world, in particular, has decided which are to face off against each other. It’s now down to Bitcoin Cash to fight off Bitcoin’s superiority over the cryptoworld.

Bitcoin VS Bitcoin Cash: It’s a Mining Competition

The Bitcoin civil war has now truly started and the choppiness in the pair’s prices is a clear indication of how the Bitcoin world has been repositioning in recent days.

We saw Bitcoin Cash surge to a record high over the weekend, touching a high $2,799 before the great retreat. On the day, Bitcoin Cash not only moved above Ethereum into second place by the market cap, but Bitcoin Cash also saw more hashpower than Bitcoin.

It’s quite a monumental shift considering the fact that Bitcoin’s hashpower was estimated at more than 5 times that of Bitcoin Cash before news hit of the cancellation of SegWit2X.

So, what’s the difference between Bitcoin and Bitcoin Cash and why is there so much focus on Bitcoin’s first offshoot?

To fully understand, it’s important to recognize the rationale for the Bitcoin Cash fork back in August of this year.

It has ultimately been down to capacity issues, with Bitcoin transaction times having slowed for as long as 10 minutes. How to address capacity has been a battle between the miners and the core developers. The miners looking for both an increase in blockchain capacity as well as transaction timesץ For the core developers, the desire is to make the necessary improvements to Bitcoin, whilst looking to remove the concentration of the hashpower that sits with a handful of miners.

With neither side willing to concede, Bitcoin Cash was created through the hard fork. The weekend surge in Bitcoin Cash price and the increase of the hashpower came as mining for Bitcoin Cash became more profitable, the faster transaction times being the key. On Saturday, it was reportedly 69.4% more profitable to mine for Bitcoin Cash than for Bitcoin and miners are ultimately only interested in one thing…

The shift in hashpower and miner preference for Bitcoin Cash came as a result of the price spikes seen in Bitcoin’s offshoot. Ultimately, those favoring Bitcoin cash are in favor of a payment-efficient Bitcoin version over the master cryptocurrency Bitcoin, but not the miners.

The Sunday spike was as a result of particularly high trading volumes on one of South Korea’s largest exchanges, Bithumb.

Since the Sunday anomaly, Bitcoin’s hashrate superiority has returned and as at the time of writing, Bitcoin’s price has managed to recover to $7435 at the expense of Bitcoin Cash, which has fallen further back to $1,050 from Sunday’s $2,799.

Bitcoin’s superior hashrate and price recovery suggest that the market has decided to stick with the original Bitcoin and shift away from the hard forked alternative.

From a mining perspective, the chicken and egg question in the cryptoworld is whether hashrate rises are followed by price gains, or whether price gains are followed by hashrate rises.

If we look at the events over the weekend, there was a material shift in hashrates for Bitcoin Cash that resulted from a price spike. As a result of the price spike, Bitcoin’s price suffered and mining became less profitable, leading to smaller miners either turning off their mining operations or mining Bitcoin Cash.

Miners are unlikely to stop mining a particular cryptocurrency, if there is no decline in price or more profitable alternatives. The latest prices moves have ultimately led to a recovery in Bitcoin’s hashrate. At the time of writing, Bitcoin’s hashrate stood at 9.2459E compared with Bitcoin Cash’s 1.4632E, making Bitcoin’s hashrate more than 6 times that of Bitcoin Cash. This is in stark contrast to November 12th, where Bitcoin Cash’s hashrate stood at 5.825E, compared with Bitcoin’s 4.8777E.

Bitcoin/Bitcoin Cash Hashrate
Bitcoin/Bitcoin Cash Hashrate

The chart below shows the hashrates for the pair over the last 3-months, and it’s worth noting that the November 12th shift was the 2nd occasion that Bitcoin Cash saw higher hashrates since its existence.

Assuming Bitcoin Cash does not experience a similar fate as Bitcoin Gold, we can expect miners to shift between the two. Bitcoin is unlikely to go anywhere anytime soon, with Bitcoin likely to find plenty of support on the dips. Price recoveries would then see miners return to Bitcoin, assuming the Bitcoin Cash had reaped the benefits of Bitcoin’s demise.

Bitcoin Cash may have the larger block size that allows faster transaction times, but it will always boil down to profitability. It’s a money game after all and with miners having invested significant capital into mining centers, they’re unlikely to be particularly interested in their true beliefs on decentralization and how Bitcoin should evolve. The ability to anticipate price moves between the two will be key to miner profitability and the more successful miners will likely be more focused on what to mine and when rather than why.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/11/17

Bitcoin Cash – Losing the Battle against Bitcoin

For now, Bitcoin looks to have won the battle for the miners, with Bitcoin’s price recovering to $7,430 at the time of writing. Bitcoin’s recover comes at the expense of support for Bitcoin Cash, which has tumbled 11.86% today to $1,043.

Hashrates that reflect where the miners are have returned to normal levels, with Bitcoin Cash’s moment in the limelight over the weekend, where its hashrate was higher than that of Bitcoin, a distant memory.

With the latest stumble, we will expect Bitcoin Cash to find some support, though Bitcoin’s return to the top of the food chain will likely limit any material upside in Bitcoin Cash for now.

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Things could go from bad to worse if investors look to lock in gains and get out, which suggests that further declines may be on the way as Bitcoin Cash’s resilience gets tested. Sub-$1,000 before the end of the week is not an unreasonable forecast as things stand.

BCHUSD161117

Litecoin Pulls Back into the Ranges

Things have not been particularly spectacular for Litecoin this morning, down 1.17% at $62.55 at the time of writing.

Attempts to break free from its current ranges on Wednesday failed, though the positive for Litecoin has been its price stability through the week, suggesting that there is possible upside ahead once the volatility eases.

Continued movements across the cryptocurrencies in the wake of Bitcoin Cash’s rally and the release of Bitcoin Gold have been a factor through the week and only now does it seem as through the dust is settling from the cancellation of the SegWit2X hard fork last week.

We will expect Litecoin to hold at current levels through the day, with direction titled slightly to the upside from its current value.

 

LTCUSD 161117

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Ripple – Going nowhere for now

Ripple also failed to break free on Wednesday, having made a run at $0.22. At the time of writing, Ripple was down just 0.23% at $0.2081.

As we have seen with Litecoin, it’s proven to be a challenge for Ripple to make a move out of its ranges towards $0.30, with Bitcoin grabbing all the attention in recent days on its rally back to $7430.

Despite today’s declines, the outlook continues to remain relatively upbeat and demand for Ripple is likely to build as the dust settles from the Bitcoin forks.

Any moves by Ripple beyond $0.21 levels will give it a fighting chance to have a good run at $0.30, with there likely to be strong support at $0.20 in the event of further declines through the day.

XRPUSD 161117

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Bitcoin and Ethereum Price Forecast – Bitcoin Breaks free of Bitcoin Cash

Bitcoin finally managed to recover from its recent woes that stemmed largely from the anticipated SegWit2X hard fork and its cancellation. At the time of writing, Bitcoin stood at $7,344.99, still shy of its all-time high, but certainly well clear of the sub-$6,000 levels hit less than a week ago.

For now, the markets have decided that the future lies with Bitcoin, with Bitcoin Cash’s weekend rally seeming to have come to an end, as Bitcoin’s offshoot struggles to hold on to $1,000 levels. Bitcoin Cash is down at $1,084 at the time of writing and selling pressure could well build as Bitcoin Cash investors look to get out in the money.

Hashrates have returned to relatively normal levels, with miners moving back to Bitcoin as profitability returned with the price recovery. We can expect the shift back to Bitcoin to continue through the day ahead.

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Bitcoin Looking to hit new Levels

What a difference a day makes. Just on the weekend, Bitcoin Cash stood as the number two in the cryptocharts by market cap, with hashrates surpassing that of Bitcoin for only the second time in its history. It’s a fickle world and, while the battle between Bitcoin’s core developers and mining cartel continue, the Bitcoin world is likely to return to some order until there is talk of another hard fork. The battle may be won, but the war is far from over.

Those who went in over the weekend, with Bitcoin at sub-$6,000 levels will be sitting on a tidy profit at the time of writing, with only one question to ask and that is whether there is a chance of Bitcoin hitting $10,000 before the end of the year.

Bitcoin Cash’s stumble has certainly made it more possible, though there is a big difference between moving into unchartered territory and retracing losses. We can expect Bitcoin holders to be a little jittery as Bitcoin moves north, but on the plus side the failings of both Bitcoin Cash and Bitcoin Gold will provide some comfort.

Bitcoin 4H
Bitcoin 4H

Interestingly, while Bitcoin Cash and Bitcoin fight for the intention of miners and investors, Ethereum is locked in a battle against Bitcoin Gold. Ethereum prices have eased in the early part of the day, down 2.09% at $324.98, while Bitcoin Gold has rallied 14.3% to $187. We will expect the pair to continue to tussle, with Bitcoin Gold out of the race to become Bitcoin’s leading currency, but not out of the battle to draw miners away from Ethereum.

Forecast

Barring any unforeseen events through the day, we will expect Bitcoin to continue making ground as it looks to break into unchartered territory and take a run at $8,000 levels. Such a move will certainly raise the chances of $10,000 before the end of the year and could see increased demand as a result, with investors not wanting to miss out on another 30% gain. For Ethereum, we will expect prices to remain range bound, tilted slightly to the downside as the cryptoworld adopts Bitcoin’s alto currencies.

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Uncertainty Igniting Negative Sentiment, Gold, Euro and Bitcoin Rise

The U.S will release a huge amount of data today. However, the sentiment is being driven by the uncertainty in Washington as tax reform remains cloudy. The Euro has done well this morning and economic data from Europe was positive yesterday.

Wall Street Struggling as Sentiment Shifts, Vast Array of Data in U.S Today

A vast array of economic data will come from the States today, including Consumer Price Index, Core Retail Sales, the Empire State Manufacturing Index and supply numbers for Crude Oil. However, investor sentiment is being shaken by the inability of politicians in Washington to deliver on tax reform promises. Wall Street has struggled, and its downturn may not be over.

Deep Declines for Asian Equities, Short Term Traders Nervous

Selling remained fast and strong in Asia this morning. The Nikkei and Topix Indexes led the losers, but the Hang Seng also fell and put in a decline of over 1 percent. Gross Domestic Product results from Japan came in slightly below their estimate this morning, but the selling seen in Asian equities is a direct reflection of negative short-term market sentiment.

Flourish of Gains for Euro, Solid European Economic Sentiment Reading

The Euro has reemerged early this week with a flourish of gains. The Euro is above the 1.18 level against the U.S Dollar. The European Economic Sentiment reading published yesterday produced a strong outcome of 30.9, which was above the expectation of 29.9. Final Consumer Price Index data will come from the European Union tomorrow. European equities have been negative this morning.

Short-Term Buying Intact for Gold, Bitcoin Rise above $7000

Gold continues to exhibit short-term buying among speculators as the commodity has seen its gains remain intact. The precious metal is near 1284.00 U.S Dollars an ounce and will get extra attention particularly if global equities markets remain under pressure. Bitcoin prices rise sharply today to and trading at 7089, +7.57%. Seems like Bitcoin returns to the uptrend after Friday’s huge drop.

Consumer Inflation Data from States, Supply Numbers for Crude Oil Coming

There will be an immediate reaction to the results via the Consumer Price Index upon its release in the States at 13:30 GMT.

  • 13:30 PM GMT U.S., Consumer Price Index
  • 13:30 PM GMT U.S., Retail Sales
  • 15:30 PM GMT U.S., Crude Oil Inventories

Yaron Mazor is a senior analyst at SuperTraderTV.

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Bitcoin Rebounded Strongly From 5427

BTCUSD rebounded strongly from the bottom support trend line of the price channel on the daily chart after a sharp drop from 7887, suggesting that the bitcoin price remains in the uptrend from 1812. As long as the channel support holds, the fall from 7887 could be treated as consolidation of the uptrend and further rise could be expected after the consolidation.

btcusd
btcusd

On the 4-hour chart, the bitcoin price extended its upside movement from 5427 to as high as 6888, facing a support-turned-resistance level at 6900. Above here could trigger further bullish movement towards 7887 previous high resistance. A breakout of this level will confirm that the uptrend has resumed, then next target would be at 9000. If the Bitcoin price fails to breakout of 7887 resistance, sideways movement in a trading range between 5427 and 7887 could be seen to follow.

btcusd2

Near-term support is at 6175, a breakdown below this level could bring the price back to the bottom of the channel and test 5427 support. Below here will indicate that lengthier correction for the long-term uptrend is needed, then the following correction pullback could take price back to 4600 or even 3000 area.

Technical levels

Support levels: 6175, 5427, 5020, 2970.

Resistance levels: 6900, 8000, 9000.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/11/17

Bitcoin Cash – Steadier but not out of the Woods

It’s been a better start to the day for Bitcoin Cash, which looks to be in recovery mode from Tuesday’s fall to sub-$1,300 levels.

As things stand it looks like the two camps have made their moves, with the supporters of the cancelled SegWit2X fork siding with Bitcoin Cash, the shift having pulled back Bitcoin as news hit the wires of the cancellation last week.

While the support remains in place for Bitcoin Cash, it looks to be a far different story when taking a look at Bitcoin Gold. The decline in Bitcoin Gold is certainly a cautionary tale for investors looking to jump on the Bitcoin bandwagon. Hard forks and blockchain splits that result in new cryptocurrencies does not always guarantee exponential gains.

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Bitcoin Cash was the first offshoot from Bitcoin and the gains are likely to be sustained, though the unknown will be what impact the SegWit2X fork would have had on support for Bitcoin Cash. What might have been…

At the time of writing, Bitcoin Cash was up 2.93% at $1,289.7, easing back from $1,320 levels hit earlier in the day. We will expect volatility to continue to persist through the day, with any moves to below $1,270 likely to lead to a more material decline. Despite early gains, the outlook remains bearish and Bitcoin Cash holders may begin to ponder on whether the rally as now come and gone as prices continue to fall well short of the weekend high.

BCHUSD151117

Litecoin Looking to Break Free

There’s been some progress for Litecoin, which has managed to pull away from the $60 mark, currently up 1.36% at $63.19.

The fact that Litecoin has managed to break free of the ball and chain that had left it range bound since the mid-October rally, suggests that there may be more upside on the horizon, though how far a rally will be allowed to run remains to be seen, with Litecoin likely to face selling pressure as it moves through the $70 barrier.

The dip buying continues to be an issue for Litecoin and others and until there is stronger support at current levels and more sustained moves northwards, the trend will likely continue over the near-term.

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Litecoin holders are likely to sell-out should there be a move to the lower end of recent ranges, which would then really test those holding on, with upper ranges likely to come down further.

At current levels, it looks relatively positive for the day ahead, though there’s unlikely to be a breakaway rally.

LTCUSD 151117

Ripple – Still in a Rut

Ripple’s coming in behind Bitcoin on the day on the performance side, up 2.73% at $0.20920 at the time of writing. Despite the gains, there seems to be little buying interest and Ripple has barely made a splash since its October rally.

Litecoin and Bitcoin cash have had more noteworthy moves in the last week, suggesting that interest for Ripple remains limited for now, buyers finding stronger gains elsewhere.

Despite the stuck in the mud feeling, any moves beyond the top side of the range could see Ripple make a move towards $0.30 levels, beyond which there will likely be strong resistance. Should we see current ranges persist, Ripple could well fall back towards $0.18 before support kicks in.

As things stand, Ripple looks like it’s ready to break out though whether a sustained rally is on the cards remains to be seen as buyers look to take profits rather than take a longer term hold.

XRPUSD 151117

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Bitcoin and Ethereum Price Forecast -Prices Begin to Gain Traction Again

The bitcoin prices continue their recovery from their lows and are now trading comfortably above the $6800 region and looking good for more. As we have been seeing many times over, the prices have always tended to bounce back from the lows even during the worst of times and we are seeing a similar price action this time as well as the bounce continues from below the $6000 region and now it threatens to break through the $7000 region as well. This has happened in a matter of a few days as the effect of the cancellation of the hard fork and the effect of the migration of miners and investors begins to wear off.

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Bitcoin Prices Continue Higher

Of course, the fact remains that the traders are still a bit jittery about what the future holds for bitcoins. The stakes have become simply too high for bitcoins to fail in the medium or long term but at the same time, the network continues to be in the hands of a select few at this point of time and the effect of that is beginning to show through. So far, there has been consensus among them which has helped the network to survive but as the industry grows, we are seeing cracks beginning to appear among them and this is not only affecting them but the bitcoin industry and the network as a whole is being affected.

Bitcoin 4H
Bitcoin 4H

The Ethereum market has clearly picked up some traction since the cancellation of the bitcoin fork and it shows that some of the miners and the investors could have migrated to this network in the hope of better stability and returns as well. The prices are now trading above the $330 region and seems to be moving in tandem with the bitcoin prices at this point of time.

Forecast

Looking ahead to the rest of the day, we expect the price recovery in bitcoin and ethereum to pick up steam in the short term and considering the pace of the price moves in the ETH market, it should not be a surprise if the ETH prices begin to hit the $400 region pretty soon.

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Bitcoin Price Stable, Bitcoin Cash Rises Again

The price of Bitcoin began to display signs of stability on Tuesday after a massive drop that erased 29%, or $38 billion, from Bitcoin’s total market value. The virtual currency began recovering yesterday as traders worried that the quick and sharp decline may have been an excessive response to the cancellation of a long-awaited technical Segwit2X upgrade.

Bitcoin was seen moving near $6,400 today after falling from $7,838 on Wednesday to $5,580 on Sunday. The price crash happened as investors rushed to move their capital to other rival virtual currencies. One such rival is Bitcoin Cash, which split from the original Bitcoin back in August, has climbed about 19% since Friday.

The crash followed the cancellation of an upgrade that would have increased the size of each block on Bitcoin’s blockchain network. A bigger block size allows more transactions to be carried out at the same time, which reduces transaction fees and increases speed.

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A similar upgrade has already been incorporated into Bitcoin Cash, which gave the alternative cryptocurrency popularity and strength following its lunch. Meanwhile, the upgrade to the Bitcoin network was called off after an important faction of the cryptocurrency community withdrew its support. The sudden upgrade cancellation resulted in strong volatility and extreme price movement even by Bitcoin’s standards.

Bitcoin investors now are left with two choices. The first choice is to stick to the original Bitcoin, which uses SegWit technology to move unessential data off the underlying blockchain. The second choice is to move to Bitcoin Cash, which uses a block size that is eight times bigger than the original Bitcoin. The choice many investors appear to be making today is the first.

Bitcoin’s price was quick to recover over 13%, or $10 billion, during yesterday’s trading. Bitcoin’s total market capitalization currently stands at $102 billion, which makes it hard for investors and fund managers to resist the digital asset. Demand for the currency remained high following regulatory moves and increased investment accessibility, like CME Group’s recent plans to offer Bitcoin futures contracts.

BTC/USD is trading at 6398, down 1.26%. Bitcoin Cash is trading at 1331, up 15.15% as of 13:20 GMT today.

This post was originally published by EarnForex

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Who Remembers 2013? Bitcoin’s First Amazing Bull Run

For me, 2013 has long stayed in my memory as a year that affected me personally – a year where one key event impacted me directly. Looking back on it now though, it seems that there are several things that occurred that year, which is now repeating.

Firstly, Obama was sworn in for his second term in the big job, whereas this year we have seen another POTUS also get sworn in. Secondly, North Korea’s 2013 nuclear test caused international outrage, if not the heated exchanges of words we’ve seen this year. We also had a number of catastrophic storms back in 2013 with the tornado in Moores, Oklahoma being particularly devastating.

However, there are two things in particular that come to mind that look like a direct repeat of 2013. One is the approaching potential shut down of the US Government in December. The second is the incredible bull run of Bitcoin.

2013: the first year of Bitcoin

In 2013, Bitcoin, the now infamous cryptocurrency was only five years old. This was the time it first started to gain real attention from the market. In January 2013, Bitcoin was trading around $12.15 per coin and hadn’t yet shown up on anyone’s radar. Then a financial crisis occurred in March which kickstarted an incredible run for the remainder of the year.

In March 2013, a financial crisis gripped the small Mediterranean island of Cyprus. The country was forced to request a $13billion bailout from the European Union and the International Monetary Fund. The terms of the rescue package were that Cyprus Central Bank had to raise $7.5 billion by taxing bank deposits.

Cash restrictions on the populous were implemented to avoid a potential bank run and large depositors ended up losing as much 10% of their held capital. One of the major retail banks was forced to close and banks across the country were closed for a number of weeks. I live in Cyprus and it wasn’t pleasant.

Despite Cyprus having a population of fewer than one million people, these events caught the attention of the media all over the globe and the island was in many a headline. Interestingly, it also caused people to take note of the potential of Bitcoin. Due to what had happened with the Cypriot Banks, Bitcoin started to gain in popularity due to the fact that it was unregulated and no government or bank could touch it.

At the beginning of March 2013, Bitcoin was trading at around $32.20 per coin. By the end of March, following the Cyprus crisis, it had risen to $90.52 per coin. It continued its move higher over the course of April, touching an all-time high (of the time) of $234.52. During the following months, it traded between a low of $66.83 and a high of $196.24.

Then, suddenly, in November 2013, Bitcoin exploded. Bitcoin opened the month at $194.42 per coin. By the end of the month, it closed at a huge $1,113.06 per coin. 2013 for the first time was hailed as the year of Bitcoin. 2017 can challenge this year.

The following month, Bitcoin went on to hit a new high of $1,242 per coin due to increased demand from consumers in China – until the Chinese Government thought enough was enough and stepped in and barred all banks from handling Bitcoin transactions. After that intervention, and a number of high profile court cases and rumors of hacks, Bitcoin collapsed, hitting a low of $100.91 per coin in August 2014.

However, that is the lowest it went. From there, over the next two years, it traded fairly sidewards until January 2017 – and we all know what has happened since then!

Now the question to ask, of course, is: Will we see a repeat of what happened at the tail end of 2013? First of all, like 2013, we’ve had further intervention by the Chinese authorities and other governments. However, as yet it hasn’t stopped this year’s incredible bull run. We’ve also seen many voices crying out “bubble” and “scam,” but again Bitcoin traders have brushed this off. The biggest difference between this year and 2013 is that, despite the skeptics, we’re now seeing some real players in the market start to embrace Bitcoin, with the CME Group the latest exchange to announce its intention to launch bitcoin future contracts.

So will we have a reversal with Bitcoin like we saw at the end of 2013? Only time will tell for sure. However, as long as the interest in this cryptocurrency continues, the chances that Bitcoin could keep on rising may remain intact.

This article was written by James Trescothick, a Senior Global Strategist at easyMarkets

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/11/17

Bitcoin Cash – Under Pressure

Following a choppy session on Monday, which came in response to the surge in price from sub-$300 levels, volatility remains though Bitcoin Cash’s price has managed to consolidate from the more than $1,000 slide from Sunday’s peak.

The slide would have put the brakes on buyers coming in and with the price currently hovering at $1,200 levels, having hit $1,500 in the early hours, there will be concerns over whether price stability will prevail.

At the time of writing, Bitcoin Cash is down double digits in the early part of the day. Investors may be eager to jump in to avoid missing out on a Bitcoins rally, but with so much volatility and uncertainty over what lies ahead, downward pressure will likely come from Bitcoin Cash holders looking to offload the free coins from the summer fork.

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It’s certainly a tough call on whether to go in or wait for a more material decline to sub-$1,000 levels. One worries that should the floodgates open and Bitcoin Cash holders begin to run for the hills, we could see quite a slump and that’s a significant downside risk that prospective buyers will need to consider through the day.

Bitcoin Cash stood at $1,225 at the time of writing, with the price volatility reflective of investor uncertainty over the near-term. In contrast, Bitcoin has made steady and sits up 0.6% at $6,757. While off record highs, the direction is a reflection of buyer demand, though, for those who missed out on the Bitcoin rally, price entry levels may be a bit rich.

We can expect more volatility through the remainder of the day and any attempts to break through $1,500 levels will likely be faced with stern resistance, with a bias towards the downside for the day.

BCHUSD141117

Litecoin Holds stands it’s ground for now

Litecoin continues to hover at around the $60 mark having recovered from sub-$59 levels on Monday.

Uncertainty continues to pin back gains, with Bitcoin’s price collapse fresh in the minds of wannabe investors, despite Litecoin sitting well off mid-October’s run at $100.

While Litecoin seems to be treading water at the time of writing, down 0.85% at $60.72, we would expect there to be strong support at $59, though for now, any moves into $70 levels will likely face strong resistance.

There seems to be a lack of conviction that another strong rally is the horizon over the near-term, which has pinned back a hope of a rally. This is unlikely to change through the day.

LTCUSD 141117

Ripple – Stuck in a Rut, but for how long?

At the time of writing cryptoworld order seems to have returned. Bitcoin (BTC) has found its legs and Bitcoin Cash (BCH) is in the line of fire.

Ripple has had a good start to the day, moving to $0.20 levels though Ripple seems to have been stuck in a rut. For a more sustained rally, it will need to break free of its 2-week high of $0.2174 and break beyond $0.22.

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Ripple holders may well be on a dip buy cycle, buying at sub-$0.20 and looking to offload at around the $0.22 level, which it has failed to break above since mid-October.

At the time of writing, Ripple is up 0.78% at $0.2019, with any further upside likely to be tested through the day, though we wouldn’t expect any declines below $0.19.

XRPUSD 141117

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Bitcoin and Ethereum Price Forecast – BTC Prices Claw Their Way Higher

The bitcoin prices are on the path to recovery once again after falling by more than 20% over the weekend on the back of the cancelled bitcoin hard work. This crash was followed by the migration of many miners and investors to the alternative bitcoin cash market which accelerated the drop in the bitcoin prices and in turn hiked the prices of bitcoin cash which soon overtook Ethereum as the second largest cryptocurrency in terms of market cap. Though this is clearly a setback for the main bitcoin market and shows how the market and traders are still uncertain about stability of the network and the industry as a whole.

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Bitcoin Prices Reach $6600

The bitcoin industry has faced a quite a few roadblocks and challenges this but this setback is of a different kind as it is more of their doing rather than any authority putting up the block and that is why it is even more difficult to deal with. The bitcoin insiders really need to find a way out of this mess that they appear to have created by cancelling the fork and keeping the markets guessing. Not only does it affect the confidence of the market, it also places the industry at risk as no one seems to be clear on how future expansions to the network, which is key for growth, would be handled. So far, the prices have managed to claw their way back to $6600 but it remains to be seen how soon the prices would return back to their highs.

Bitcoin 4H
Bitcoin 4H

The fall in the prices in BTC have helped the other cryptos to gain more attention and this has been helping them to move higher. The effect of this can be felt in the ethereum market as well as the ETH prices have been rising since the cancellation of the fork and now trades just below the $320 region as of this writing.

Forecast

Looking ahead to the rest of the day, we expect some consolidation in both the BTC and ETH markets for the day as the traders adopt a wait and watch approach to see how the situation develops in the short term.

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Bitcoin Hits Another Bump along the Road

Just when investors thought Bitcoin prices were about to go into orbit, it seems to have hit another bump in the road. It was quite a big hole – and this week had many nervous investors running for cover. We think it is safe to come back out now.

Bitcoin Daily Chart
Bitcoin Daily Chart

In last week’s commentary, I mentioned we may see a retracement to the previous levels of support of around $5,600 and to treat this as a buying opportunity for those who missed out in previous weeks since the rally in September.

As we can see from the chart, in the top circle, bitcoin reached the $8,000 mark, but it may have overstretched itself, and fell back to just above $7,000. The intent is there but until more investors are behind it, the force behind the momentum does not seem to be sustainable.

The bottom circle shows, quite clearly that the price bounced off of the 55-day simple moving average (gold line), which we find to be the first point of key support in any retracement scenario. Since then the price has bounced back upwards, and there is every reason to think it will keep doing so, having established support around the $5,600 area in previous weeks.

In the middle circle, the blue, 21-day exponential moving average line has, of course, stalled. This is now the new resistance line to be breached if bitcoin is to continue its previous trajectory to the $10,000 level.

In the “worst case scenario,” should bitcoin fall below both the $5,600 support level, and the 55-day simple moving average, the next major support level is at $3,600 and even this is below the psychological $5,000 level.

Given the volatility of this cryptocurrency, $3,600 is not an impossible forecast but it is very unlikely that bitcoin will fall through all of these major areas of support. We see any fall back reaching the 55-day simple moving average and the $5,600 level and even the $5000 level as further buying opportunities.

So much for the technicals then – what about the fundamentals?

Interest in cryptocurrencies has never been so widespread or keen as it is at the moment. People who had never heard of bitcoin just a couple of weeks ago are speaking avidly of it as the next “big thing.” More and more clients are asking how they can buy them.

This phenomenon will feed the momentum in the markets and give a good foundation for future growth. The continued acceptance of institutional investors (more, it has to be said, in the blockchain, than in cryptocurrencies themselves) will mean even further credibility is added to the underlying structure, and integrity, of cryptocurrencies, and bitcoin in particular, as the front-runner.

Of course, the cynics will point to the events of this week as a reason to hide from cryptocurrencies.

That bitcoin rallied 11%, trading back above $6,500 in just over half a day, shows volatility and nervousness, following the SegWit2x upgrade to the bitcoin network being called off by the developers. The uncertainty will continue in the upcoming days.

This is still a young, untried, and untested instrument. There is inherent risk in anything as complicated, and new but this is no reason to reject the possibilities out of hand. The blockchain is certainly here to stay and cryptocurrencies will be along for the ride into the foreseeable future.

A bumpy road needs good suspension…

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/11/17

Bitcoin Cash – Boomerangs from Sunday’s high

Bitcoin Cash has been on the move and it’s been a tremendous last 7-days, hitting an all-time high $2,477.65 before coughing up just over $1,000 to sit at $1,133.2 at the time of writing, down 16.8%. For a brief moment, Bitcoin’s offspring stood above Ethereum by market cap

The gains may well have come as Bitcoin investors continued to drop Bitcoin following the decision by Bitcoin’s core developers to pull support for the Segwit2X hard fork last week. Concerns over transaction speeds have left the markets pondering whether Bitcoin Cash could, in fact, become the front-runner.

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There’s a long way to go for Bitcoin Cash to catch up to Bitcoin, but if backers of Segwit2X continue to drop Bitcoin in favor of Bitcoin Cash, the gap may narrow quite quickly. Hash rate numbers support this, with reports hitting the wires that Bitcoin Cash’s hash rate has overtaken Bitcoin’s.

The sell-off from Sunday’s peak was likely to be attributed to profit taking, though the day and the week ahead will provide some more indication on whether Bitcoin cash is finding strong support or just another blip in Bitcoin’s headline domination. Bitcoin Gold’s cryptocurrency release on Sunday will have added to the mixed sentiment and possible downside to Bitcoin Cash. Investors may have also taken the opportunity to move into the cheapest of the trio. News had hit the crypto news wires over the weekend that Bitcoin Gold would be launched on Sunday.

Bitcoin Cash was free money for Bitcoin holders at the time of the fork, but with valuations now in excess of $1,000, it’s become serious money and the only question that remains is whether it can continue moving forward. Bitcoin Gold will complicate matters, but support is likely to be there through the day at $1,000 plus levels.

BCHUSD131117

Litecoin Struggles for Direction

It’s unlikely to be grabbing the headlines just yet, with all the focus being on Bitcoin cash’s rally and the launch of Bitcoin Gold’s cryptocurrency. But, with one of Litecoin’s main differences with Bitcoin being the shorter time frame between adding blocks, demand could begin to rise. While Bitcoin Gold looks to become Ethereum’s main competitor, miners being able to use graphics processing units, Litecoin allows miners to use normal personal computers.

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There’s plenty going on in the cryptoworld and, following the cancellation of the Segwit2X hard fork, the appetite for Litecoin has been mixed and in the advent of Bitcoin Gold being launched, investors may well be prying for position in search of another Bitcoin sibling rally. Bitcoin Cash is also likely drawing out some Litecoin holders going into the week, following Sunday’s record run.

At the time of writing, Litecoin was recovered from intraday lows to gain 1.17% to $59.50, while coming off a Sunday high of $67.24.

LTCUSD 131117

Ripple – Low Barrier to Entry

For those looking to get into the Cryptoworld without risking the shirt on one’s back, Ripple stands out. It’s been on the ropes over the weekend, before today’s 2.9% gain to $0.19567, but when considering what Ripple has to offer, its outlook is likely to be brighter than some of its peers.

XRPUSD 131117

There are some big names behind this one and, while anchor investors such as Google, Standard Chartered, and Accenture are unlikely to be going anywhere fast, the rest have gone in search of the Dollars. We would expect Ripple to find its feet and will likely be considered attractive at current levels.

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Bitcoin and Ethereum Price Forecast – BTC Prices Crash As Uncertainty Looms

The fall of the bitcoin prices begin to take alarming proportions as the correction in the prices is now around 20% ever since the news of the cancellation of the hard fork in the bitcoin market came into view. This news was expected to have limited impact but the traders have been grossly mistaken as the prices have since crashed from the $7500 region to below $6000 as of this writing, showing how the market can be risky as well as tempting at the same time as the prices have the capacity to have huge volatility in either direction within a short period of time. The cancellation of the fork has led to doubts about how the network is going to deal with expansion in the future.

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Bitcoin Prices Yet to Find Floor

The lack of consensus among the developers in the network has led to the migration of some major investors and miners to other cryptocurrencies which are more pliable to changes and so far, bitcoin cash seems to have found a lot of favor as the prices of that have shot up by more than 200% over the last couple of days. It remains to be seen how long such a trend is going to last as the more miners migrate, less will become the significance of bitcoin and while others benefit, we could see the bitcoin prices crash further in the coming days due to this.

Bitcoin 4H
Bitcoin 4H

The Ethereum market also seems to have gained a bit due to this confusion as the weeks of choppy and weak trading has given way to some strength in the prices as the demand increases. The ETH prices trade comfortably above the $300 region as of this writing and are likely to gain more in the short term as the investors in bitcoin look for alternatives to diversify their portfolio as the see the prices of BTC fall.

Forecast

It is a new week again and we are likely to continue to see a lot of action and liquidity today as the traders return from the weekend. The prices of bitcoin do not seem to have found a floor as yet and hence are likely to see some more fall in the short term. On the other hand, it is the turn of ethereum to be in the spotlight and the prices are likely to remain buoyed for the short term.

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Bitcoin Price Breaks Below $6000, Bitcoin Cash Jumps 300% in the Past Three Days

As of November 12, Bitcoin is trading below $6000. Once the SegWit2x fork was suspended, the price of Bitcoin surged to $7,999 on cryptocurrency exchange Bitfinex, before losing more than $2,000 in a matter of days.

It is worth noting that the recent rally was supported by altcoin sell-off as traders exchanged them with Bitcoin, hoping for “free coins” after the hardfork. Meanwhile, markets seemed to have too high hopes about getting something for free as developers wanted to implement only technical updates and said nothing about a new cryptocurrency. It looks like someone wanted to see Bitcoin reach even higher highs than the ones of a week ago.




On the one hand, the hardfork was meant to solve a problem with mining difficulty levels for Bitcoin Cash. On the other, though, SegWit2x’s opponents declared that its developers did not implement replay protection, asking the community to oppose the new fork. SegWit2x was also supposed to support original blockchain, 2x chain and new Bitcoin based on the PoW (Proof-of-work).

Over the past few weeks, Bitcoin Cash has attracted a solid demand worldwide. Bitcoin cash was trading in the range of $336 to $635, but since Friday Bitcoin cash prices rose to the all-time high of $2422 and currently are trading at $1829. Many investors stood to receive the same amount of coins following the fork, yet this time it seems they were unlucky.

This article is written by FxPro

Bitcoin and Ethereum Price Forecast – ETH Gains as BTC Pushed into Uncertainty

The bitcoin prices, as we had mentioned in our forecast yesterday, went on a consolidation mode, a day after the fork was cancelled. The market is still evaluating the effect and the impact of the cancellation and these uncertain times are clearly weighing on the bitcoin prices in the short term. Once the market is convinced that all is good with the network, then we are likely to see the prices rise again but we believe that the scars of the cancellation are likely to remain underneath for a while in the industry. The first couple of forks that were done during the year had passed off peacefully with no major impact but the fact that the largest fork got cancelled due to confusion and uncertainty has raised fears that all may not be well with the network.

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Bitcoin Market In Confusion

The network does need to expand periodically and hence the reason for the fork was something that everybody agreed upon. But what this cancellation has brought about is uncertainty over the forks that may arise down the line. The lack of consensus in the network should worry the traders as the subsequent forks are also likely to lead to confusion and uncertainty and this is not good for any market, especially for a market like bitcoins where a large part of the prices and liquidity are driven by speculators who can turn at the drop of a hat. It is this lack of confidence that is likely to lie underneath and eat away on the market confidence atleast until the next fork is completed.

Bitcoin 4H
Bitcoin 4H

In all this uncertainty, it is the ETH industry that seems to have gained a lot of confidence as this confusion in the bitcoin market is likely to push the traders towards other cryptos that they begin to consider as more stable and with less confusion. With ETH being the next biggest crypto, it is no surprise that the price of ETH has been increasing ever since the fork was cancelled in the bitcoin industry. The demand for ETH has clearly increased and it now seems to be on a new bullish leg which is likely to drive prices higher.

Forecast

Looking ahead to the rest of the day, we expect the consolidation in the bitcoin market to continue with the region around $7000 serving as some strong support at this point of time. In the meantime, the ETH prices seem to have got a second wind and are likely to continue their rise as the demand increases.

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For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Market Snapshot – Bitcoin Prices Fall as Fork is Cancelled

Bitcoin Fork Cancelled

The big news of the day so far has been the cancellation of the SegWit2X hard fork that was planned in the bitcoin industry. This fork had been one of the most acrimonious forks in the short history of bitcoins and it had led to a lot of bad blood between the different groups of bitcoin developers and in fact, some traders heaved a sigh of relief when the cancellation news came in as no one was sure about the impact of the fork and the lack of consensus was worrying as well. This has since led to a large drop in the bitcoin prices which now trades just above the $7000 region as of this writing as the traders are a bit uncertain with what has to be seen as a failure of the bitcoin network to arrive at a consensus on what is good for the network. This raises the possibility of similar failures happening in the future as well and this has led to the price drop so far.

Stock Markets Stable

Despite some upbeat inflation numbers from China, the Asian stock markets continued to trade under pressure in a weak manner and this is likely to last for the short term as the market consolidates and corrects at the same time before the next bullish leg higher. The forecast for German growth came in stronger than expected and this helped the DAX to trade in a steady manner as it awaits the opening of the US stock markets.