Stavros Georgiadis

Ripple Price Prediction for December: Now Listed on KuCoin Positive News

The price of Ripple (XRP) as of Dec. 6, 2018 is at $0.3348
Ripple Price Prediction for December: Now Listed on KuCoin Positive News
Contents

This article is about the Ripple price prediction for December, including the latest news that will help us make an end year price forecast. What are the key drivers to make a Ripple price prediction today​​ based on both technical analysis and the latest business, financial, and trading news?

Ripple logo

Ripple is a for-profit technology platform and also a cryptocurrency (XRP), developed by Ripple Labs. The company focuses on providing real-time payment settlements and currency exchange services to financial institutions such as banks and payment processors.

Over 100 companies worldwide have adopted Ripple software to guarantee fast, frictionless transactions. As a result of this strong financial industry adoption, the Ripple cryptocurrency (XRP) is now the second most valuable cryptocurrency by market cap, after Bitcoin, with a valuation of over $14 billion in December 2018, having lost almost 85% of its $90 billion market cap in January 2018. Will Ripple’s price rise or fall in December 2018?

The price of Ripple (XRP) as of Dec. 6, 2018 is at $0.3348. In this article, we will provide a Ripple forecast, keeping in mind that any XRP price prediction is not an easy task and is just an estimate with no guarantees whatsoever and not financial advice.

Ripple price prediction December

Any Ripple predictions can be supported with the latest business and financial news, as the adoption of the cryptocurrency in the financial world is a fundamental factor which can move its price either up or down.

Ripple business applications

While you can buy XRP, it’s not intended for consumer use. Instead, it’s a token that provides liquidity for banks as they facilitate cross-border transfers. A positive factor that can be used for an XRP forecast is the latest trading news that XRP is now available for trading on KuCoin starting on Dec. 3, 2018. KuCoin is a crypto exchange platform based in Singapore, Asia.

Other important factors to consider are a range of trading pairs offered for XRP and reduced trading fees for a certain time period. Overall, this listing could be important for XRP at a time when the crypto market is trying to bounce after an intense selloff during November 2018.

Expert opinion

Some experts make the following XRP price forecast for 2019.

Roman Guelfi, Director of Operations at Pinnacle Brilliance:

“Ripple certainly has the potential to move up a notch in 2018, but I think it will be more likely in 2019… As the market observes more projects being coded in other algorithms such as XRO, ETH will likely take a backseat to the next big coin/token… It will take some time for the markets to digest this, so I am projecting 2019 to be the likely time for it to take place”. “Ripple certainly has the potential to move up a notch in 2018, but I think it will be more likely in 2019.”

Craig Cole from Cryptomaps attributes the rise of XRP to its faster transaction speeds and lowers fees, which he claims offers an easier way for financial institutions to embrace the digital currency.

“Ripple just might be the catalyst in making cryptocurrency more mainstream. The virtual currency is certainly on the rise and has the potential to be the first token to truly disrupt an industry, and if it does, expect XRP to reach Bitcoin-like levels of ubiquity in the near future.”

Ripple (XRP) 2019 prices are confidently predicted by experts such as Investing Haven to reach highs of $20 USD. This confidence stems from a firm belief in Ripple’s place as the cryptocurrency with the highest potential out of the entire market. Stating an appreciation for Ripple’s seemingly smooth transition to a fiat banking tool for international transactions, including fast rates and low-cost fee transfer management, experts like Investing Haven are unconcerned about Ripple’s relatively low prices.

Other experts predict highs of up to $20 USD by 2020, depending upon the success and widespread adoption of Ripple as an international transaction tool.

Ripple projections can be very optimistic or bullish based on the business adoption of Ripple’s coin. But fundamental factors such as the following one which happened in March 2018 proves that Ripple price predictions are very hard to be accurate.

Cryptocurrencies across the board have dived after the US Securities and Exchange Commission (SEC) warned of “potentially unlawful” systems that trade cryptocurrencies, which investors may use with an unearned sense of safety.

Ripple price prediction end year

RippleCoinNews made the following Ripple prediction. Looking at the latest developments and increasing interest towards XRP, by the end of 2018, the Ripple price is expected to cross the $7 barrier at least. Trading Volume of XRP is nowhere close to the most popular cryptocurrencies, BTC and ETH. Trading volume is expected to grow in 2018, and a rise in speculative activity on the Ripple cryptocurrency can even raise its prices to $7-$10 mark as well.

With a price of $0.3590 as of December 4, 2018 this scenario seems almost unreal, unless something important — such as a catalyst or positive business news — drives the price of Ripple coin higher.

XRP price forecast

XRP price prediction 2018, will the price move up or down?

The weekly chart for XRP coin can help us make a Ripple price forecast for the remaining month of December 2018. A simple ripple XRP price prediction 2018 based on the weekly Bollinger bands currently at $0.2363 and $0.5969 for the lower and upper bands respectively tells us that at a 95% probability price will remain within these two levels. Unless something very important occurs, the price of Ripple will be between $0.2363 and $0.5969 for the rest of 2018.

Ripple coin price prediction for December 2018 year end

Ripple coin predictions, like all types of forecasts, are risky and should not be taken as direct investment advice. Our XRP predictions for the end of 2018 will be based on our following technical analysis.

Ripple forecast 2018, a breakout may be underway soon

Looking at the daily chart to make any XRP prediction or Ripple forecast 2018 something interesting is underway and could happen soon, as a breakout is seen from the falling trend line and the triangle formed. The only and most important question is whether it will be a bullish breakout and the price should move up, or a bearish breakout and the price should move to lower levels.

These are the key points to consider in our Technical Analysis to make a prediction for December 2018:

·    After the spike of price in September 2018, which saw the Ripple coin moving from $0.2728 to $0.8033 within only 4 days, the price action changed very quickly to a consolidation phase, and now the dominant trend is a downtrend.

·    Significant support levels are $0.2460, $0.2760, $0.3230.

·    Significant resistance levels are $0.3496, $0.4013, $0.4363 and $0.5014.

·    Both 20-period and 50-period exponential moving averages, currently at $0.4046 and $0.4345 are pointing down and as price is now at $0.3602 these moving averages should also be considered levels of future resistance.

·    Stochastic indicator (14,3,3) is at oversold levels, but still has not made any bullish crossover.

·    MACD indicator has a negative value and is trending down, but its histogram is diminishing, a sign that may suggest a pause for the downtrend and a bounce.

·    The strength of the trend is increasing, as indicated by the ADX/DMI indicator. This indicator is useful as a measure of a trend’s strength and direction. With a value of 31.34 for ADX line, it is considered a strong trend. DI-, red line now has a reading of 28.57 and is above DI+, blue line with a reading of 11.93, indicating that current price momentum is down.

·    Daily Bollinger bands are at $0.31 and $0.52, respectively for the lower and upper band. These bands should contain 95% of the price within 2 standard deviations from the 20-period daily moving average, at $0.4151.

·    Fibonacci retracement analysis for the latest swing high at $0.5714 and swing low at $0.3346 shows the retracement levels of 0.50, and 0.618 are at $0.4497 and $0.4813 respectively.

Conclusion

The current downtrend is strong, but trying to make a Ripple price prediction for the rest of December 2018, our basic scenario is that a bounce up to the price level of $0.4350-$0.4550 is possible. It is wise to trade with the trend as it is a safer investment strategy, and for now the main trend is a downtrend. It is a conservative Ripple price forecast based on the main trend direction and the oversold conditions of the current price.

In the absence of any significant business or fundamental factors, and unless there is a more general trend direction for the cryptocurrency market such as its collapse in November 2018, the forecast of our technical analysis shows that a moderate price bounce is possible.

Any unpredictable factors such as regulatory issues may weigh on the price as they have in the past. It has been a rough year for most top six cryptocurrencies based on their market cap, but let’s not forget that business aspects and applications are a key driver for any significant price move for the Ripple coin — and it has several of them.

views
👓 Recommended articles
Thomas Hughes

Ripple Still Resilient, Takes Second Place Again

XRP’s price dropped sharply and pierced support but soon returned above it and seems like people are still holding on to the coin
Ripple Still Resilient, Takes Second Place Again

Bitcoin’s drop rippled (yes, pun intended) across the entire crypto market, extending to most of the other coins and Ripple was no exception but so far it is showing some toughness and signs of a possible recovery. XRP’s price dropped sharply and pierced support but soon returned above it and seems like people are still holding on to the coin, as shown by Ripple overtaking Ethereum to become once more the second cryptocurrency by market cap, albeit by a very small margin.

Charts at a Glance

Charts at a Glance

After breaching the support at 0.44, XRP/USD reached a low of 0.41 but soon returned above support, thus painting a mixed picture, with unclear follow up. Overall the pair is down 9% in the last day and although this is a substantial drop, XRP has performed less disastrous than other cryptos in the top 10 (excluding Tether).

If the pair can stay above the support at 0.44 – 0.45, it is possible to see a push closer to 0.50 but as mentioned before, the picture is blurry, at least until we know the real reasons behind the recent drop across the board.

Support zone: 0.44 – 0.45

Resistance zone: 0.50

Most likely scenario: bounce higher - the long wicks of the last candles show rejection, RSI is oversold

Alternate scenario: break of 0.44 and drop into 0.40

views
👓 Recommended articles
Wikicoin George Shnurenko

10 Best and Biggest Ethereum Mining Pools

📚 Wikicoin
This Ethereum mining pool comparison will help you to figure out the most optimal project
10 Best and Biggest Ethereum Mining Pools
Contents

How to mine Ethereum coins easily? Combine your power with other miners from all over the world! This list of ten best Ethereum mining pools will guide you through the myriad of popular Ether mining services.

Collective mining is the most sensible alternative to individual mining: by uniting your power with others, your chances to obtain the precious coins rise considerably.

However, just like any other initiative, this task poses risks: you can accidentally get robbed by the 'partners', or they may suddenly leave your team without explanation leaving you deal with the lack of powers and facilities.

Mining pools assess some of these risks and unite miners providing them with a basic guarantee of safety. Let's observe the worthiest mining pools and the peculiarities of each platform. This Ethereum mining pool comparison will help you to figure out the most optimal project.

Mining pool

Hashrate

Ethpool/Ethmine

24%

F2pool

24%

Dwarfpool

13%

Ethfans

8.6%

Miningpoolhub

7.4%

💼 Related Article
Building Ethereum Mining Rig: Step by Step Guide
🔥 Hot
7 months 1 week
256
Building Ethereum Mining Rig: Step by Step Guide

1. Miningpoolhub

According to Ethereum mining pool stats, this platform ensures about 7.6 percent of the hashrates in the Ethereum network. What makes Miningpoolhub special is that this is a minor community used by truly professional Ethereum miners. The charges depend on rewards, particularly:

  • transaction fee

  • block finding fee

  • available bonuses

  • additional incentives

What makes Miningpoolhub great is that it’s available in many locations including Asia, Europe, and the US– there are multiple servers that all ensure reliable and redundant mining process. Therefore, if you’re a skilled and well-equipped miner and want more bonuses and better rewards, Miningpoolhub is the best Ethereum mining pool for you.

💼 Related Article
ICOs Performance in 2017 and Outlook For 2018: Review
🔥 Hot
7 months
256
ICOs Performance in 2017 and Outlook For 2018: Review

2. Ethpool/Ethermine

What’s the biggest and best mining pool? Ethereum hunters prefer Ethpool and Ethermine– this is one platform that’s hosted on two separate websites. Overall network hash power reaches 25 percent making it the largest pool of its kind. Ethermine is being exploited by over 60,000 miners, while Ethpool is used by less than a thousand contributors.

Both service charge a one fee for all received rewards– it’s the cheapest best Ethereum pool 2016, and its pricing policy is still spare. One of Ethermine’s key advantages is that you can specify the limits for payment threshold (it ranges from 0.05 ETH to 10 ETH per single withdrawal.).

3. Nanopool

Being the third largest Ethereum mining pool, Nanopool generates about 13 percent of network hashrate and is home for almost 40,000 miners. It also offers a low fee- one percent. The interface is simple and intuitive, and users can specify the payment threshold. Despite drops of hashrate, most miners like this platform and trust it.

💼 Related Article
ICOs Performance in 2017 and Outlook For 2018: Review
🔥 Hot
7 months
256
ICOs Performance in 2017 and Outlook For 2018: Review

4. Dwarfpool

Dwarfpool is the most versatile and once the best pool: Ethereum, Monero, Expanse, Zcash and a few other coins can be mined on this platform. Now it’s not as huge as it used to be: it accounts for 4.3 percent of the hashrate. Like the above-mentioned platforms, it charges a one percent fee. However, your balance should be at least 1.01 ETH to withdraw funds. Luckily, Dwarfpool processes payments several times a day. This is a good choice for miners with powerful facilities– if you need a lower withdrawal limit, search for alternatives.

5. f2pool

For some reason, the interface of F2pool is well-adapted for mining Bitcoins, but its Ethereum mining pool is available in Chinese language only, which hinders normal usage. The platform has been around since 2013, and it now contributes to almost 25 percent of all hashrate! Payments are performed via PPS and are made daily. Its servers are spread over Asia and are considered to be highly reliable. You can try it with a built-in translation plugin in your browser, but anyway, it’s far from being the best pool for Ethereum yet.

6. Ethfans

Another Chinese project that deserves being included in our Ethereum mining pool list is Ethfans: it accounts for 8.6 percent of overall network hashrate. If you’re ready to deal with the inconvenience caused by unknown language, you can try aligning your force with Asian users.

💼 Related Article
10 Best Cryptocurrency and Blockchain Books of All Time
🔥 Hot
7 months 1 week
256
10 Best Cryptocurrency and Blockchain Books of All Time

7. Weipool

This service stands out from our Ethereum pool list because it doesn’t require registration. Moreover, there’s not the charge of your rewards– you can keep all blocks and revenue to yourself! The payout period is pretty short: the earnings are withdrawn within 24 hours only. There’s one drawback: you need to earn at least one ETH to have your earnings withdrawn. Weipool is a rising star in the field of Ethereum mining, and it really deserves your attention due to the absence of fees and registration hassles.

8. MaxHash

Another mining pool that deserves our attention is Maxhash: it guarantees flawless mining experience due to 24/7 monitoring, powerful servers in the US, Europe and Asia, as well as fast connectivity. The platform charges fees only when the pool brings profit and offers various promotions. Although the website isn’t popular yet, its community is steadily developing and provides users with helpful recommendations and tips.

9. Coinotron

European miners should pay utmost attention to this platform– work in Coinotron is a no-brainer, and the platform is safe. It puts a heavy focus on customer safety:

  • passwords are hashed

  • two-factor authentication powered by Google

  • DDoS protection of servers

  • protection against brute attacks

  • round-the-clock monitoring of performance

To top it off, Coinotron processes payment requests every two hours, and the interface is simple.

10. CoinMine

This is a versatile platform for users from all over the world. CoinMine allows mining different types of coins. It charges one percent fee for rewards and has minimum 0.1 ETH threshold– optimal conditions for beginners. CoinMine allows for anonymous mining– you can avoid registration and simply use your wallet address. In the Anonymous Dashboard, users can check their miner details.

Bottom line

All in all, the best Ethereum pool is the one that complies with your personal demands. If you’re a beginner, select a platform that has a low minimum payment threshold (0.1 ETH and lower). Tech-savvy miners should select the pools with fewer participants but with higher expertise, like Miningpoolhub.

💼 Related Article
Past ICO Review: Paragon the Dope Dope
🔥 Hot
7 months 2 weeks
256
Past ICO Review: Paragon the Dope Dope

Wikicoin
views
👓 Recommended articles
Wikicoin Alex Morris

Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

📚 Wikicoin
A focused on an in-depth comparison of three major exchanges: Bitstamp, Kraken and Coinbase
Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange
Contents

When it comes to American exchanges, Kraken and Coinbase are the two obvious leaders on the market. They are currently situated neck-to-neck on the CoinMarketCap list (the 12th and the 13th places respectively).    

Another highly reputable European exchange is called Bitstamp. As of now, Bitstamp trails behind the aforementioned two exchanges sitting at the 19th position with an average trading volume that is about to cross a $99 mln mark.  

All three aforementioned exchanges were founded around the same time in 2011. They are highly reputable and well-known, and have managed to survive in a highly competitive market. Bitstamp vs. Kraken, Coinbase vs. Bitstamp, Bitstamp vs. Kraken vs. Coinbase- let’s find out which one of them is the best option for investors.

Bitstamp vs. Kraken vs. Coinbase: Availability

Bitstamp is one of the longest standing exchanges out there along with Kraken and Coinbase. Bitstamp was originally founded in Slovenia, then they moved servers to Luxembourg where Bitstamp was licensed by local authorities. Consequently, Bitstamp became the first fully regulated exchange in the entire cryptocurrency industry. As of now, it operates in 28 EU countries along with 50 other countries around the globe.

Kraken hardly has any competitors in this area, since the exchange is available all around the world. However, judging by the fact that their official website is available only in two languages (English and Japanese), one can make a conclusion that this exchange mainly focuses on American and Asian markets.  

Coinbase is supported in 32 countries (mainly Europe and the Anglosphere). As of July 2018, Singapore is the only Asian country where this exchange is available.  

Bitstamp vs. Kraken vs. Coinbase: Availability

The winner: Kraken  

Bitstamp vs. Kraken vs. Coinbase: Supported assets

The Gemini vs Coinbase vs Kraken debate is impossible without reviewing the variety of supported assets. The same is true if one replaces Gemini by the aforementioned Luxembourg-based exchange Bitstamp.      

Bitstamp allows its users to purchase five cryptocurrencies:

  • Bitcoin

  • Ethereum

  • Ripple

  • Litecoin

  • Bitcoin Cash

NB! The US dollar and the euro are both supported here (just like on the other two fiat-to-crypto exchanges).    

Kraken offers a fairly big amount of altcoins for a fiat-to-crypto exchange. As of June 2018, the company features 16 currencies, but promises to add as many as 1,600 coins. However, investors should consider this tongue-in-cheek tweet with caution, since that tween was supposedly an attempt to poke fun at Coinbase.

💼 Related Article
Kraken Crypto Exchange to Add 1,600 Coins: Is Trolling Coinbase Behind the Plan?
🔥 Hot
5 months
256
Kraken Crypto Exchange to Add 1,600 Coins: Is Trolling Coinbase Behind the Plan?


Speaking of Coinbase vs. Gemini vs. Kraken, Coinbase clearly pales in comparison to its competitors– it offers only four major coins:

  • Bitcoin

  • Bitcoin Cash

  • Ethereum

  • Litecoin

However, the exchange has recently appeared in the headlines after an announcement about adding five more currencies (which reportedly have already been vetted by regulators).  

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Trading platform

Bitstamp is popular with experienced users with traders who are looking for advanced trading tools. Bitstamp‘s Tradeview-powered candlestick chart reflects most recent price fluctuations and provide users with plenty of instruments for in-depth analysis. It features both market and stop orders, but, unfortunately, a Luxembourg-based exchange doesn’t support margin trading which may come as a big drawback for those who would like to trade with leverage.    

Coinbase’s trading platform is a perfect choice for beginners who are only making their first steps into the crypto world. The San Francisco-based has also recently launched its new project Coinbase Pro rebranding their GDAX that was founded in 2015 for professional investors.   

As for Kraken, it’s trading platform is not really suitable for inexperienced traders. It operates similarly to Forex exchange which many confusing for new users. However, is you are not afraid of sophisticated trading tools, all you have to do as a newbie is to create a new account, deposit a particular amount of money and place an order.

💼 Related Article
Kraken review
🔥 Hot
5 months
256
Kraken review

The winner: Kraken

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Security issues

Undoubtedly, security is an issue of paramount importance for crypto traders who want to make sure that their assets won’t be compromised. There have been huge exchanges (for example MT.Gox) which couldn’t survive a major hacking attacks. In a major hacking attack. In 2018, all major exchanges make sure that they won’t suffer the same fate. Let’s find what exchange is the most secure.

Security was clearly one of Bitstamp weak points in the past. The exchange tarnished its reputation after an infamous hack that happened back in 2015. This major security breach resulted in more than 19,000 Bitcoins being stolen from the exchange. The company made a significant effort to repay the losses, but the damage had already been made. Right now, Bitstamp keeps as many as 98 percent of its funds in a cold storage and works hard in order to restore its strong reputation.  

Kraken has a perfect reputation because of a high emphasis on security since the very inception of this exchange. In fact, Kraken’s founder and current CEO Jesse Powell was inspired to create this exchange after visiting MT.Gox’s office and seeing many security flaws which would inevitably lead to a tragic outcome. After the fall of the Japanese-based MT.Gox, Kraken experienced a sudden surge in subscriptions, since many investors started turning to this highly secure platform.

Coinbase also enjoys a high standing when it comes to security. The exchange is fully compatible with AML laws and other types of regulations. Moreover, Coinbase is expected to become the first to become the first exchange registered as a broker-dealer and regulated by the US SEC. Apart from offering the the the TFA and keeping more than 90 percent of all funds in a separate cold storage, Coinbase also covers its users’ hot wallets with by FDIC insurance which provides a maximum level of protection. Even if a hacking attack does happen, there will be an immediate refund. On top of that, you can also use Coinbase Vault for your storing needs.    

The winner: Coinbase.

The winner: Coinbase.

Bitstamp vs. Kraken vs. Coinbase: Payment methods

Bitstamp supports SEPA transfers, international transfers along with credit card payments (Visa or MasterCard). Wire transfers take up to two to five days, but they also have a significant advantage such as lower fees. In the US, however, only US residents from Puerto Rico are able to make a credit card deposit on Bitstamp.

The winner: Coinbase

Kraken, similarly to all fiat-to-crypto exchanges, accepts traditional currencies. However, the San Francisco-based exchange only allows its users to deposit money via wire transfers which is not quite convenient for those who would like to use instantaneous methods of payment like PayPal or any credit card service.

Coinbase has a significant advantage over Kraken here because it allows its user to deposit money both via wire transfers and credit/debit cards. On top of that, you can also send money to your Coinbase wallet with the help of PayPal. Such a variety of payment methods stems from the fact that Coinbase tightly cooperates with major US banks and adheres to all regulatory norms.

The winner: Coinbase  

Bitstamp vs. Kraken vs. Coinbase: Fees

Take a look at the following table in order to find out what exchange has the most reasonable deposit fees . Let’s compare Bitstamp fees. Let’s compare Bitstamp fees Coinbase fees vs Kraken.   
 

Payment method

Bitstamp

Kraken   

Coinbase

SEPA

free

free

free

Credit card

5%

not available

3.99%

Wire transfer   

0.05%

$5

1.49%

PayPal

   

3.99%


As you can see, the amount of fee greatly depends on the payment method of your choice. A SEPA transfer would obviously be the best solution for European residents, regardless of the exchange.   

The bottom line

When it's all said and done, it becomes clear that Kraken takes the cake as the best exchange among these three. Kraken offers a high level of security, a large number of currencies, has relatively low fees and is available everywhere around the globe. Go to Bitstamp vs Coinbase Reddit page in order to find out which of the two frontrunners is better.

💼 Related Article
Coinbase Crypto Exchange Pushes For Pro-Crypto Political Action in Washington DC
🔥 Hot
4 months 4 weeks
256
Coinbase Crypto Exchange Pushes For Pro-Crypto Political Action in Washington DC


The bottom line

Wikicoin
views
👓 Recommended articles
Thomas Hughes

Bitcoin Cash Slingshots to the Moon?

The upcoming fork prompted investors to buy Bitcoin Cash in order to benefit from the extra coins created when the fork is complete.
Bitcoin Cash Slingshots to the Moon?

The Bitcoin (BTC) community has been divided on whether to increase block size or not for a long time. The lack of consensus resulted in one hard fork already, a hard fork that gave birth to Bitcoin Cash (BCH).

Now the relatively new crypto BCH is facing the same problem, a lack of consensus, so the Bitcoin Cash Blockchain is set to fork again on the Nov. 15.

The upcoming fork prompted investors to buy BCH in order to benefit from the extra coins created when the fork is complete. Giants Binance and Coinbase added to bullish sentiment by announcing their support for the hard-fork.

Charts at a Glance

image

During the last 7 days BCH/USD has seen its trading volume increase substantially and, maybe more importantly, has climbed 50.60%.  Along with the move, two major psychological barriers were broken, $500 and $600, leaving Bitcoin Cash trading around $631.

The next immediate hurdle is located at 655 which has acted as both support and resistance in the past. Because price has reacted at this level before it will probably show some sort of reaction when it reaches the level again. It must be noted that after consolidating around 415 and then shooting higher, the pair did not retract at all, a fact that took the Relative Strength Index deep into overbought territory on the daily charts. This fact, coupled with the resistance around 655, increases the chance of a retracement from this level that may find support around 590.

Support zone: 590 - 600

Resistance zone: 655

Most likely scenario: touch or even break of 655 followed by bearish retracements

Alternate scenario: break of immediate support, followed by choppy movement with a bearish bias

views
👓 Recommended articles
Thomas Hughes

Bitcoin Cash (BCH) Rolls Downhill Ahead of Hard Fork

Twice a year, the BCH network is scheduled for regular upgrades and performance improvements, but this time the team did not reach a consensus
Bitcoin Cash (BCH) Rolls Downhill Ahead of Hard Fork

As soon as traders got word of the expected hard fork (set for Nov. 15), Bitcoin Cash climbed to a high of $638 (and even higher on some exchanges). However, this move was short-lived, and now BCH is trading around $480, a 23% drop for the last 7 days.

Twice a year, the BCH network is scheduled for regular upgrades and performance improvements, but this time the team did not reach a consensus. This means the blockchain will most likely split into two separate coins, and the market is getting ready for it. If you want to benefit from the extra coins created by the fork, now is high time for you grab some Bitcoin Cash. However, keep in mind that said fork may have an unexpected impact on both resulting coins... and it may not even happen.

Charts at a Glance

Charts at a Glance

Bitcoin Cash has been sinking like an ax in a lake ever since it reached the high at 640. It has even dropped through the psychological level at 500, almost without flinching (it bounced around a bit, but nothing substantial) and now looks like it might head lower.

The next destination seems to be the previous resistance now turned support at 450, but the Relative Strength Index is approaching oversold. The position of the RSI by itself is not a strong indication that the drop will reverse, but if we consider the support level (450), we could see a bounce from this level. However, the technical aspect is secondary given the scheduled fork, so extreme caution is recommended.

Support zone: 450 followed by 415

Resistance zone: 500 (although this is not yet confirmed resistance)

Most likely scenario: choppy in the short term, depending on how the fork is received – extreme caution recommended

views
👓 Recommended articles