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Bitcoin Price Intraday Analysis: BTC/USD Predictable amid Low Volume


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The Bitcoin-to-dollar exchange rate on Friday remained entrenched into the stable territory amid low volume.

The BTC/USD is currently trading at 6406-fiat, just 0.42 percent above its intraday low. The pair continues to bounce between a $58 wide range, providing day traders plenty of profitable opportunities to enter and exit the market on every pullback action. At the same time, the quoted US Dollar index (DXY) recently posted yearly highs at 96.62-fiat but retraced back to the nearby support level at 96.08. The reverse correlation between BTC and DXY continues to stay true.

Fundamentally, the stability is encouraging bulls into believing a steady uptrend in the future. The accumulation sentiment near the so-called bottom around 6000-fiat attests to it. Nevertheless, every extended sideways consolidation results into dramatic price actions in case of bitcoin. So, one shouldn’t be too bullish before breaking critical resistances to the upside.

BTC/USD Technical Analysis

The zoomed-out version of BTC/USD chart brings the pair back inside the symmetrical triangle formation. The upper trendline of the triangle has capped the BTC/USD upside on two recent occasions. And a bullish action from here could first attempt to break above the triangle pattern and form higher highs towards the 200-hour simple moving average. At least the RSI is pointing in the same direction. The momentum indicator looks geared up to pursue a smooth upside. The Stochastic Oscillator, at the same time, is trending sideways.

The daily sentiment is bullish; monthly, stable; and yearly, bearish.

BTC/USD Intraday Analysis

The intrarange action has given us decent profits on both our long and short positions. The levels discussed in the previous analysis stands correct even today, defined by 6450-fiat as interim resistance, 6392-fiat as intermediate support, and 6360-fiat as interim resistance.

So, once again, we are first placing a long position towards the interim resistance on a bounce back from support, while maintaining a stop loss order 3-pips below the entry position. Once we test the resistance target, we’ll wait for two possible outcomes: a breakout or a pullback. In a breakout scenario, we will open another long position, but this time towards 6473-fiat as our primary upside target. In this position, a stop loss order 3-pips below will define our risk management strategy.

During a pullback, we will open an as usual short position towards the intermediate support level while maintaining a stop loss order 2-pips above the entry point.

Near intermediate support, our focus will remain ripped between on a bounce back towards interim resistance and an extended downside action towards interim support.

Featured image from Shutterstock.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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