Coinspeaker SCB Thailand Launches Ripple Transfer Service, Is XRP Adoption on the Way?The Siam Commercial Bank (SCB), the largest commercial bank in Thailand, is now offering payment transfer service through Ripple’s RippleNet. On May 18, one user came across the bank message and published a snapshot in Twitter.SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X— ₿ryan (@_bjb) May 18, 2019Worth noting, that SCB decided to implement Ripple service, and it was applied earlier than officially announced. The bank also apologized for inconvenience under the tweet and hinted that they could probably make use of XRP (Ripple’s independent digital asset).“The information about ripple transfer will be announced soon, we are sorry for the inconvenience. We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”In April the Siam Commercial Bank announced that they have reduced transaction time from 2 days until just 1 minute. As it was confirmed on May 22 this achievement became possible due to the Ripple technology. Moreover, RippleNet also noticed in their blogpost that SCB is their first client to use ‘multi-hop’:“Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment. Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”Ripple Moves Forward in Crypto AdoptionRipple, San Francisco based company with more than 200 clients around the world, doesn’t stop trying to increase digital asset adoption. In April, they signed partnership with Tata Consultancy Service – Indian Multinational IT service provider. As a result, TCS’s Quartz blockchain solution now works with RippleNet. In addition, earlier this month Ripple became partners with Ria Money Transfers what helped them to increase physical and digital footprint. XRP has also seen integration with WooCommerce, Gmail and Microsoft Outlook.As we can see, Ripple is quite successful in its mission to expand digital assets and boost their adoption. According to NewsBTC .woocRipple is doing everything to meet the demands of banks and financial institutions. This is the main goal of its CEO Brad Garlinghouse. In an interview with Recode Decode he mentioned:“I don’t think banks […] governments will go away. Banks are applying an essential regulatory framework that I actually think is important for society. I believe that banks will continue to serve that role; they’re good at it […] I think this is a new set of technologies that they can benefit from to grow their business”The acceptance of XRP by the official organization such as Siam Commercial Bank could be a great shoot forward for the company. It may also influence positively on the XRP price which is believed to be underestimated. By the end of the year it is expected to hit $1. However, the situation is still unclear and we are waiting for Thailand’s bank “further announcements”.SCB Thailand Launches Ripple Transfer Service, Is XRP Adoption on the Way?
Here’s a real twist for you all. Recently, Live Bitcoin News has reported that Facebook is looking to create its own digital currency called Facebook Coin, set to be released in 2020. The coin will be a stable currency, meaning it will be tied to the U.S. dollar and will not be subjected to the same volatility and price swings one often sees with mainstream coins such as bitcoin, Ethereum and Litecoin.
An Interest Notion About Facebook
In addition, the currency will also be part of growing plans to build what’s called the “Libra Network,” a cryptocurrency payment platform that will allow users to purchase goods and services with Facebook Coin through the social media platform. In addition, all companies or merchants that have Facebook login options on their websites can also accept Facebook Coin payments.
Well, Mark Zuckerberg had to go to certain people to learn more about crypto, and who better to visit than his old rivals the Winklevoss Twins? Cameron and Tyler, who have been involved in cryptocurrency for years and began the Gemini exchange in New York?
That’s right, Mark Zuckerberg has had to consult with his old enemies the Winklevoss Twins to garner information and knowledge to build his upcoming cryptocurrency network. Prior to their work with crypto, the Twins were known for their lawsuit against the alleged Facebook creator. Both Cameron and Tyler claimed that Zuckerberg stole the idea of Facebook from them, and ultimately won a $65 million settlement against the future Silicon Valley entrepreneur.
The entire odyssey was revealed in the Oscar-winning film, “The Social Network.” Ben Mezrich, who wrote the book that served as the basis for the movie, commented on the situation:
Facebook’s idea is to launch their own crypto. So, who do they have to reach out to? Now, the Twins know more about this than Facebook does, so they’re one of the people that [Zuckerberg] has to go to so he can get into this world.
You know what the crazy thing is? The Twins gave their time and assistance! While the details of this assistance are unknown at this time, it’s quite interesting (and refreshing) to see two parties put their anger and differences aside so that they can potentially bring a useful and prominent project to fruition.
Some Crypto Parties Know More Than Others
Aside from the Twins, Zuckerberg also sought aid from Coinbase, one the largest and most popular cryptocurrency exchanges in the United States. Facebook currently boasts more than two billion individual users (minus all the fake accounts, of course) and wants to allow its customers to use Facebook Coin through WhatsApp.
The Winklevoss Twins had a period where they were cryptocurrency billionaires. They originally bought more than 200,000 coins at seven dollars when bitcoin first came about. When it reached $10,000 in 2017, they saw several zeroes added to their net worth.
The post Zuckerberg Gets Crypto Help from Winklevoss Twins appeared first on Live Bitcoin News.
On Friday May 17, Bytecoin, one of the longest standing privacy coins in the crypto space, successfully underwent a scheduled hardfork.
This was a non-contentious hardfork, meaning that it was pre-planned and intended as a means of refining the Bytecoin platform rather than dividing it. Once 90 percent of the blocks in a 720-block frame were submitted via the new version of Amethyst software it triggered the switch height of the blockchain, which in turn initiated the hardfork.
Though long planned, the fork was nonetheless momentous as it has formally ushered in changes to the platform pre-packaged in the Amethyst 3.4.2 software update. While Bytecoin’s maximum coin supply has not been altered in any way by the hardfork, now both new and old Bytecoin addresses work properly and can be transferred amongst each other.
Moving forward, this hardfork will set the stage for a number of features and upgrades to the platform to take effect, namely:
HD wallets with mnemonic backup and restore;
new unlinkable addresses;
reduced ring signature size;
wallet history stored in the blockchain;
improved P2P protocol;
These updates are aimed at streamlining the platform and solidifying its position as one of the premier privacy solutions in crypto. The additions of unlinkable addresses and HD mnemonic wallets will do much to beef up the platform’s cryptographic specs, while adjustments to block and ring signature size are set to increase agility.
Looking forward, this hardfork will set in motion a number of prospective features that have been lined up on deck for Bytecoin, including the Gateway project, hidden amounts, and the events laid out in the roadmap.
When reached, Bytecoin CMO Jenny Goldberg had this to add:
“We have been preparing for this hardfork for a long time, and many of our future plans were dependent on its completion, so this is a key development for the team and for the community. On behalf of the team, I’d like to thank the members of our community for their contributions in the lead up to the fork, and share our enthusiasm for what’s on the horizon. We feel that with the developments we’ve got coming this next stage for the platform will be marked by expansion and positive growth.”
Bytecoin was originally launched in 2012 as the first privacy-oriented cryptocurrency based on CryptoNote technology. Since its conception, Bytecoin has worked to position itself as a platform that recomposes structures of commerce in favor of the individual.
The post Bytecoin Undergoes Long Awaited Hardfork appeared first on Live Bitcoin News.
Getting blacklisted by the US government seems to be very bad for business. The trade wars between China and the United States are also not doing the Chinese tech giant any favors. Huawei recently parted ways with one of its long-time business partners Arm Holdings. The British chip designer stated that its partnership with Huawei has concluded.
Many suppliers and tech companies are quickly cutting their connections to the Chinese tech giant. This is largely attributed to the Trump administration’s decision to leave Huawei blacklisted alongside many other Chinese companies.
Google also recently took action and currently does not let Huawei mobile phones to integrate official Android updates. Additionally, Huawei smart phone users will no longer be able to host Google Play mobile applications like Youtube and Gmail.
According to the Trump administration, Huawei could potentially undermine U.S. national security. After the decision was final, many US and UK businesses quickly decided to sever all ties to the Chinese company.
Getting blacklisted is not the end
Many experts point out that Huawei will be able to survive without any support from Google. That being said, the recent partnership severance with Arm Holdings is very big issue for the company. That’s because the open-source version of Android was built and designed with Arm chips taken into consideration.
If Huawei wants to survive without Google, the new chips must be built from the ground up. Of course, this is a very complicated technical process which will probably take years. The company’s smartphones and other devices will be in for a huge standstill.
The short term effects of Trump's tough sanctions on Huawei will be negative, the long term effect is Huawei and other Chinese companies will turn away from the American market.
Some facts to support:51.6% of its revenue originates from China.45% of employees are in R&D. pic.twitter.com/R83Ld5QkJO
— MANI ONFIRE (@manionfire) May 23, 2019
The US Commerce Department announced that despite Huawei being backlisted: Google will work with the Chinese tech giant for 3 more months. This 3-month waiver will allow Huawei to negotiate with Google and work around their plan B before the ban is official.
There are multiple long and short-term implications. At the beginning, mobile sales will drag. Inevitably, Huawei will turn away from the US and shift towards other suppliers.
While being blacklisted by the US government is by no means a death sentence, the company will have to spend a lot to stabilize. A complete revamp will probably be required, but this is not something which happens overnight.
You can also check out:
Chinese Investors Know Bitcoin is the Only Winner from the Trade Wars
Bitcoin Fees Are Skyrocketing: Lightning Network is Growing
Shellbot Malware Reborn: A New Upgrade Destroys Competition
Killing Bitcoin Will Backfire Against the Governments
The post Blacklisted: Huawei Losing Partnerships After US Takes Action appeared first on CoinStaker | Bitcoin News.
Coinspeaker Bitcoin Halving is Less Than One Year Away: What to Expect from the New Bitcoin?When Bitcoin launched a decade ago, most people thought that it was a dubious idea and ignored it. Its algorithm read too good to be true. Nonetheless, the virtual currency rose from a value of zero to a peak of $20,000 in 2017 before it plummeted. At some point, a Bitcoin bear, Nouriel Roubini, referred to it as the “mother of all bubbles.”2018 was majorly a bearish year for the token which saw its bottom at around $3,000. However, the most popular cryptocurrency has recently recovered currently hovering around $8,000. For example, two pizzas cost 10,000BTC in 2010. Currently, that amount of Bitcoin is worth $80 million. As Bitcoin dominates the headlines, thinkers now wonder, what is the next big thing?What technology will replace Bitcoin? Most crypto bulls would name other altcoins as potential competitors. Some pundits like Alexander Leishman think that what is coming next is different from Bitcoin. He tweeted:“The “next Bitcoin” is not going to look like Bitcoin at all and may not be a cryptocurrency. It is going to be some mind-bending economic paradigm shift years from now that few will recognize early on. Investors that missed the “first Bitcoin” are going to miss the next one too.”Bitcoin HalvingSince the start of April, Bitcoin has had sterling few weeks that saw its price boom. However, it seems to have settled within the reach of $8,000 trading sideways for the last two weeks. So far the price of Bitcoin has doubled in 2019 and the bulls are in search of the next catalyst to drive the price higher.With just a year to go until the much-anticipated bitcoin halving expected to take place in May 2020, the bulls seem to be on the right track. According to the historical price movements, the price of Bitcoin surges 3 months to a year before the halving. The current market conditions are a viable testament to this effect. Thus, Bitcoin’s all-time highs could be looming.A famous Bitcoin and crypto fund manager Brian Kelly told CNBC that:“We are going to hoard bitcoin at this point in time. We’re not going to sell it. You generally have a rally a year into [a bitcoin halvening], and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”There have been just two Bitcoin halvings since its creation in 2009. The halving takes place after every 210,000 blocks are confirmed or mined by the system. A year after the first halving in November 2012, the price of Bitcoin reached the then all-time high of $1,000.The 2016 halving introduced the last Bull Run that peaked in December 2017 with the price flirting with the $19,000 handle. Currently, the Bitcoin bulls and crypto watchers hope history will repeat itself. Most of the investors will be hoarding their Bitcoins hoping for a meteoric surge. They hope that the squeeze in supply will push the price high.People are PositiveMany people think that the BTC price will go up before the next halving according to a vote on Twitter. Over 2,500 accounts participated in the polls. 61% believe that the price will rise from now until the halving. 25% believe that the price will soar after the halving.The halving means that the reward in Bitcoin that the miners receive after creating a block on the blockchain is cut in half. Halving is done to ensure that BTC does not lose value over time.Currently, miners get 12.5 Bitcoin when a block is mined on the blockchain. In about a year, the number will drop to 6.25 Bitcoins. According to history, there is some direct correlation between these halving and the price of the token. Theoretically, it is true that when supply decreases the price increases.Bitcoin Halving is Less Than One Year Away: What to Expect from the New Bitcoin?
Coinspeaker Telegram Will Launch Its Much-Anticipated TON Network in Q3 2019The world’s crypto community has been tracking the progress of blockchain ecosystem project Telegram Open Network for more than a year already and now, finally, there has appeared more or less precise information on its launch. According to the internal note sent to the company’s investors, Telegram is planning to launch TON in Q3 2019.Though initially there were some doubts whether this messaging service would manage to realize such a serious crypto project, the company is continuously showing that it is moving in the right direction.As Coinspeaker has already reported, in April, Telegram launched private testing of its Telegram Open Network. In the framework of this testing, the company made its new blockchain available to several development teams.Later, despite all the doubts voiced by skeptics, Telegram confirmed successful results of its testing process which can be viewed as proof of the fact that the company’s blockchain and consensus algorithm meet the goal announced in its original TON white paper.According to the team, this testing reaffirms their belief in the capacities of the TON virtual machine and the TON.Some developers who took part in the private testing and whose names shouldn’t be revealed noted the blockchain built by Telegram demonstrated “extremely high transaction speed.”It is expected that the TON network will have much in common with the Ethereum network and will host decentralized applications.In February, experts estimated that the total capitalization for Telegram’s Gram tokens, the TON network’s native digital currency, could be worth $29.5 billion by the end of 2019. Nevertheless, all purchase contracts will be rendered null unless the network is launched by October 31, 2019.Let us also remind that last year, Telegram, that can boast over 200 million users, managed to raise $1.7 bln in two private rounds of ICO from more than 100 investors for the development of its own blockchain. And last month, TON’s development team has entered in a partnership with Wirecard, a Germany-based financial services provider to develop digital financial products.Facebook’s Global CoinWhile Telegram is getting ready for the launch of its blockchain, Facebook is going to start testing its GlobalCoin by the end of this year. The company has announced its plans to set up a digital payments system, which is expected to be open for users in 12 countries, by the first quarter of 2020.The company has already held talks with the representatives of Bank of England, the U.S. Treasury and money transfer firms including Western Union about its Libra payment project. Moreover, the social media giant has also tried to reach an agreement with at least two cryptocurrency exchanges, Coinbase and Gemini, but there is no official information on whether these platforms will offer the services for GlobalCoin holders.Though it is believed that Facebook token will primary compete with credit cards and payment systems like PayPal but not cryptocurrenies, there are huge chances that Facebook, as well as Telegram, will manage to bring digital assets closer to a wide audience and will promote the idea of mass adoption thanks to their extremely high number of active users.Telegram Will Launch Its Much-Anticipated TON Network in Q3 2019
Coinspeaker Grayscale Gets FINRA Approval to Offer Ethereum Trust to Individual InvestorsAmerican digital asset manager Grayscale Investments has disclosed that it managed to gain regulatory approval from the Financial Industry Regulatory Authority (FINRA) to open its Ethereum Trust for the over-the-counter (OTC) markets under the trading symbol ETHE for retail investors.ETHE, that was launched and funded by Grayscale in 2017, represents itself an open-ended trust. It holds Ethereum and its value is influenced only by the value of the coin itself. According to the data of April 30, 2019, holding one share of ETHE meant being an owner of 0.09662399 Ethereum.ETHE itself won’t receive any income. It regularly allocates ETH to pay for its related expenses. That’s why as the general amount of ETH available gradually decreases, the same does the amount of Ethereum that is represented by each share of ETHE. And it is said that until the shares are DTC eligible, it’s too early to speak about any trading volume available.For 2 years of its existence, this was available to institutional and accredited investors only with a minimum investment making at least $25,000 through private purchases.Nevertheless, the FINRA approval opens new opportunities for individual investors as well.“The secondary market really opens up the opportunity for any and all investors,” said Michael Sonnenshein, managing director of New York-based Grayscale Investments.From the company, they also informed that it will be allowed to sell the shares over the counter for those investors in the Ethereum Trust who have held shares for a year or longer.Speaking about such an important event for the company as getting approval from FINRA, Rayhaneh Sharif-Askary, Grayscale’s Head of Sales and Business Development, stated:“We are very excited about receiving FINRA approval for Grayscale Ethereum Trust. As the largest digital currency asset manager, Grayscale continues to bring new opportunities for investors to gain exposure to digital currencies.”It’s worth mentioning that such a move is important not only for Grayscale but for the entire industry as well. The approval from FINRA means that the crypto space is gaining positive attention from the side of regulators which could be a sign of further changes. An opening ETHE for retail investors may be viewed as a new step towards the mainstream though it’s clear that it won’t happen in the nearest future.Earlier, Grayscale has received approvals for secondary-market trading for its Bitcoin and Ethereum Classic trusts.In total, it operates nine single-asset cryptocurrency products. They are the products tied to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC). As of May 15, 2019, the total value of all assets under the management of Grayscale is approximately $1.9 billion.Grayscale Gets FINRA Approval to Offer Ethereum Trust to Individual Investors
Coinspeaker Apple Tops Forbes’ Most Valuable World Brands Crossing $200B ValuationApple again topped Forbes’ annual look at the world’s most valuable brands but for the first time the brand crossed the $200 billion threshold. The brand of the tech giant is worth $205.5 billion, up 12% over last year and this is the ninth time they are first on the ladder.The world’s 100 most valuable brands in 2019 had a combined value of $3.39 trillion, up 8 percent over the past year.The list was dominated by US companies, which comprised 56 of the top 100, followed by Germany with 11, France with seven, and Japan with six.Of course, as expected, tech titans were in lead. Each of the FAANG companies appeared in the top five, except for Netflix, that came 38th on the list.1. Apple, $205.5 billion 2. Google, $167.7 billion 3. Microsoft, $125.3 billion 4. Amazon, $97 billion 5. Facebook, $88.9 billionFacebook was the only brand in the top five that had a value drop comparing it to the last year. It fell six percent after a scandal-plagued 2018 that saw founder Mark Zuckerberg face a joint hearing of the Senate judiciary and commerce committees, accused with ‘weaponizing data’.For Apple, the situation seems better and better each year. Even though iPhone sales are on the decline this year (17% less than the year-ago period), the company’s services revenue keeps hitting new highs. There is $10.9 billion of revenue brought from services in Q1 2019 and it represents a record high and a 19% jump over last year. Morgan Stanley expects this figure to grow to more than $100 billion per year by 2023.How Does Apple Do It?Apple has created its own clique with faithful supporters all over the world. However, they are aware that consumers won’t remain loyal to a brand if it fails to deliver the best product or service available. The company consists of constantly growing ecosystem of Apple products ranging from standard hardware (MacBooks and iPhones) to wearables (Apple Watch) and services (Apple Pay, iTunes, etc.).Even though there is great competition from other phone manufacturers like Samsung or Huawei, Apple seems to successfully migrate users to other, more profitable sectors of its ecosystem. The launch of the Apple TV+ streaming service this fall will continue to push along this migration.While Apple maintains its spot at the top, Google is closing fast with a value of $167.7 billion, up 23%.Google has taken the global search engine market with a 92% share over the past 12 months, according to StatCounter (Bing, 2.6%, and Yahoo, 1.9%, are miles behind). Like Apple, Google has used its brand to move into other categories of consumers’ everyday life from email to Web browsing to maps to cloud storage.It appears as though Google, is quickly closing in on Apple. Just four years ago Apple was twice as valuable as Google. If current trends continue, some analysts think that Google could out value Apple within a few years. Bill Gates’ Microsoft came in third with a value of $125.3 billion that represents 20 percent growth. The software giant was followed by Jeff Bezos’ online shopping empire Amazon in third place with a value of $97 billion representing a staggering 37 per cent rise over the past year.Biggest Losers – Will It Be Apple?Finnish telecommunications brand Nokia, a dominant force in the mobile phone market in the early 2000s, has been one of the biggest losers, falling out of the top 100 altogether after claiming 10th spot with a value of $27.4 billion in 2010.General Electric also saw its ranking slide, from seventh in 2010 with a value of $33.7 billion in 2010 to 16th with a value of $34.3 billion in 2019.There is, however, a slight possibility that Apple could lose its first spot next year. It will all depend on U.S. – China negotiations. The U.S.-China trade war could take a big chunk out of Apple’s bottom line if China retaliates by banning its products, according to an analyst at Goldman Sachs. Analyst Rod Hall said in a note to clients that Apple’s earnings could drop by 29% if the company’s products were banned in mainland ChinaApple Tops Forbes’ Most Valuable World Brands Crossing $200B Valuation
Coinspeaker Vitalik Buterin Proposes New Solution Ethereum Transactions AnonymityPrivacy and anonymity of transactions are the main issues in any blockchain. Recently, Ethereum co-founder Vitalik Buterin has come up with the idea of how to address these issues and improve the network’s privacy.“We need a first step toward more privacy,” Buterin stated.In a HackMD post, he described so-called ‘minimal mixer design’ that could send fixed quantities of Ethereum from one account to another without the link being visible on-chain, which means that instead of making a normal transaction with money going from your wallet to another one being publicly listed on the blockchain, the users could actually make the transaction via multiple addresses.The system would be based on creating two smart contracts: mixer and relayer registry. With these contracts, users would have the option of whether to make the transactions more private (using the anonymity set) or not.As Buterin has explained, the system is still far from being perfectly anonymous, as transactions related to your wallet could reveal the true links between you and the money. However, it is worth to take care of the anonymity set as the larger it is, the harder it is to track your transactions.Buterin told CoinDesk:“Anonymity set is cryptography speak for ‘set of users that this thing could have come from.’ For example if I sent you 1 ETH and you can’t tell who exactly it was from but you can tell that it came from (myself, Alice, Bob or Charlie), then the anonymity set has size 4. The bigger the anonymity set the more privacy you have.”Further, Vitalik Buterin noted that the solution retains the advantage of a public ledger while not disclosing the exact sender via the anonymity set. According to Buterin, the minimal mixer design would not require a change to the Ethereum protocol, and it could be accessed by users only via the smart contracts A basic form of the idea could be implemented today.In a recent tweet, Buterin wrote:The main use case I'm thinking of is a one-off send from one account to another account so you can use applications without linking that account to the one that has all your tokens in it. So even though it is a 2m gas cost, it only needs to be paid once per account, not too bad.— Vitalik Non-giver of Ether (@VitalikButerin) May 22, 2019The idea proposed by Vitalik Buterin is indeed a very perspective one, as it is very easy to implement.Eric Conner, a product researcher at blockchain startup Gnosis, commented on the design:“Strengths are it gives us a solid privacy solution if users want it. The goal is to make a solution that can be easily integrated into current wallets.”However, it is notable that this privacy solution would require users to pay a fee, as well as most apps working on Ethereum network.Another issue that such a mixer can face is not a very positive attitude from lawmakers who can not decide on how legal the idea is. Recently, Interpol closed BestMixer, a prominent token mixer, for the same reasons.Vitalik Buterin Proposes New Solution Ethereum Transactions Anonymity
Bitcoin cash price rallied once again towards the key $450 resistance level against the US Dollar.
The price failed near $450 and recently corrected lower below $420 and $400.
There is a key bullish trend line forming with support near $378 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair remains well bid on the downside and it seems like it could bounce back from $380 or $362.
Bitcoin cash price corrected lower recently after it was rejected near $450 against the US Dollar. BCH spiked below the $380 level, but it is likely to bounce back above $400 and $420 in the near term.
Bitcoin Cash Price Analysis
This week, bitcoin cash price traded higher above the $430 and $440 levels against the US Dollar. The BCH/USD pair traded close to the key $450 resistance level, where sellers emerged. A swing high was formed at $448.6 before the price started a downside correction. It traded below the $440 and $430 support levels. Moreover, there was a break below the $410 support and the 55 simple moving average (4-hours).
The decline got traction below the 50% Fib retracement level of the last wave from the $336 swing low to $448 high. Finally, there was a spike below the $380 support level, plus the 61.8% Fib retracement level of the last wave from the $336 swing low to $448 high. However, the decline was protected near $372. There is also a key bullish trend line forming with support near $378 on the 4-hours chart of the BCH/USD pair. If there is downside break below the trend line, the pair could decline further below the $370 and $362 support levels.
The next key support is at $340, where buyers are likely to protect additional losses. At the outset, the price is currently moving higher and trading above $390 and the 55 SMA. However, the $405 and $410 levels are acting as strong hurdles. A convincing break above the $420 resistance is likely to open the doors for more gains. The next major resistance is at $450, above which the price could test $472.
Looking at the chart, bitcoin cash price is clearly facing a strong resistance near $415 and $450. Having said that, there are many key supports on the downside near the $380 and $362 levels. As long as the price is above $362, it could bounce back above $415 and $420.
4 hours MACD – The MACD for BCH/USD is slowly gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving lower and recently decline below 50.
Key Support Levels – $380 and $362.
Key Resistance Levels – $415 and $450.
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