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Bitcoin Cash Hits $1.5K Amid Short-Term Bull Reversal

Bitcoin cash hits $1. 5k amid short-term bull reversal

Bitcoin Cash Hits $1.5K Amid Short-Term Bull Reversal

bitcoin cash has rallied more than 96 percent from recent lows, but still remains trapped in a bearish pattern, the technical charts indicate.

As of writing, bitcoin cash (BCH) is trading at $1,500, as per data source Coinmarketcap. The world’s fourth-largest cryptocurrency by market capitalization has appreciated by 11 percent in the last 24 hours, making it the biggest gainer among the top 10 cryptocurrencies.

The sharp recovery from the Feb. 6 low of $764 is pretty much in line with the uptick seen in the broader markets in the last 10 days. That said, BCH has outperformed other crypto market leaders over that period, except for litecoin, which is up close to 110 percent from Feb. 6 lows.

The rally is backed by good news on the fundamentals front. For instance, decentralized marketplace OpenBazaar and crypto payments firm BitPay have both added support for BCH in recent weeks.

That said, BCH bulls need to overcome a couple of critical resistance levels before claiming victory over the bears.

4-hour chart

Bitcoin cash hits $1. 5k amid short-term bull reversal

  • The high volume inverse head-and-shoulders breakout signals a bearish-to-bullish trend change and has opened the doors for a rally to $2,100 (target as per the measured height method).
  • However, the gains are capped by the neckline resistance (former support) of the head-and-shoulders bearish reversal seen on the daily chart below.

Daily chart

Bitcoin cash hits $1. 5k amid short-term bull reversal

  • Neckline resistance is seen at $1,533 and is capping gains in BCH.
  • BCH is still trapped inside the falling channel (marked by lower highs and lower lows), meaning the overall outlook still remains bearish.
  • The 50-day moving average (MA) and 100-day MA will likely see a bearish crossover (50-day MA cuts 100-day MA from above, indicating a bearish bias).
  • On the other hand, the relative strength index (RSI), 5-day MA and 10-day MA are trending higher in favor of the bulls.

View

  • A daily close (as per UTC) above $1,756 would signal an upside break of the falling channel, adding credence to inverse head-and-shoulders breakout (seen in the 4-hour chart), and could yield a sustained rally to $2,000.
  • The bullish daily RSI and 5-day MA, 10-day MA indicate BCH will likely rise above resistance at $1,533 (head-and-shoulders neckline) and move towards $1,756 over the next few days.
  • However, if BCH fails to take out $1,533 and closes (as per UTC) below $1,100, then the outlook would turn bearish.

Green aarow image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Published at Fri, 16 Feb 2018 12:00:15 +0000

Markets[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]

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Is The Meteoric Rise In Cryptocurrencies Triggering More Cyber Attacks?

The cryptocurrency market is at an all-time high as coins recover from a  brief holiday bear season into a bullish New Year. But could this unprecedented growth in value attract cybercriminals?

Currently, there is a huge bullish run by bitcoin and other alternate coins on the cryptocurrency market even with the recent correction that saw bitcoin slightly drop in value over the holidays. However, now that the New Year has kicked off, cryptocurrencies are going up in price.  But could this surge in value be open season for cybercriminals?

For instance, the month of December last year saw Coinbase (a leading exchange in the US) temporarily suspended bitcoin Cash trading on its platform amid allegations of insider trading. In addition to that, the US Securities and Exchange Commission stopped a fraudulent initial coin offering for the first time. The fraudsters had lured thousands of investors with a promise of doubling their investments within months while the ICO raised $15 million.

How to Protect Your Cryptocurrency Holdings

Insider trading and fraudulent ICOs aside, the real threat to digital currencies still remains cyber theft. Simply put, hackers and cyber criminals pose a much more frightful menace to investors.

After all, we are living in a sophisticated digital age and since there are widespread digital tools and avenues that a hacker can use, the average person can hardly avoid or stop an attack once it begins.

Frankly, one of the biggest pain points in the world of cryptocurrency is cybercrime.  In fact, a report from the US Department of Homeland Security reports that between 2009 to 2015, more than a quarter of bitcoin exchanges were attacked.

Surprisingly, however, such reports have not been enough to keep cryptocurrencies from growing in value. Cyber criminals follow the money, however, and at the moment, it’s easy to see that the cryptocurrency market is where the money is as it currently stands at a market capitalization of about 816 billion according to CoinMarketCap.

With the rising price of bitcoin, cyber heists have become even more profitable as it only takes a single attack to potentially make off with millions of dollars.

How to Protect Your Cryptocurrency Holdings

How to Protect Your Cryptocurrency Holdings

With the cryptocurrency prices on the rise, investors need to be more vigilant than ever when it comes to protecting their digital assets. In most countries, the U.S. included, digital currencies are not recognized as legal tender so investors have little to no recourse when their funds are stolen.

So, how can an individual investor take measures to protect a digital assets account? No measure is absolutely foolproof but there are steps that you can take to minimize your risk of theft:

  • Installing an antivirus with anti-phishing support
  • Using a VPN to protect your internet connection
  • Adding an extra access protection layer with 2FA
  • Using a hardware wallet to store your cryptocurrencies
  • Setting up firewall protection

Do you believe that no one including well-funded corporations is 100 percent safe from hackers? What are you doing to protect your cryptocurrencies? Talk to us!

Images courtesy of AdobeStock, Shutterstock

The post Is The Meteoric Rise In Cryptocurrencies Triggering More Cyber Attacks? appeared first on Bitcoinist.com.

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