In March, the volatility of Bitcoin Cash decreased. The market, confused and poorly imagine the future – in the absence of the dynamics of the underlying asset sectors, Bitcoin activity in altonah also slowed down according to a Leading Analyst RoboForex Dmitry Gorlovskogo.
On the daily chart shows that the price of Bitcoin Cash previously failed to break the level of $1080 and fell under pressure from technical signals and external background. At $1040 was observed the breakthrough of the upper boundary of the uptrend. Currently Bitcoin is trading below Cash $1000 and is $992. Finding the cryptocurrency below the 100-hour moving average is a bearish signal.
While Bitcoin Cash “slid” down, formed the intermediate levels of support: $980 and $950. Under them are also a lot of levels, for which you “catch”, if sales continue to “gain momentum” is $840 and $823.
Now there is a situation that increases the likelihood of breakdown in Bitcoin Cash support of $950. Intermediate level, able to temporarily restrain the bears, is at $900. On the other hand, the fact that cryptocurrency is too quick went through $1000 and rushed down, will attract the attention of investors and force them to look for a suitable “point” for entering a position.
Thus, the main support level for the Bitcoin Cash is a threshold of $950, a key resistance level of $1040. The MACD on the daily chart remain in negative territory, moving along the critical line and maintaining in force a moderate sell signal. The Stochastic oscillator is in positive zone but continues to decrease and thereby generates a sell signal.
Among fundamental news that applies pressure to Cash Bitcoin and other cryptocurrencies, it is worth noting the imposition by Japan of warning exchange Binance in the absence of the license to operate. So, the exchange has received a circular from the financial services Agency of Japan (FSA) on the need for licensing to continue work on the territory of the state. Later it was reported from the Binance that the exchange is working with the FSA and the warnings received.
On the one hand, the issue of licensing could help Binance to gain some confidence and protection for 2017 Japanese police have revealed 149 cases of hacker attacks and security breaches cryptocurrency exchanges. Was and loss of Finance, which are estimated at $5.3 million Is serious money, and the protection of the FSA would, to a certain extent to protect Binance from such risks. It is believed that now the activities Binance does not fall under the jurisdiction of the FSA, so in case of loss of the exchange funds to bring them back to the owners is impossible.
Twitter users have already appreciated the information and expressed the view that even negative news can then bring the cryptocurrency market to positive changes.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.