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Bitcoin Cash Price Prediction: BCH/USD Market Features at $600

BCH/USD Market Features at $600 – October 14
There has been a continued range of trading situations in the BCH/USD activities as the crypto market features at a $600 level. The trade keeps a pace of about 1.44 percent, trading around the line of $601.

Market Features at $600: BCH Market
Key Levels:
Resistance levels: $700, $900, $1,100
Support levels: $500, $400, $300

BCH/USD – Daily Chart
The BCH/USD daily chart reveals that the crypto market features at $600 as tinier-lengthy candlesticks characterized ups and downs also appear, representing the trading situations. In recent times, the 14-day SMA trend line slightly moved southward beneath the 50-day SMA trend line. But, it has turned up to conjoin with it from the below. The bullish trend line drew beneath the SMAs, playing a supportive role to them. The Stochastic Oscillators have briefly crossed the lines southbound against the range line at 80. That suggests that the market is somewhat under mere pressure.

When will there be aggressive forces in the BCH/USD price valuation as the market features at the $600?

There won’t be any aggressive forces in the BCH/USD price valuation as long as the two market gladiators remain not creating much impact on this crypto economy as the market features at a $600 level over a couple of sessions. Nevertheless, the moment there are downs below the value line mentioned earlier, there will be an opportunity to get buying entries.

On the downside, some degrees of price rejections have showcased around the level of $600, creating a sell entry position. But, as there are not many active price motions around the line, it may be risky that bears dwell too long on any opened position thereon. Price moving down further at that trading level may in no time get a rebound to cause bear’s trap.

BCH/BTC Price Analysis

In comparison, the BCH/BTC cryptocurrency pair market features a lower trading zone underneath the trend lines of the SMAs. That means that the base crypto’s trending weight is overwhelmed by the counter crypto. The 14-day SMA indicator is below the 50-day SMA indicator. The Stochastic Oscillators have moved southbound closer to the range of 40. And they have closed the lines seemingly in an attempt to point to the north. That could mean that the base crypto is making the grand to gain back its strength pairing with the flagship counter crypto.

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Fed Chair Jerome Powell Could ‘Slow Crypto Down’ in His Second Term, Warns Billionaire Mike Novogratz

Billionaire investor Mike Novogratz has cautioned that Federal Reserve Chairman Jerome Powell could slow down the crypto market in his second term in office. Commenting on his renomination, Novogratz said Powell could “act more like a central banker than a guy that wants to be reappointed.” How Jerome Powell’s Second Term as Fed Chair Could::Listen

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Billionaire investor Mike Novogratz has cautioned that Federal Reserve Chairman Jerome Powell could slow down the crypto market in his second term in office. Commenting on his renomination, Novogratz said Powell could “act more like a central banker than a guy that wants to be reappointed.”

How Jerome Powell’s Second Term as Fed Chair Could Impact Crypto

Billionaire investor Mike Novogratz, CEO of Galaxy Digital, talked about the impact the renomination of Jerome Powell as the Federal Reserve chairman for another term could have on the crypto market on CNBC last week.

President Joe Biden nominated Powell to serve for a second term as Fed chair last week. Powell has overseen the biggest monetary stimulus in U.S. history to help the economy cope with the Covid-19 pandemic and subsequent crisis.

The “macro story has changed a little bit,” Novogratz explained, adding that Powell getting reappointed could allow him “to act more like a central banker than a guy that wants to be reappointed.”

Emphasizing, “We have inflation showing up … in pretty bad ways in the U.S.,” Novogratz opined, “So we can see, is the Fed going to have to move a little faster?” The billionaire fund manager continued:

That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down, if we have to start raising rates much faster than we thought.

Mike Bailey, director of research at FBB Capital Partners, also commented on the effect Powell’s second term in office could have on the crypto industry. He was quoted by Bloomberg last week as saying:

For die-hard crypto bulls, another Powell term may provide some confirmation bias, since these investors often view crypto as a hedge for loose Fed policy.

However, Douglas Boneparth, president of the financial advisory firm Bone Fide Wealth, said that overall there is uncertainty about how markets will react without additional support from the Fed.

Meanwhile, Novogratz remains bullish about the outlook of the crypto industry. He shared:

The amount of institutions Galaxy sees moving into this space is staggering.

“I was on the phone with one of the biggest sovereign wealth funds in the world today, and they’ve made the decision on a go-forward basis to start putting money into crypto,” he detailed. “I’ve had the same conversations with big pension funds in the United States.”

Microstrategy CEO Michael Saylor recently said that bitcoin will grow 100X to become a $100 trillion asset class. A survey by Nickel Digital Asset Management shows that 82% of institutional investors and wealth managers are planning to increase their cryptocurrency exposure between now and 2023. Investment bank Goldman Sachs said in May that fear of missing out (FOMO) is driving institutional investors to bitcoin.

Do you agree with Mike Novogratz? Let us know in the comments section below.

Bitcoin News
Economics, Biden, Fed Chair, fed chair second term, Fed Chairman, jerome powell, jerome powerll second term

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Bitcoin Cash Price Prediction: BCH/USD Market Features at $600

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