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Bitcoin Cash [BCH] Price Analysis: Bears edge down as token sustains bullish high

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Bitcoin Cash [BCH] Price Analysis: Bears edge down as token sustains Bullish high
Source: Pixabay

After surging past $160, Bitcoin Cash [BCH] declined in price, but not to the pre-March 15 levels when the coin saw a massive 18 percent hike against the dollar. Following the second hike on March 18, the coin has been trading in the mild red-zone, with a recent push into the green.

At press time, Bitcoin Cash had edged up the US dollar by a meager 1.15 percent in a 24-hour window. The coin was trading at $158.1, with a market cap of $2.83 billion, trailing EOS by over $530 million.

ZBG takes the maximum BCH trade volume, holding 7.31 percent of the global volume in the trading pair BCHABC/USDT. Following ZBG were P2PB2B, HitBTC, and LBank.

1-hour:

Source: Trading View

The one-hour chart showed two successive downtrends following the recent hikes. The first dropped the price from $163.95 to $159.19, and the second, from $159.53 to $156.42.

Bitcoin Cash found immediate support at $154.83, which the coin was trading below prior to March 15. The immediate resistance level of the coin stood at $159.81.

The Bollinger Bands pointed to decreasing price volatility as the price movement stabilized, while the Moving Average line indicated a bullish swing.

The Chaikin Money Flow tool showed an increase in the money inflow into BCH tokens as the CMF line was above 0.

The Awesome Oscillator showed a minimal increase in the short-term market momentum, but the concluding bars looked were red, indicating an upcoming bearish movement.

1-day:

Source: Trading View

The one-day showed three prominent green candlesticks, owing to the recent uptrend which pushed up the price from $132.55 to $162.32. Prior to the uptrend, the coin’s price was dragged down from $152.81 to $131.01.

Bitcoin Cash found immediate support at $122.41, while the immediate resistance level for the coin, in the long-term, stood at $160.49, which the coin broke recently.

The Parabolic SAR indicated a bullish market, owing to the three aforementioned green candlesticks.

The MACD continued projecting bullish signs as the MACD line pushed above the Signal line.

The Relative Strength Index showed a significant increase in investor interest as the RSI shot up from 46.47 to over 70 and at press time, was at 67.46.

Conclusion:



Bitcoin Cash has managed to hold on to the bulls that struck twice over the past week. The coin edged below the $160 mark, but was still hovering close at the $158 mark and was looking to maintain the price level.

In the short-term, volatility is stable while the money inflow is positive and short-term momentum is high. The long-term chart also showed a bullish movement for the coin, with a mild decline in the investor interest, which should not worry BCH proponents.





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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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