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Bitcoin Cash [BCH] Price Analysis: Bulls look to lose out against bears as market turns

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Bitcoin Cash [BCH] Price Analysis: Bulls look to lose out against bears as market turns
Source: Unsplash

The collective cryptocurrency market has managed to sustain its bullish wave of the previous week. Bitcoin Cash [BCH] retained its sixth position on the global coin ladder after being pushed down by Litecoin [LTC] and EOS [EOS], despite being the most under-performing coin in the top-10.

Bitcoin Cash has dropped by 2.51 percent against the US dollar in the past 24-hours with the current market cap of the coin standing at $2.2 billion.

In terms of exchange dominance, BW takes the top spot, accounting for $36.16 million or 11.67 percent on the BCHABC/USDT trading pair. Second on the list is LBank with 5.77 percent or $17.88 million on the BCH/BTC trading pair.

1-hour

Source: TradingView

The one-hour Bitcoin Cash trend line shows a massive spike on 8 February, with the price rising to $127.29 from $120.13, within a day. Bitcoin Cash saw a massive uptrend during the same, extending from $115.09 to $128.92, following the mid-week uptrend from $111.53 to $117.29.

Bitcoin Cash’s immediate support level prior to the recent rise stood at $110.4, which now stands at $120.22, while the coin now poses an immediate resistance level of $126.08, capped off by the recent high. However, a drop from the cap of the bullish high of last week can be anticipated.

The Bollinger Bands point to a slight decrease in volatility of the coin, compared to the previous week’s incredible rise in volatility, and the Moving Average line shows a mildly bullish market.

The Chaikin Money Flow indicator points to a balance in the money put in versus the money drawn out of Bitcoin Cash, with the CMF line just touching 0.

The Fisher Transform line shows a cross-over into a bearish zone as the Fisher Line has been overtaken the Trigger Line in the BCH market.

1-day

Source: TradingView

The one-day trend line of Bitcoin Cash shows a stabilization spree after the coin’s post-hardfork bearish spree. The coin is experiencing a prolonged downtrend from $626.58 to $130.75, for the better part of four months.

Bitcoin Cash has an immediate support level of $106.38, which the coin hovered around late-January. The immediate resistance level of the coin stands at $132.41, which the coin is just hovering below, and will require another bullish push to break.

The Parabolic SAR points to a bullish swing for the coin, even in the long-run, as the dotted lines are aligned below the coin’s trend line.

The Relative Strength Index shows that investors are increasingly purchasing BCH as the market has switched to green, but the RSI is pointing downwards, indicating a decline in buying pressure. At press time, the coin’s RSI has decreased from 52.51 to 42.68.

The Klinger Oscillator shows that the Bitcoin Cash market is bullish following the recent increase in the price, but the two lines are looking to converge, indicating a switch.

Conclusion:

Bitcoin Cash has managed to retain the bullish wave of the previous week and still managed a fairly bullish high with the price in the $125 bracket, well-above the immediate support of $120.19. However, the short-term bulls do not look to stay as the coin has been edging down against the US dollar compared to the other coins in the market. In the long-term, major indicators point to a slightly bullish trend, following months of fairly stable-price movement.





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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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