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Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding

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Bitcoin Cash [BCH] Price Analysis: Bulls maintain BCH high as Bears nowhere to be found
Source: Pixabay

The Bitcoin Cash [BCH] rise persisted through the close of the previous week, with market correction forces failing to drag the coin below the $160 mark. After breaking multiple resistance levels, BCH was expecting to close the month on a high.

At press time, the coin had gained against the US dollar by 1.04 percent. The coin was trading at $165.42, with a market cap of $2.94 billion.

P2PB2B took the top spot in terms of global BCH volume, accounting for 8.51 percent via the trading pair BCH/BTC. Other prominent exchanges on the list were ZBG, HitBTC, and Huobi Global.

1-hour

Source: TradingView

The one-hour chart pictured a massive uptrend, which pushed the coin’s value from $152.22 to $168.12. Following this rise, the coin dropped to the aforementioned high of $164.16.

Bitcoin Cash found immediate support at $160.51, while the coin’s immediate resistance level stood at $168.36.

The Bollinger Bands showed declining volatility, while the Moving Average line indicated a bullish market.

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

The Awesome Oscillator showed an insignificant increase in short term momentum, indicating that any bullish activity will be mild.

1-day

Source: Trading View

Despite the overwhelming bearish trend of the one-day chart, the coin’s recent green candlesticks showed positive signs. The February downtrend shaved the coin’s price from $152.66 to $129.83. Following the same, the coin’s price shot up from $128.15 to $158.37, and then to $166.22.

Bitcoin Cash found immediate resistance at $165.75, which the coin was close to breaking. The long-term support stood at $121.78.

The Parabolic SAR indicated a bullish market as the dotted lines were below the coin’s trend line.

The MACD showed bullish tendencies as the signal line surged above the MACD line.

The Relative Strength Index showed an increase in investor interest as the RSI had shot up from 61.30 to a high of 68.36, before falling to 67.21 at press time.



Conclusion

Bitcoin Cash resisted the bears and their market correction forces. In the short term, volatility was low as the coin gained against the US Dollar. In the long term, the coin’s overarching bearish trend was subdued as investor interest rose while the indicators suggested a bullish market for the coin.





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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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