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Analysis

Bitcoin Cash [BCH/USD] Technical Analysis: Indicator show positive speculations in long-run

Priyamvada Singh

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Bitcoin Cash [BCH/USD] Technical Analysis: Indicator show positive speculations in long-run
Source: Pixabay

Bitcoin Cash [BCH], the fifth largest cryptocurrency recently underwent a huge battle within its community, giving birth to Bitcoin SV, which now sits at the ninth position on the index. During the BCH hard fork, big mining players like Bitmain disrupted the flow of the cryptocurrency market, causing a crash in the space.

At the time of writing, Bitcoin Cash was trading at $141 with a market cap of $2.4 billion. The token is currently down by 8.7% with a 24-hour trading volume of $86.8 million.

1-hour:

BCHUSD 1-hour candlesticks | Source: tradingview

BCHUSD 1-hour candlesticks | Source: tradingview

Since the last week of November, two major downtrends have been observed in the BCH market. The first downtrend is extending from $195 to $173 while the other one is seen to be ranging from $173 to $153. Currently, two support levels are set to hold the prices from falling further. The most immediate support is fixed at $136.6.

The Parabolic SAR is strongly bearish on the cryptocurrency. This is observed the position of the dots that are assembled above the price candles.

The Aroon indicator is also showing severe signs of the bear standing in the middle of the BCH market. The downtrend is much stronger than the uptrend in the given chart, confirming the negative speculation.

The Awesome Oscillator is surprisingly glowing green, against the above indicators. The bars that were earlier flashing red are now switching between the two colors.

1-day:

BCHUSD 1-day candlesticks | Source: tradingview

BCHUSD 1-day candlesticks | Source: tradingview

In the 1-day scenario of the BCH candlesticks, the two downtrends are extending from $863 to $627 and $278 to $174, with a gap of almost a week in the middle due to the Bitcoin Cash hard fork.

Furthermore, prior to the fork, the $413 support level was working strongly for the price trend but get knocked off after the infamous break up of the community. Currently, the support is set at a low level of $136.

The Bollinger Bands are signaling high volatility in the BCH market as the indicator has broadened the gap between the bands.

The Relative Vigor Index is currently bullish on the coin as it has made a bullish crossover by the signal line. The RVGI is still moving up to confirm its bullish stance on the matter.

The RSI is extremely bearish on the fate of Bitcoin Cash, currently traveling inside the oversold zone. However, a trend reversal may be observed soon. Therefore, RSI is indicative of a bullish run in the foreseeable future.



Conclusion:

In this technical analysis, it has been observed that the indicators used in the shorter timeline are bearish on the cryptocurrency while the latter indicators are vouching for a trend reversal. Furthermore, the Bollinger Bands are also advocating for high volatility in the market, supporting the possibility of a trend reversal.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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