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Bitcoin Cash [BCH/USD] Technical Analysis: 8% rise after bull’s blessing shifts short-term support

Akash Anand

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Bitcoin Cash [BCH/USD] Technical Analysis: 8% rise after bull's blessing shifts short-term support
Source: Unsplash

The cryptocurrency market seems to be in a very sporadic state of mind, with many coins seeing green, while others are still in the clutches of the bear. Bitcoin Cash [BCH] has been enjoying a bull run, rising at the rate of 8% on the cryptocurrency charts.

At the time of writing, BCH was trading for $460.49, with a total market cap of $8.029 billion. The cryptocurrency’s 24-hour market volume of $547.095 million was mostly held by OKex, which had a majoritarian grasp of 6.67% of the total BCH trade.

1-hour:

Source: Trading View

Source: Trading View

The Bitcoin Cash one-hour graph shows a clear upward trend, moving from $440 to $472.2. Post the significant bullish spike, the cryptocurrency’s price has been moving sideways. The support has been holding at $411.9, with the resistance at $481.4 almost breached when the coin spiked to $471.1.

The MACD graph has seen a massive surge above the bullish histogram. After the shoot-up, both the signal line as well as the MACD line have switched off their afterburners and started their free fall towards the bottom, a bearish indicator.

The Relative Strength Index of BCH after breaking the overbought threshold has entered into the confines of the RSI graph. This is an indication of the decrease in the momentum in buying pressure.

1-day:

Source: Trading View

Source: Trading View

The BCH one-day graph still paints a bearish picture, with the support maintained at $414.5. The downtrend has bought the cryptocurrency’s prices from $518.4 to $469.3.

The Chaikin Money Flow indicator is slowly rising towards the axis, which is a sign of the money coming into the market. The inflow can be attributed to the change in investor sentiments on the back of Bitcoin Cash’s sudden growth.

The Bollinger bands have started diverging, which indicates the start of a bullish outbreak. The shape of the bands has been quite peculiar with the bullish divergence starting right in the middle of the previous convergence.



Conclusion

The bullish rise has certainly made the investors happy, but the indicators tell a different story. The CMF, as well as the Bollinger bands, point at a slight bullish run while the MACD and the RSI talk about a lull in the market. Bitcoin Cash [BCH]’s short-term support seems to have been raised, with the chances of a sideways movement being very high.





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Analysis

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
Source: Pixabay

Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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