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Bitcoin Cash [BCH/USD] Technical Analysis: The bulls return right before the fork

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t the time of writing the BCH prices were at $613.85 with a market cap of $10.70 billion. The upcoming fork has caused a lot of stir and partitioned the community as big players like Binance have supported the
Source: Unsplash

At press time, the BCH prices were at $613.85 with a market cap of $10.70 billion. The upcoming fork has caused a lot of stir and partitioned the community as big players like Binance have supported the fork. A major of the trade volume for BCH was contributed by OKEx [13.08%].

1 Hour:

Source: Trading View

The altcoins have been facing sideways market ever since Bitcoin came tumbling down. The same can be said of Bitcoin Cash, with an uptrend that spans over from $423.89 to $606.73, with a tiny break happening in the middle. The one-hour chart seems to be going up without a downtrend in sight.

Bollinger Bands are indicating a rather bearish move since the prices have started to slump and have gone below the EMA. The bands are squeezed after a recent expansion indicating that the volatility in the market has reduced.

The Chaikin Money Flow can be seen above the zero line indicating an increase in buy momentum and hence the entry of money into the market.

The RSI has been bouncing off the 75 line indicating that there isn’t enough pressure in the buy market to reach an overbought position. The RSI, as a result, is making way to the bottom indicating a bearish trend.

1 Day:

Source: Trading View

The downtrend for BCH is spanning over the range of $1746.32 to $628.01. An uptrend in the long term is still too soon to expect.

The long-standing support that was formed at $413.563 is still holding strong with price bouncing off of it a couple of times in the past. The prices have broken previous resistance that was set up at $565.84 broke in September. Currently resistances are set up at consecutive points $651.97, $907.50 and $1,289.76.

The Parabolic SAR markers are pushing the candle into a bullish move from the below.

MACD indicator is showing a bullish trend as well with the MACD line crossing over the signal line and the histogram representing it accurately.

The Awesome Oscillator shows increased buy momentum in the market as green spikes have started forming above the zero line, indicating a bullish trend happening.



Conclusion:

The one-hour indicators are showing mixed feelings as the Bollinger bands and RSI are showing bearish signs but the CMF shows an increase in positive momentum in the market. The one-day graph is showing nothing but bullish trend happening on a larger time-frame after a strong sideways market that persisted for almost a year.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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