Analysis
Bitcoin Cash, Loopring, YFI Price Analysis: 15 January
Bitcoin Cash sought to defend the $495-level of support and appeared likely to see a move to $540 over the next few trading sessions. Loopring saw rejection at a level of resistance and could be headed back to the mid-point of its range, while YFI saw rising demand even as the price dipped to suggest that a quick recovery was possible.
Bitcoin Cash [BCH]
Source: BCH/UDST on TradingView
The defense of the $495-$510 region followed by a climb to $54-$550 appeared to be likely for Bitcoin Cash. The past couple of days saw BCH recover and climb above $495, and retest it as support later. The shorter timeframes appeared to show a descending triangle pattern with a base at $498 for BCH.
This could see a breakout to the upside and projected a move back to $540. The MACD was above zero and highlighted that some bullish momentum was present.
The long-term outlook for BCH was also quite bullish, with the uptrend really picking up momentum in late December.
Loopring [LRC]
Source: LRC/USDT on TradingView
LRC was at a very interesting place on the charts. The past few days have seen the price trade within the range of $0.43 and $0.285, with a mid-point at $0.355.
At the time of writing, its price was just under the resistance, while the RSI
showed bullish momentum on the rise.However, the past few trading sessions saw LRC rejected at the $0445-resistance level, and this indicated that a move back towards $0.355 was on the cards.
YFI
Source: YFI/USDT on TradingView
YFI experienced significant volatility over the past few days. The past ten days saw it surge from $22k to $38k, dip to $26k, before testing the resistance at $34.4k.
The OBV showed that demand is certainly driving the market as it made a series of higher lows. The recent dip was in disagreement with the OBV and suggested that it will be back at $38,000 over the next few days.
The region in the vicinity of $30.8k has served as a pocket of liquidity for YFI and is a zone to watch out for. A drop below this level could see the $26k-region revisited.
