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Bitcoin Cash Price Analysis: Token breaks long-term resistance following bullish resurgence

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Bitcoin Cash Price Analysis: Token breaks long-term resistance following bullish resurgence
Source: Pixabay

The cryptocurrency market opened on February 9 to an incredibly bullish wave following weeks of sluggish movement. Bitcoin Cash [BCH] experienced a bittersweet rise, as the coin pushed above the $2 billion-mark, and added close to $300 million to the market cap, but was surpassed by the ‘digital silver’ Litecoin [LTC], on the back of a remarkable 30 percent increase.

Bitcoin Cash has seen a whopping 11.26 percent price increase against the US dollar in the past 24-hours and the coin’s market cap currently stands at $2.28 billion.

In terms of exchange dominance, LBank takes the top-2 spots, accounting for $39.58 million or 9.58 percent and $32.42 million or 7.85 percent in the BCH/BTC and the BCH/USDT trading pairs respectively. Taking the third spot is BW with 7.53 percent in the BCHABC/USDT trading pair.

1-hour:

The one-hour Bitcoin Cash chart shows an incredible spike in the BCH price, as the collective market rose by $9 billion. Bitcoin Cash saw a massive uptrend during the same stretching from $115.24 to $129.06, following the mid-week downtrend from $115.86 to $111.8.

Bitcoin Cash’s immediate support level prior to the recent rise stood at $110.36, which now stands at $125.37, while the coin now poses an immediate resistance level of $129.25, capped off by the high of the bullish swing.

The Bollinger Bands point to a massive increase in volatility of the coin, and the Moving Average line shows a return of the bulls.

The Chaikin Money Flow indicator points to an increase in the money put into Bitcoin Cash as the market looks bullish.

The Fisher Transform line shows a cross-over into a bullish swing as the Fisher Line has overtaken the Trigger Line in the BCH market.

1-day:

The one-day trend line of Bitcoin Cash shows a string of stabilization after the coin’s post-hardfork bearish spree. The coin experienced a prolonged downtrend from $626.58 to $130.75.

Bitcoin Cash has an immediate support level of $106.38, which the coin hovered close to in late-January. The immediate resistance level of the coin stands at $132.41, which the coin is just hovering below.

The Parabolic SAR points to a bullish swing for the coin, even in the long-run, as the dotted lines are aligned below the coin’s trend line.

The Relative Strength Index shows that investors are increasingly purchasing BCH as the market has switched to green. At press time, the coin’s RSI has shot up from 32.58 to 51.95.

The Klinger Oscillator shows that the Bitcoin Cash market is bullish following the recent increase in the price.

Conclusion:

Bitcoin Cash has been pushed up significantly by the collective market resurgence which has signaled a return of the BCH bulls in the short-run. In the long-run, the coin is inching closer to its resistance level of $130.75, as major indicators point to a bullish takeover for the coin after weeks of sluggish stable movement.





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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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