BCH Nieuwe Combo: Bull Uitputting een beperkt neerwaarts?

Bitcoin cash is buoyant again today, but some hints of bull exhaustion are starting to show.

Bij druk op tijd, de bitcoin cash-U.S. dollar (BCH / USD) wisselkoers $1,340. As per data from CoinMarketCap, the cryptocurrency has gained over 9 procent in de laatste 24 uur.

The gains come after record highs near $2,500 last week, reportedly due to a flow of money out of bitcoin (BTC) and into alternative protocols following the suspension of a controversial plan to alter the bitcoin’s code. Echter, overbought technical conditions pushed prices back to $1,000 yesterday.

Nog steeds, dust now cleared, yesterday’s pullback looks like nothing more than a normal technical correction, given that trading volumes dropped by 42 procent.

Despite the ups and downs, hoewel, the cryptocurrency regained bid tone today, possibly on speculation that a successful outcome for a just-implemented hard fork of BCH may boost the protocol’s appeal as a payment network. Ook, a detailed look at the individual markets reveals the rally has been fuelled by Korean exchanges offering BCH/KRW pairs.

Dat gezegd hebbende, the price action analysis indicates some bull market exhaustion, and the downside, indien van toepassing, is likely to be capped at around $1,000 levels.

daily chart

Yesterday’s doji candle signals bull market exhaustion. An end of the day close below $1,000 would confirm a bearish doji reversal and open the doors for a pullback to $700 levels. The RSI is overbought as well.

Als gevolg, a correction looks more likely, but the upward sloping 5-day MA and 10-day MA indicate any dips below $1,000 are likely to be short-lived.

1-hour chart

Bullish scenario: a rebound from the rising trend line followed by a break above $1,549 would add credence to the basing pattern on the RSI and hint at a climb to $2,000 levels.

Uitzicht

  • The base appears to have shifted higher to $1,000 levels.
  • A short-term correction is likely, though dips below $1,000 are unlikely to last long.
  • On the higher side, a move above $1,549 would revive the bullish move.

Fast food combo image via Shutterstock

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Bron: Coindesk