Bitcoin Cash

Bitcoin Cash

14 December 2017, 14:23
Dragan Drenjanin
BCH/BTC Pair Gained Around 36%
Currently the third largest cryptocurrency in the market, Bitcoin Cash is one of the successful forks available today. The team behind this coin is also pushing to make this coin the “real Bitcoin.” This week, partnering with VISA, also announced a Bitcoin Cash VISA debit card. With all these advancements, the token is holding above $30 billion in market cap. In the last 24 hours, it had registered a trading volume of above $2.2 billion.

Key Highlights:

  • BCH/USD pair appreciated around 33 percent week-on-week and is now with a recent surge, is looking for a stable ground around $1840
  • BCH/BTC pair gained around 36 percent around the week and is now trading around 0.109 BTC

Considering the weekly chart first, Bitcoin Cash had a zig-zag ride this week. In the early week, the coin went up from $1250 to $1480 only to face resistance at that level. Though it tested the resistance level for a considerable amount of time, the coin finally dropped until it found a support around $1250 again. This level also acted as a pivot point and initiated a gradual upward move for the token. In the next 48 hours, the token reached $1630 but faced some resistance there.

In the daily chart, the token found support around $1550, but suddenly with a buying rage, the pair’s value went above $2000. Though the peak resistance pushed the value almost immediately, it is currently struggling to find some support around $1840.

All the technical indicators also went bullish with the spike in the prices but are now stabilizing due to the resistance. Stoch is coming down from the overbuying zone, and so is RSI. Currently, RSI is at 63 percent. MACD is still indicating a bullish run.

Against Bitcoin, Bitcoin Cash was traded between 0.09 BTC and 0.08 BTC for almost the whole week until recently. With a recent spike in the value, the pair is now looking for a stable ground around 0.109 BTC.

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