2018-11-26 17:44 |
After a volatile weekend in the cryptocurrency markets, Bitcoin Cash is among the top performers over the past 24 hours. The fourth-ranked cryptocurrency had undergone a severe depreciation after a controversial hard fork. Bitcoin Cash is currently ranked fourth in terms of total market cap but briefly dropped to the fifth position on Friday after being overtaken by Stellar Lumens.
After forming a 2018 low around $153 yesterday, Bitcoin Cash has since bounced to around $180. A high of around of over $200 was formed today, but the price quickly returned back below $200 as there may be some resistance coming in to play at this point.
Today’s candle is currently forming a Doji. A Doji candle is a candle where the open is around the same point as the close and shows some indecision in the market. While momentum is still largely on the side of the sellers, some traders may be considering current prices attractive to enter long positions.
Bitcoin Cash Daily Chart – Source: Tradingview.comThe shorter-term hourly chart shows $200 is a key level for Bitcoin Cash to overcome. Price action over the past day has appreciated, but it has started to drop back down over the past few hours. The shorter-term momentum is mostly with the buyers now with both the RSI and MACD increasing.
Overall market conditions remain strongly bearish. The total market cap is around $127 Billion after being over $200 Billion only two weeks ago.
Bitcoin Cash Hourly Chart – Source: Tradingview.com Key Takeaways: Cryptocurrency markets had a volatile weekend with Bitcoin Cash forming a 2018 low of around $150. Bitcoin Cash is one of the top performers over the past 24 hours but is forming a Doji on the daily candle indicative of uncertainty from traders. Short-term momentum is increasing but the overall market conditions remain extremely bearish. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin Cash [BCH] Among Top Performers in Past 24 Hours was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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