2019-5-16 11:34 |
Bitcoin Cash Price Analysis Bitcoin Cash USD Weekly Chart – Source: Tradingview.com
Regarding its USD price, Bitcoin Cash has managed to rise above the point where its price underwent a significant decline from in November.
This is the third consecutive weekly increase and after a prolonged underperformance against the market leader Bitcoin. However, now Bitcoin Cash has started to outperform BTC.
At the time of writing, data from Messari shows Bitcoin Cash increasing 9.95% against BTC over the past seven days.
Bitcoin Cash BTC Weekly Chart – Source: Tradingview.comAfter three consecutive weeks of declines in BTC value, Bitcoin Cash then managed to find support for two consecutive weeks at the 0.04459 BTC level.
The price dropped below this level last week but quickly found support where buyers stepped in to bring the price back above.
The price was able to record an increase two weeks ago after the three consecutive weeks of declines which were followed up by a Doji candle last week as traders seemed uncertain.
However, the Doji candle is being followed up with increases this week as Bitcoin Cash and is outperforming BTC so far.
Bitcoin Cash BTC Daily Chart – Source: Tradingview.comThe BTC price of Bitcoin Cash has risen above the point where it formed its two previous highs at 0.052 BTC.
Although the price rose to 0.0542 BTC today, it has since retraced to the 0.052 BTC level where it is likely finding buyers step in as a case of resistance turned support.
The rise above this level took place after numerous tests of 0.052 BTC.
Repeated tests of a level serve to weaken the level with fewer sellers to hold the level on each test.
Tezos Price Analysis Tezos BTC Daily Chart – Source: Tradingview.comTezos is another altcoin that has been outperforming Bitcoin over the past seven days.
Data from Messari reports Tezos appreciating 12.12% over the past seven days in terms of its BTC price.
This can be attributed to the price action over the previous two days.
The price of Tezos increased by over 30% against Bitcoin during these two days of price action.
The price increase took place from an area of buying pressure at 16700 satoshis (sats).
After the two days of price increases, the daily candle today is forming a Doji candle reflecting high levels of uncertainty.
Tezos BTC 4-Hour Chart – Source: Tradingview.com23550 sats is an area above current price action which has previously acted as an area of resistance.
Although the price did not rise to this point, it is possible that sellers anticipated resistance at this level and acted beforehand.
Buying momentum is currently very high as measured by the Daily and 4-hour RSI and MACD all increasing.
It is likely that the price of Tezos could continue to increase from here to retest 23550 sats as resistance.
Key Takeaways: Bitcoin Cash overcame an important resistance level on the USD chart and has also outperformed the market leader Bitcoin over the past two days. Tezos also outperformed Bitcoin over the past seven days after rising from an area of buying pressure on Tuesday and recording a 30% appreciation against Bitcoin over two days. The next key level to monitor for Tezos is the 23550 sats level which previously acted as resistance. Latest Bitcoin Cash, Tezos & Bitcoin News:Tezos Set to Pass Historic Vote, Will It Push Its Price Back to All-Time Highs?
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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 and Tezos Are Outperforming Bitcoin This Week, Will They Continue? [Price Analysis] was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.
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