Bitcoin Cash Price Analysis
In line with the performance of other top cryptocurrencies, Bitcoin Cash (BCH) recorded a strong USD price performance last week.
The price managed to rise above a level which acted as support in both September and October at $409.
Although the price managed to close above this level last week, the price has declined back below this week in line with the decreases taking place in other top cryptocurrencies.
BCH’s price formed Doji candles on Monday and Tuesday this week reflecting uncertainty from traders.
A significant decline was recorded yesterday, which brought the price back below the $409 level.
A bearish divergence between the daily price candles and RSI preceded the decline.
The price action is following up with another decline today as momentum shifts to the sellers.
The daily RSI and MACD are declining, reflecting the momentum being on the side of sellers.
Inclusive of this week, Bitcoin Cash has formed three consecutive Doji candles on the weekly BCH/BTC chart.
This indicates high levels of uncertainty from traders regarding whether Bitcoin Cash can outperform Bitcoin.
The price action has repeatedly found selling pressure at the 0.052 BTC level.
Price action managed to close above this level on Tuesday but quickly found selling pressure and declined back below on Wednesday.
Tezos Price Analysis
Tezos (XTZ) is similarly following up with a decline this week after a strong performance was recorded last week.
A bearish divergence between the daily price and RSI preceded the decline, which started on Monday.
$1.47 is a level to monitor as a potential area of support after previously acting as resistance.
Tezos has similarly been declining in value against Bitcoin this week.
The price dropped to the 20380 satoshis (sats) level on Monday.
The price action has since been forming Doji candles on the daily reflecting uncertainty from traders.
Late in trading yesterday, the price dropped below the 20380 sats level but managed to close back above before the daily candle closed.
This increases the odds that price will retest the level today, given that traders are more comfortable with Tezos trading at lower valuations.
- Bitcoin Cash has recorded three consecutive Doji candles against BTC reflecting high levels of uncertainty.
- Both Tezos and Bitcoin Cash recorded strong USD price performances last week but have followed up this week with declines.
- Tezos has been recently declining against BTC, but the 20380 sats level is coming into play as an area of support.
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