Bitcoin at resistance levels, BCH 2-hour blocks post-halving

In the last 24 hour cryptocurrencies, with some exceptions, such as Tezos (+5.38%) or Chainlink(+11.9%) were moving in a range, unable to overcome resistance levels. In its post-halving day, Bitcoin Cash (-2.5%) has been retracing some of its yesterday's gains, whereas Bitcoin SV is advancing 3.22 percent, while it awaits its own halving in less than 20 hours.

The best performer in the last 24 hours is Bitcoin Gold, with over 19% gain, followed by ZCash (+6.42%) and Ontology(+6.06%).

Bitcoin(-0.1%) is facing resistance at $7,300, whereas ETH(+0.55%) is held below $171, and Ripple (+0.4%) cannot overcome the $0.20 level.

In the Ethereum-based token sector, Link(+11.81%) has made a sharp bullish move followed by BAT (+5.38%), whereas MB(-40%) took a hit. Among the emergent tokens, we ought to highlight SEELE (+16%).

The market capitalization of the sector dropped slightly to $205.479 billion, with a 24H volume that fell 26 percent, to $35.84 billion, as the dominance of Bitcoin dropped slightly to 64.07%.

 

Hot News

BCH is suffering a severe post-halving hash rate drop that has disrupted the block creation to the point that the generation of a block took almost two hours when it should take ten minutes after the halving block. Although block generation has already improved and is back to ten minutes, the BCH hash rate has not, and it has almost halved too, from 4.05 down to 2.24.

A panel of scientists, members of the National Academies of Sciences, Engineering, and Medicine, in their letter to the White House states that the SARS-CoV-2 virus won't go away when the weather warms up. They said that there is evidence that coronavirus spreads less efficiently "in environments with higher ambient temperature and humidity," but that is unimportant, given that so few people are immune to it. They explained that a study in China showed that even under conditions of maximum temperature and humidity, the virus spread exponentially, with nearly two persons contaminated for every infected person.

 

Technical Analysis - Bitcoin

Bitcoin has moved in a tight range in the last 24 hours, and its price is now near the lower side of the ascending channel. The price ascent is blocked by the $7,400 resistance line, although we still see strength in the price action after the engulfing candle made on Wednesday. BTC is in a technically critical state. Their fate of the trend depends on it to make a breakout of the $7,400 or the $7,200 levels; so, these two are the levels to watch.

Support	Pivot Point	Resistance
6,800	7,200	7,400
6,550		7,700
6,180		8,050

 

Ethereum

Ethereum has been making a consolidation formation with a triangular structure. These types of configurations are continuation patterns, especially if the triangle has an ascending lower side, making higher lows. The Bollinger bands and the recent price action also point to a continuation of the upward action. The MACD bearish phase just points out the corrective nature.

Support	Pivot Point	Resistance
158.00	165.00	174.00
142.00		180.00
135.00		190.00

 

Ripple

Ripple is also making a triangular formation as a consolidation structure. The MACD is also showing the evidence of an upward bias, but the price must overcome the $0.205 recent top. As we can see in the chart, the area between $0.20 and $0.21 has been a choppy area in the times before the massive selloff of March 11-12; thus, we can expect more choppiness in the way up. 

Support	Pivot Point	Resistance
0.1800	0.1926	0.2050
0.1700		0.2170
0.1620		0.2290

 

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