Cryptocurrency Markey Update: Bitcoin Cash, VeChain and Ethereum Classic ground start altcoin recovery

08/12/2020 09:48:29 GMT|ByJohn Isige

Bitcoin plunges to $11,100 forcing the entire market to succumb to increased selling activities.
Bitcoin Cash recovery past the resistance at $280 but the journey to $300 would be an uphill task.

The cryptocurrency market suffered losses on Tuesday and the Asian hours on Wednesday. The declines affected Bitcoin and altcoins almost in the same measure. From the closing on Tuesday the entire market saw $9 billion wiped off from $359 billion to $350 billion at the time of writing. The volume, however, increased significant from $99 billion to $112billion, highlighting the increase in selling activities.

Bitcoin dived to confirm the support at $11,100 after holding closer to $12,000 for a couple of days. The market has started another recovery phase following the dip. Bitcoin seems to be at the helm of this recovery having reversed from an intraday low of $11,152 to the current $11,470. As discussed in the price prediction, Bitcoin has a task clearing the resistance between $11,500 and $11,600. Above this zone, the journey to $12,000 would be relatively smooth.

Chart Of The Day: BTC/USD 4-hour

Bitcoin Cash price update

Bitcoin Cash dived to test the support at $270 on Wednesday. The move was a continuation to a bearish leg started since the rejection at $340. However, a recovery is underway with the resistance discussed at $280 currently in the rearview. Bitcoin Cash is dancing at $284 at the time of writing with gains of more than 0.7% on the day. The Rendezvous for the bulls is at $300 but first, they must clear the resistance at $290 and establish higher support.

Ethereum Classic update

Ethereum Classic bulls have been battered extensively over the last week following the barrier at $8.50. The bearish leg has tested $6.50 (intraday low) support. There is an apparent push for gains eyeing the reclamation of the ground beyond $7.00. Resistance is envisioned at $6.0 and $7.00 respectively. As long as support at $6.50 remains intact, the bulls have a fighting chance for action back to $8.50.

VeChain price update

VeChain is trading at $0.0198 while holding onto the 50 SMA in the 4-hour range. The reversal from the recent August high at $0.0228 was unstoppable until the crypto hit a support above the 100 SMA.

The trend appears to be turning bullish in tandem with the rest of the market. The RSI is almost crossing above the midline while the MACD has slowed down the downtrend under the mean line. Action above $0.020 is expected in the near term but the resistance at $0.022 is likely to remain intact for the rest of the day.

VET/USD 4-hour chart

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