BCH/USD & BTC/USD price prediction: BitcoinCash testing Coinbase and GDAX

BTC/USD sets a low of $15000 during Asian trading, showing an acceleration of the bearish ride
BCH/USD counters the move with a strong bullish push, Coinbase stops trading activity due to excess of volatility after BitcoinCash went up to $8500 in the matter of just two minutes

Tomas Salles FXStreet

Bitcoin targeting lower levels

Bitcoin is confirming previous forecasts and has set a much firmer bearish tone, falling back to $15000, where it has found support and bounced back strongly. BTC/USD is trading around $16995, just below the trendline that rules the current upmove that started at $5000.

BTC/USD 4H Chart

In the daily chart, indicators have really deteriorated. It’s very possible that the current bearish run keeps going for the next days. If that continues, clear targets must be set at $14100, $12300 and $10700.

We can see that MACD just turned down low. That confirms weakness in the upcoming price action. On the other side, buyers are still ahead of sellers, but the difference is much and much lower. That should be solved in the upcoming days.

BTC/USD 1D

BitcoinCash overflows in a matter of two crazy minutes

Coinbase trading platform has been the star of the Crypto show during the last session, with BCH/USD orderbook overflown in just two minutes, trading up to $8500 after BitcoinCash was forked again.

Coinbase decided to stop trading operations after witnessing unprecedented volatility and retrace back any orders placed during those 120 seconds. We are still awaiting an official statement on the matter.

BCH/USD 4H Chart

BitcoinCash has been outperforming Bitcoin during the last trading sessions. In the daily chart, we can see that there is still some major bullish potential for BCH/USD, which also is backed up by the 4H chart. Only in the shorter time-frames as the 1H chart BitcoinCash shows hints of weakness, but that’s natural due to the strong spike that the cryptocurrency has experienced during the last trading days.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.

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