TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Cash Price Analysis: BCH/USD up nearly 10% amid a crypto melt-up

Bitcoin Cash Price Analysis: BCH/USD up nearly 10% amid a crypto melt-up
Yohay ElamYohay ElamFXStreet

Bitcoin Cash is trading around $235, up nearly 10% on the day. Cryptocurrencies are rising fast across the board with Bitcoin topping $7,000 and Altcoins beating the granddaddy of digital assets.

The break of ETH/BTC to the upside is a bullish sign for cryptos that are lower down the list in terms of market capitalization. The impact of coronavirus on cryptocurrencies is somewhat mixed. On the one hand, printing of money by governments is supporting digital assets. On the other hand, the sell-off in markets has also adversely impacted cryptos, including Bitcoin Cash.

The swing low of $216 is the first support, and it is followed by the daily low of $206. Resistance is at the daily high of $238, followed by $246, a peak from earlier this week. 

Author

Yohay Elam

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

More from Yohay Elam
Share:

Editor's Picks

Top Altcoins Price Forecast: Ripple, Cardano and Solana halt decline amid signs of exhaustion

Top Altcoins Price Forecast: Ripple, Cardano and Solana halt decline amid signs of exhaustion

Top altcoins, Ripple, Cardano, and Solana, hold steady on Thursday, halting the prevailing decline linked to hot US inflation data and the post-US midterms period. The brief pause suggests that the markets have priced in October’s hot CPI of 0.4%, beating the 0.3% market expectation.

Ripple pares losses above $1.00 amid subdued investor interest

Ripple pares losses above $1.00 amid subdued investor interest

Ripple pares losses on Thursday, trading around $1.05 amid a largely lethargic broader cryptocurrency market. Bulls have found no relief since the sharp correction on November 5 and are banking on support between $1.00 and $1.05 to push for range trading ahead of fresh recovery attempts.

Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as bottom signals remain elusive

Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as bottom signals remain elusive

Bitcoin corrects near a key support range near $73,000 on Thursday, trading alongside altcoin majors Ethereum and Ripple. The smart contract token, ETH, holds above its $2,000 demand area, while the remittance token XRP upholds technical weakness, raising correction odds below $1.00.

Pi Network rebound loses steam ahead of critical resistance trendline

Pi Network rebound loses steam ahead of critical resistance trendline

Pi Network price is holding steady around $0.0700 at press time on Thursday, consolidating around the round figure after Tuesday’s 8% rebound. The rebound coincided with a massive outflow of more than 590 million PI tokens from the OKX exchange wallet, suggesting reduced downside pressure.

Bitcoin: Bears tighten grip as BTC eyes fifth weekly loss

Bitcoin: Bears tighten grip as BTC eyes fifth weekly loss

Bitcoin (BTC) remains under pressure, down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. Persistent outflows from US-listed BTC spot Exchange Traded Funds (ETFs), a sharp sell-off in US technology stocks, and rising market liquidations are weighing on sentiment and limiting Crypto King’s recovery attempts.