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

  • 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.

Related readingCryptocurrency Market News: Bitcoin and gold correlation hit record high as billions wiped off in fresh crypto selloffs

Chart Of The Day: BTC/USD 4-hour

BTC/USD price chart

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

VET/USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

88,000 Bitcoin options are set to expire this Friday: What does it mean for BTC

The volatile start of that week that saw Bitcoins sell-off from nearly $11,000 to $10,000 in a matter of hours may have an even more turbulent ending.

More Bitcoin News

Bitcoin and Ethereum ready to regain even more ground according to several indicators

Although Ethereum and Bitcoin are usually correlated, we have seen a break of this correlation in the past few months, mostly due to the recent power of ETH propelled by the DeFi craze. 

More Ethereum News

NEO explodes 15% after Binance announcement to list FLM

The Flaming project announced its launch back in August when NEO saw another 15% surge. Binance will be launching the FLM staking pool on September 27 and list the token one day later. 

More NEO News

Bitcoin to follow Stocks and Gold on the way down as the market hit the panic button

Traditional markets have already hit the panic button amid the lingering economic uncertainty on top of the upcoming second wave of COVID-19 and the Presidential elections in the US.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast