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Tuesday, December 7, 2021

Bitcoin Cash (BCH) Price Analysis.


hello everyone. before moving on to the content we ask you to support us and subscribe to our channel, please. Bitcoin Satoshi Vision dropped under a level of retracement following its recent gains, with the crypto retesting the same level as resistance. Basic Attention Token surged past $0.5, but it remains to be seen if the bulls can push higher. Finally, the Compound showed signs of rising above its resistance level at $494.

For Bitcoin Satoshi Visions to move up from $157 to $240 since late January, the Fibonacci retracement tool highlighted some levels of retracement that could serve as support. The past few trading sessions saw Bitcoin Satoshi Vision drop sharply to the 38.2% retracement level and bounce to test the 23.6% level at $217 as resistance. Even on the 4-hour chart, trading volume was falling, while the MACD formed a bearish crossover.

The retest of $217 as resistance pointed to further losses for BSV, but this wasn’t necessarily a reversal of the long-term uptrend, but rather only a pullback. Bitcoin Satoshi Vision can be expected to see some demand in the $204 and $194-regions. Basic Attention Token found a region of demand just under the $0.4-mark it dipped under in the last few days, with the crypto pushing north on each attempt. The RSI touched 50, but the same bounced strongly off it as Basic Attention Token surged from $0.4 to $0.51, at the time of writing.

The previous high at $0.46 was broken past, with the same having added significance because it was the 27% extension level for Basic Attention Tokens moves up from $0.177. The next level of significant resistance for Basic Attention Token lay at $0.56. Over the past week, the $494-level has been one of the crypto’s most stubborn resistance. Even when the compound managed to rise above it, the sellers stepped into the market with force and pushed the prices lower. At the time of writing, another move to the upside was brewing. The price rose above the EMA ribbons and was heading to test the $494-level of resistance, while the DMI showed waning trend strength as ADX dropped towards 20.

Over the next few hours, if the compound manages to rise above $500, it would likely be headed towards the $520-mark. The volatility in the Bitcoin market has been driving the value of the rest of the cryptocurrency market higher on the charts. Major altcoins such as Bitcoin Cash registered a trend change as Bitcoins value surged, with BCH corresponding to the same with hikes of its own.

With a market capitalization of around $9.50 billion, Bitcoin Cash was being traded at $513.54, at the time of writing. According to the attached chart, the value of Bitcoin Cash touched a peak at $670, after which it saw pressure from the markets traders. The value of the digital asset tried to hold on to the high support levels, but it failed to do so. As its value dropped to the last immediate support on the chart at $388, the Bitcoin Cashs market took a u-turn.

The cryptocurrency’s value was once again climbing higher, along with the resistances, with the crypto close to surpassing the $543-mark. The value of Bitcoin Cash might witness a push towards the top resistance at $670. However, before testing this resistance, it will have to breach the resistance at $543. This could be possible due to the building momentum in the market.

The Awesome Oscillator indicator noted high activity in the market from the beginning of the year to the end of January. As the Bitcoin Cash market peaked, the momentum also spiked. However, as the selling of the asset increased, the momentum also escaped, preventing the digital asset from noting further gains.

With Bitcoin Cash once again climbing the price ladder, the cryptos momentum can also be seen shifting to positive. It will help Bitcoin Cash move faster on the charts.

Meanwhile, the Relative Strength Index signaled that the digital asset might also be moving towards the overbought zone, alongside the rising price. Previously, when Bitcoin Cash peaked at $670, the crypto-asset lay in the overbought zone, soon after which it slipped.

At this time Market was registering a hike in momentum to correspond with the surge in its price. With the coin trading close to $512, it may soon move to test $543, and if it does manage to surpass this level, the peak won’t be far. However, before it can test the $670-resistance, there might be some corrections visible. Subscribe to our channel and open notifications to learn more about gold, dollar, Euro, commodities, bitcoin, altcoin, cryptocurrencies, and other investment tools.

Read More: Insane BAT Price Prediction

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