Bitcoin and Bitcoin Cash Possess Similar Movements with BTC Holding Persistency
- Bitcoin (BTC) gives a sigh of relief as it trades around $9,400, after having traded near its major support level at $9,000
- Bitcoin Cash (BCH) trades below $300 and $290 in the duration of the past 7 days; however, currently sticks at $290
- Both, Bitcoin and Bitcoin Cash portray an almost similar type of price trend and movement
- BCH will face the major resistance at $300 to trade beyond, persistently
Bitcoin has been persistent in its trading above $9,000, while BCH has been giving out mix signals as it has traveled in the price range of $270–$306 in the past days. However, as per the data feed from Coinbase, BTC/USD slipped once below $9,000 in the said time frame to trade at $8,951.17.
Important to note that when compared, BTC and BCH display a similar price trend with a moderate amount of volatility and stability observed. The stability has been much highlighted in the piece trend of both the coin for the past 2 days. Trading around the immediate and major support level, Bitcoin price is $9,396.90 while, Bitcoin Cash price chases $300.
Bitcoin vs Bitcoin Cash Price Analysis:
Analyzing the 1-hour chart of BTC to USD in the past 7 days, we see that the price has created a downward trend showing immediate lower highs after trading at $9,572.95. The downtrend ended at a point where the pair slid by 6.49% to trade at $8,951.17.
At the onset of November, Bitcoin price started gaining pace to have a gentle uptrend, wherein it currently trades around $9,400 after having suffered around $9,000 and $9,200.
The immediate resistance for the BTC coin awaits at $9,500, while the immediate and major support is $9,000.
Bitcoin is currently trading under the ‘strong buy’ phase, where the short-term moving average, i.e. 10-day MA ($9310.07) is slightly below the current trading price and long-term MA (50-day) is notably lower at $8692.81.
The MACD of the coin is above zero and holds a bullish outlook as the MACD line crosses the signal line.
The RSI gives a positive outlook as well, as it just had a crossover at 70 (overbought region) and is currently slightly below 70. Based on technical and BTC price prediction, get more information about the coin that might continue the uptrend for the near term.
As per the above hourly graph of Bitcoin Cash, we see an almost similar movement to that of BTC. The price plunge is quite visible as the coin travels from $306 to $270 by over 11%.
BCH price gave double bottoms and lowered low around the trading price of $270. Since the start of the ongoing month, the coin has crossed $300 once to trade at $304.48 and currently is at $290.16.
Trading under the ‘strong buy’ phase the short-term (10-day MA- $282.97), as well as the long-term (50-day MA- $249.01) moving average, are notably below the current trading price, giving the present trade an upper edge.
The MACD of the Bitcoin Cash remains adjacent to zero and holds a slightly bullish outlook as the MACD line crosses the signal line.
The RSI is above 40 and points out no extremities at present.
