banner
Bitcoin Cash between resistance and support
Bitcoin Cash between resistance and support
Crypto

Bitcoin Cash between resistance and support

By Amelia Tomasicchio - 4 Dec 2020

Chevron down

The price of Bitcoin Cash (BCH) is currently in an area of uncertainty, between the so-called $300 resistance key and the $280 support. Basically, BCH seems to be squeezed in a channel from which it hasn’t seemed to move for a few days. In order to climb, it would have to break the $300 and then the $320 wall.

Explained the trader:

“Bitcoin Cash recently recovered from the Thanksgiving Day crypto crash. The losses on Thursday last week failed to embrace support at all the three moving averages; the 50 SMA, 100 SMA, and 200 SMA on the 4-hour chart. Buyer congestion at $250 saved the altcoin from diving further. The rebound from the crucial support reclaimed the position above $300 earlier this week. However, BCH hit a wall at $320, cutting short the anticipated spike to November’s peak at $373. A correction came into the picture, pulling Bitcoin Cash into a 13% dip”.

Cardano: what to expect after the fork

Moving on to the analysis of another altcoin, it is interesting to understand what ADA will do considering that next week there will be a fork in Cardano’s blockchain.

Every fork usually brings uncertainty among traders and in fact it is expected that even ADA will not follow a fixed pattern, but will swing up and down for a few days around the date of the fork.

The analyst explained:

“While I doubt ADA will follow an EXACT pattern after Goguen, it does make sense that we will see similar lows and highs to swing to before the next community fork. Next notable resistance up is at the $0.20 mark and $0.15 at the bottom end, plus a lovely support beginning Jan 1 and catching us upon return from COVID sell-off”.

Litecoin price analysis

Moving on to LTC, the crypto of the blockchain founded by Charlie Lee, it must be said that it has a different structure than the other cryptocurrencies and it is important to note that this crypto has already exceeded its all time high in this period, unlike Ethereum or Bitcoin, which have instead stopped below it.

Currently, however, LTC is in a triangle, so it will be necessary to understand if it will exceed it and therefore the price will go up, or not. For this reason, as also in the case of BCH, the price is still uncertain and it will be necessary to wait for further confirmations.

ltc tradingview

“Now there are basically two possible outcomes here which will develop with the proper confirmation, the first is when Litecoin moves above the upper-boundary and closes there to follow up with further bullishness as it is seen in my chart, the second one will show up when Litecoin moves below the lower-boundary and also below the first ascending-trend-line in blue when Litecoin also closes below the 65-EMA in blue this will completely confirm the bearish perspective and show up with the further conclusions”.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.