BCHABCBTC Analysis 8/13/19
Bitcoin Cash showed a strong gain yesterday with a +10% gain against bitcoin. The pair has managed to break through its short-term downtrend.
Current upward movement was back up by a strong increase in volume indicating the presence of buyers.
However, the pair is not out the woods as the pair has been evolving in a steep downtrend, making lower lows and lower highs at a frenetic pace.
We would await Bitcoin Cash to establish a new high, the former one sitting at 0.035. This would support the short-term rebound and could induce a short-term uptrend.
We are seeing some weakness in the trend, therefore indicating a possible pullback to come. Traders will be closely watching how the pair react to its former downtrend resistance. As buyer weren't able to make a new high, a failure to defend this support could lead the coin toward new lows in the near future.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency................................................... .
Current upward movement was back up by a strong increase in volume indicating the presence of buyers.
However, the pair is not out the woods as the pair has been evolving in a steep downtrend, making lower lows and lower highs at a frenetic pace.
We would await Bitcoin Cash to establish a new high, the former one sitting at 0.035. This would support the short-term rebound and could induce a short-term uptrend.
We are seeing some weakness in the trend, therefore indicating a possible pullback to come. Traders will be closely watching how the pair react to its former downtrend resistance. As buyer weren't able to make a new high, a failure to defend this support could lead the coin toward new lows in the near future.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency................................................... .
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.