Bitcoin (BTC) Price Hits Resistance, Bitcoin Cash (BCH) Soars
Bitcoin and Bitcoin Cash News and Talking Points
- Bitcoin has rallied around 45% this month.
- Fibonacci resistance may prove troublesome but the move higher is expected to continue.
Bitcoin’s Recent Upswing May be Slowed in the Short-Term
Bitcoin is currently trading around $9,300 – up from an April 1 low of $6,438 –and is homing in on the 61.8% Fibonacci retracement level at $9,385, a resistance that could slow down its recent rise. On a positive note, BTC is back above the uptrend channel started from the February 6 low and is also trading above the 200-day moving average, both bullish set-ups for the token. On the upside the December 22 swing-low at $10,800 and the 50% retracement level at $11,367 are the next technical targets.
We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every (Wednesday) at 12:00.
Bitcoin (BTC) Price Chart in US Dollars
Bitcoin Cash (BCH) Keeps on Rallying
Bitcoin’s market dominance continues to be eroded and is now down to 37.3%, from 45% at the start of April, as other alt-coins, including Bitcoin Cash (BCH) outperform over the last month. Bitcoin cash has surged from around $600 on April 6 to a current level of $1,490 with heavy buying interest seen in the last two weeks. The chart below also shows how BCH has outperformed BTC in the last month by nearly 100%.
Bitcoin Cash (BCH) Price, Volume and Market Capitalization Chart
What’s your opinion on Bitcoin – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at email@example.com.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.